Centuria group’s listed office and industrial trusts have benefited from the strong underlying sub-markets, generating double digit shareholder returns for the past 12 months.
The two funds, Centuria Metropolitan REIT and Centuria Industrial REIT, are considered “pure play” Australian-based and for that reason are not directly impacted by volatility as much as trusts with international asset exposure.
In the office sector, Centuria Metropolitan REIT, reported a statutory net profit of $53.6 million, down from $85.1 million due to some asset disposals. Funds from operations, seen as a more accurate measure for real estate investment trusts, were $61.2 million, up from last year’s $44.1 million.
Centuria Office fund paid $223.3 million for 818 Bourke Street, Docklands.
During the year the fund bought 818 Bourke Street, Docklands, Melbourne for $223.3 million, taking its assets under management to $1.4 billion. The annual distribution was 17.6¢, payable August 9.