The Centuria Metropolitan REIT provided an operating update for Q3 FY19 confirming once again that it now stands as a pure play office REIT focused on suburban commercial assets.
The Trust has progressed its leasing strategy to deal with mid term renewals and maintained a occupancy at 99% though the WALE has reduced slightly to 4.02 years from 4.3 years in December.
The group have agreed terms for approximately 1,700 sqm of leasing deals, taking the expiry profile of over 60% of the portfolio out to FY23 and beyond with under 5.0% remaining in FY19.
Centuria Metropolitan divested the remaining industrial asset at 13 Ferndell Street, Granville, NSW for $24.2 million, representing a 17.0% premium to last book value and delivered a 14.5% IRR under Centuria’s management.
CMA reconfirms its FY19 FFO guidance of 18.7 cents per unit, with distributions of 17.6 cents per unit representing a distribution yield of 6.9% .
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