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Centuria Industrial REIT released Half Yearly Results to Dec 2017
February 9, 2018
Centuria Property Funds No. 2, as Responsible Entity of Centuria Industrial REIT announced CIP’s half year financial results for the period ended 31 December 2017.
Statutory net profit of $49.6 million
Distributable earnings of $24.2 million representing 10.1 cents per unit (“cpu”)
Distributions of 9.7cpu paid in 1H18
Total assets increased 16.7% to $1,075.0 million , with NTA increasing by 4.7% to $2.46 per unit
Continued to deleverage with gearing reduced to 40.6% (43.1% at Jun-17)
Agreed leases over 159,502sqm; representing 20.8% of portfolio GLA
Portfolio occupancy increased to 95.9% (92.1% at Jun-17) , with a 4.9 year WALE
$31 million revaluation gain, driven primarily by leasing success
Acquisition of 7.7% strategic interest in Propertylink Group
Acquisition of four strategic, geographically diversified properties for $78.4 million before transaction costs
Over the past six months, CIP has successfully reduced its gearing to 40.6%6 (from 43.1%) through a combination of equity funded asset acquisitions, revaluations and asset disposals.
The contracted sale of 39-45 Wedgewood Drive, Hallam will further reduce gearing to 40.0% on a pro-forma basis. CIP’s stated strategy is to deleverage the balance sheet and it continues to review a number of capital management initiatives to reduce gearing.
In 1H18, CIP acquired a 7.7% interest in Propertylink Group (PLG) for $44.2 million. Centuria Capital Group (CNI) concurrently acquired a 9.3% interest in PLG – when viewed in combination CIP and CNI hold 17% of PLG.
1H18 Asset Valuations
During the period CIP independently valued 100% of its portfolio. The valuations resulted in a gross uplift of $31 million4 , a 3.2% increase compared to 30 June 2017. The portfolio recorded a weighted average capitalisation rate of 7.02%, a 31 basis point reduction since 30 June 2017. Consequently, NTA has increased by 4.7% since 30 June 2017 to $2.46 per unit
FY18 distributable earnings guidance is maintained at 19.5-20.0 cpu and with distributions forecast at 19.4 cpu, paid in quarterly installments