jason-huljich-left-john-mcbain-right-centuria-capital-group-feature
Centuria’s Joint CEO’s (left to right) Jason Huljich, John McBain. Image: Supplied.
  • Growth for the half "exceeded the entire platform value around five years ago"
  • Operating NPAT for the half was $58.7 million, compared to HY21 at $34 million
  • Distributions were also up, HY22 DPS was 5.5 cps. HY21 was 4.5 cps

Real estate funds manager Centuria Capital Group (ASX: CNI) has released its HY22 results, with the company crediting organic growth across the company’s acquisitions, revaluations, and development pipeline for its strong results for the interim results.

CNI rose to a high of $3.10 on the day of the results, before quickly dropping to $3.02 before midday. Centuria’s share price recovered, finishing at $3.08. Today the price further recovered, trading around $3.09 at the time of writing.

HY22 Financial Results

Unit HY22 HY21
Operating NPAT $m 58.7 34.0
Operating EPS “OEPS” cps 7.4 6.2
Statutory NPAT $m 112.7 42.7
Statutory EPS cps 13.8 7.5
Distribution per stapled security cps 5.5 4.5

Source: Centuria Capital Group.

The aforementioned organic growth included $2.5 billion of gross real estate acquisitions for the half-year, with $1.6 billion of the unlisted, and $900,000 worth of listed real estate acquisitions. The portfolio also saw a $600 million valuation uplift.

CNI also credited its results to the company’s development pipeline, growing by $2.2 billion.

Centuria’s platform expanded to $20.2 billion, of which $19.3 billion is invested in a diversified real estate portfolio, which increased 17% during HY22. Its unlisted real estate funds increased 15% to $12.6 billion, and its ASX and NZX-listed REITs grew 22% to $6.7 billion.

The Group’s growth included a 45% compound annual growth rate (CAGR). Additionally, a 12-month Total Shareholder Return of 37.9% was achieved, outperforming the S&P ASX200 A-REIT Index returns of 26.1% and the S&P ASX200 Index returns of 17.2%.

centuria-capital-group-hy22-results-graphs-tables-growth
Image: Supplied.

“This is Centuria’s first reporting period as an ASX-200 listed entity and we are pleased to deliver such strong results for our securityholders,” said Centuria Joint CEO, John McBain.

“During the period, Centuria’s unlisted retail investors have continued to invest strongly and we have been active in placing new assets with our institutional mandate partners, making HY22 a very successful period.”

Jason Huljich, Centuria Joint CEO said: “… Centuria’s growth for the half exceeded what was our entire platform value around five years ago, illustrating the strength of the Group’s growth trajectory in a relatively short period.”

Operating profit after tax for the half year $’000
Segment 31-Dec-21 31-Dec-20 Increase/(Decrease) %
Property funds management 39,746 21,365 18,381 86
Co-investments 13,717 11,446 2,271 20
Developments 1,889 2,093 -204 -10
Property and development finance 1,353 1,353
Investment bonds management 2,944 372 2,572 691
Corporate -937 -1,251 314 25
Operating profit after tax 58,712 34,025 24,687 73

Source: Centuria Capital Group.

 

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