Centuria Industrial REIT (ASX:CIP): 1H19 Results Presentation

06/02/2019 15:10:00

Centuria Industrial REIT (ASX:CIP) Fund Manager, Ross Lees, presents the company's 1H19 results.

Highlights:

Maintain leasing momentum:

• Occupancy improved to 97.1% (94.5% at FY18)
• Leases agreed for 65,902sqm (8% of the portfolio) in 1H19
• Remaining lease expiry in FY19 is 1.5% of portfolio

Improve Victoria portfolio:

• Over 52,000sqm leased in the half
• Occupancy now above 96%
• Transacted $52 million of assets in 1H19 to improve portfolio quality

Prudently manage debt:

• Reduced gearing to 37%
• Refinanced $210 million of debt, introduced new lender
• No debt maturing until May 2020

Continue to maximise ROE:

• 12 month return on equity of 15.8%
• Revaluations driving NTA increase of 3.9% in 1H19

Deliver FY19 earnings guidance:

• 1H19 distributable earnings of 9.3cpu, distribution of 9.2cpu delivered
• Guidance for distributable earnings per unit of 18.5 - 19.0cpu, distribution per unit of 18.4cpu reiterated

For more, watch Fund Manager Ross Lees present.
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