Centuria Industrial REIT Reports Strong FY24 Results

Centuria Industrial REIT (AU:CIP) has released an update.

Centuria Industrial REIT (CIP), Australia’s largest domestic pure-play industrial REIT, has reported a slight increase in Funds From Operations (FFO) to $109.3 million, with distributions and net tangible assets per unit aligning with FY24 guidance. Amid strong leasing activity, the company achieved a 43% average re-leasing spread across its portfolio and completed strategic divestments totaling $120 million, exceeding book values by 4%. Looking ahead, CIP anticipates further earnings growth, leveraging urban infill industrial market demand and long-term lease opportunities.

For further insights into AU:CIP stock, check out TipRanks’ Stock Analysis page.