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Centuria Industrial (CIP) investor relations material

Centuria Industrial H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary6 Aug, 2025

Executive summary

  • Achieved $140M in divestments at a 12% premium to book, supporting future valuation growth and buyback rationale.

  • Delivered strong FY2025 performance with significant re-leasing spreads, 5.8% like-for-like NOI growth, and FFO of $110.9M (17.5cpu).

  • Portfolio is 85% weighted to core urban infill markets, with 95.1% occupancy and c.20% under-rented, providing earnings tailwind.

  • Announced a $60M on-market buyback to address a 20% trading price discount to NTA.

  • Maintains a long-term strategy focused on income and capital growth from high-quality Australian industrial assets.

Financial highlights

  • Net property income for FY2025 was $192.3M, up from $180.9M in FY24.

  • Like-for-like NOI grew 5.8% year-over-year.

  • FFO reached $110.9M (17.5cpu); distribution per unit increased to 16.3cpu, payout ratio at 93%.

  • Statutory net profit attributable to the trust was $133.1M, up from $48.1M in FY24, driven by a $47.4M net gain on fair value.

  • Portfolio value increased by $57M with a stable weighted average cap rate of 5.86%.

Outlook and guidance

  • FY2026 FFO guidance of 18.0–18.5cpu, up to 6% above FY25; distribution guidance at 16.8cpu, 3% above FY25.

  • Projected NOI growth of +5% p.a. over the medium term, with c.20% under-renting providing further upside.

  • Anticipates all-in cost of debt to be around 5% in FY2026, stabilizing after prior increases.

  • Significant earnings upside expected from under-rented leases, with 65% of expiries to FY2029 under-rented by an average of 20%.

  • Development capital requirements for the next 12–24 months estimated at $140M, easily funded by ongoing asset sales.

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Frequently asked questions

Centuria Industrial REIT (CIP) is Australia's largest domestic pure-play industrial real estate investment trust (A-REIT), focusing exclusively on industrial properties. The trust's portfolio encompasses a wide range of high-quality, fit-for-purpose industrial assets, including distribution centers, manufacturing facilities, and data centers. These assets are strategically located in key metropolitan areas across Australia, including Melbourne, Sydney, Brisbane, Perth, and Adelaide, with Melbourne and Sydney being its largest markets. The company is headquartered in Sydney, New South Wales, and its shares are listed on the ASX.

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