Centuria Industrial REIT Posts Strong HY24 Financial Performance

Centuria Industrial REIT (ASX: CIP) revealed robust financials for HY24, ending on December 31, 2023. Key highlights include upgraded FY24 Funds From Operations (FFO) guidance to 17.2 cpu, reaffirmed distribution guidance of 16.0 cpu, and a 6.0% like-for-like NOI growth. FFO for HY24 stood at $54.1m. The portfolio boasts positive re-leasing spreads of 51%, with a $1.0Bn future development pipeline to capitalize on tenant demand.

Notable achievements include leasing agreements covering 108,821sqm and $70m divestment proceeds. With a strong balance sheet, 88 assets worth $3.8bn, and a 7.5-year WALE, Centuria remains well-positioned. Jesse Curtis, CIP Fund Manager, emphasizes the record re-leasing spreads and the potential of the development pipeline. Ross Lees, Centuria Head of Funds Management, lauds the strategy's success in delivering significant rental growth.

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