Centuria Industrial (CIP) Q3 2025 TU earnings summary

Executive summary

• Achieved c.102,000sqm of lease terms agreed YTD, with +41% positive re-leasing spreads YTD, reflecting strong demand in urban infill industrial markets.

• Progressed c.$60m in developments in Direk, SA, with a new project in Derrimut, VIC to commence in Q4 FY25.

• Acquired a 30% interest in a $38.6m industrial facility in Canning Vale, WA, consolidating landholdings in a prime market.

• Reaffirmed FY25 FFO guidance of 17.5cpu and distribution guidance of 16.3cpu, to be paid quarterly.

Financial highlights

• Positive re-leasing spreads averaged +41% YTD, indicating robust rental growth and under-renting in the portfolio.

• Over 23,000sqm of lease terms agreed in Q3 FY25, totaling c.8% of portfolio GLA for FY25 YTD.

Outlook and guidance

• FY25 FFO guidance reaffirmed at 17.5 cents per unit; distribution guidance at 16.3cpu, subject to market conditions.

• Portfolio is well-positioned to benefit from macroeconomic tailwinds and supply-demand imbalances, especially in Sydney.