Centuria Industrial REIT

CIP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.30	Lvj	Qhlpdww

Centuria Industrial Earnings: Strong Tenant Demand Buoys Rent Growth

Adrian Atkins

Feb 7, 2024

Centuria Industrial REIT reported flat funds from operations, or FFO, of AUD 54 million in the first half of fiscal 2024, with like-for-like rental growth of 6% offsetting asset sales and higher debt costs. We increase our fair value estimate by 6% to AUD 3.30 per unit after upgrading earnings forecasts by mid-single-digit percentage, mainly stemming from strong growth in market rents likely to flow through to the trust as leases expire in the medium term. At current prices, no-moat-rated Centuria Industrial REIT is fairly valued.

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