Centuria Industrial (CIP) H1 2025 earnings summary

Executive summary

• Statutory profit for HY25 was $62.6m, up from $12.2m in HY24, with FFO of $56.6m (8.9cpu) and distributions of 8.15cpu, supported by a $3.8bn portfolio focused on high-quality, urban infill industrial assets diversified by geography and tenant profile.

• Achieved 6.4% like-for-like NOI growth and 50% positive re-leasing spreads across 13 lease deals, securing 79,038sqm of leasing.

• 93% of rental income is from ASX-listed, national, and multinational tenants; 87% of assets are in urban infill markets with 90% east coast exposure.

• Maintained a strong balance sheet with 33.5% gearing, 85% hedged debt, $233m liquidity, and NTA per unit at $3.89.

• $60m of divestments completed at a 5% premium to book value, with proceeds used to repay debt and IRRs of 16–19%.

Financial highlights

• HY25 gross property income rose to $126.4m from $110.9m in HY24; total revenue and other income reached $142.7m, up from $115.1m year-over-year.

• FFO grew to $56.6m (8.9cpu) from $54.1m (8.5cpu) year-over-year; distribution per unit increased to 8.15cpu from 8.00cpu.

• Statutory net profit attributable to CIP was $62.6m, up from $12.2m in HY24, driven by net gain on fair value of investment properties.

• Net Tangible Assets per unit increased to $3.89, up from $3.87 at FY24.

• Cash and cash equivalents at period end were $23.9m, up from $16.5m at 30 June 2024.

Outlook and guidance

• FY25 FFO guidance reaffirmed at 17.5cpu; distribution guidance maintained at 16.3cpu (93% payout ratio), with distributions expected quarterly.

• Strong outlook for infill industrial property, with significant positive rental reversion and earnings growth expected as debt costs stabilise.

• Management focus remains on portfolio leasing, risk mitigation, and acquiring quality assets.