- Statutory NPAT was $105.9M, and operating NPAT was $115.6M.
- Operating EPS was 14.5 cents, and Statutory EPS was 13.3 cents.
- Group AUM rose to $21B from $20.6B.
The statutory NPAT increased from FY22, with operating NPAT remaining in line with the prior period. CNI delivered FY23 operating EPS (OEPS) in line with guidance, and assets under management rose to $21 billion.
FY23 financial results for CNI
|Operating NPAT ($m)||115.6||114.5|
|Operating EPS (cents)||14.5||14.5|
|Statutory NPAT ($m)||105.9||(37.9)|
|Statutory EPS (cents)||13.3||(4.8)|
|Distribution per stapled security (cents)||11.6||11.0|
During the period, Centuria’s agricultural assets increased 33% to $530 million with the acquisition of highly sustainable glasshouse assets across Australia and New Zealand.
Additionally, Centuria Bass Credit (CBC), the Group’s real estate finance division, significantly increased its AUM by 59% to $1.27 billion, capitalising on domestic demand for non-bank finance.
Growth across these alternative sectors helped lift Centuria’s unlisted real estate platform six per cent to $13.8 billion while listed funds accounted for $6.4 billion.
“Centuria continued to focus on differentiating its traditional office, industrial and retail platforms, while markedly expanding across the alternatives sectors of real estate finance and agriculture,” said Centuria joint CEO, Jason Huljich.
“The Group’s ongoing commitment to hands-on asset management delivered high occupancy and healthy WALEs.”
|Number of assets managed||420|
|Number of tenant customers||2,500|
|Weighted average lease expiry (WALE)||6.1 years|
|Rent collection rate||99%|
Number of managed assets and tenant customers is approximate. Source: CNI.
Across Australia and New Zealand, leasing terms were agreed for more than 548,000 sqm, representing 542 lease transactions and 13% of platform lettable area.
Centuria delivered gross real estate activity of $1.4 billion for the financial year, comprising $811 million in real estate acquisitions and $542 million in real estate finance. Additionally, Centuria’s in-house property development division delivered $400 million worth of projects to its listed and unlisted funds and continues to progress a $1.6 billion pipeline.
“Delivering growth across our funds management business during FY23 was a function of strong recurring earnings coupled with the execution of our strategy to diversify our real estate platform,” said Centuria joint CEO, John McBain.
“The Group maintains a healthy balance sheet, which has ample capacity to operate its normal business activities.”
McBain and Huljich concluded, “Market sentiment indicates that at some point during FY24 interest rates should stabilise allowing markets to begin the journey towards normalisation. Accordingly, Centuria will maintain a disciplined approach in navigating what we believe will be a challenging FY24 backdrop. We approach FY24 with a sharp focus on the industrial and alternative sectors as important revenue drivers.”
“We provide guidance at levels that reflect our best estimate of earnings based on current market conditions. This guidance anticipates lower performance fees and development profits, restrained transaction volumes and increased finance costs.”
Centuria’s FY24 operation EPS guidance is between 11.5 and 12.0 cents per security and DPS guidance is 10.0 cents per security.