centuria-logo-sign-pllaque-office-feature
Image – The Property Tribune.
  • Operating NPAT of $70.2M, up from $53.3M
  • Total operating revenues up 40% to $212.7M
  • Assets under management $16.5 billion

The Property Tribune recently reported on the full-year results for Centuria Industrial REIT (ASX: CIP); today the results for Centuria Capital Group (ASX: CNI) were released.

It was a significant year for the company, not least due to the ongoing pandemic. Centuria took over Primewest Group, the announcement was originally made in April, the offer was accepted in June. Primewest had its last day of trading also in June.

CNI had a bumper financial year with a number of figures on the rise. Total operating revenues rose by some 40% to $212.7 million and net operating profit was $70.2 million, up 32%t from last year.

Joint CEO, John McBain, said assets under management expanded to $16.5 billion, a 106% increase across their listed and unlisted real estate divisions.

“A record $2.5 billion of real estate acquisitions were transacted during the period, complemented by the integration of the Augusta Capital (NZ) and Primewest businesses. This combination of real estate and corporate acquisitions substantially increased AUM, distribution capacity and earnings momentum,” said Mr McBain.

Mr McBain partly attributed the company’s inclusion on the ASX200 to those growth initiatives.

Operating NPAT $70.2 million
Operating EPS OEPS 12.0 cps
Statutory NPAT $143.5 million
Statutory EPS 24.6 cps
Distribution per stapled security 10 cps
Total operating revenue $212.7 million
Cash on hand $250 million
Operating gearing ratio 3.90%
Net asset value $1.92
Assets under management $16.5 billion
FY22 OEPS guidance 13.2 cps
FY22 DPS guidance 11.0 cps

Operating profit attributable to property funds management was $45.9 million, up 40% on the prior corresponding period and operating recurring revenue increased to 92% of total revenues (FY20: 86%).

Centuria more than doubled its property platform to $16.5 billion, including a 30% expansion across New Zealand and a 125%increase in Australia throughout FY21.

Multiple unlisted funds were also launched, including the Centuria Government Income Property Fund (CGIPF) in July, a single asset fund underpinned by a New Zealand glass facility, among others.

Centuria also acquired a 50% interest in a real estate debt fund specialist, resulting in Centuria Bass Credit. To date, the business has secured a $448 million-dollar loan book and launched a $176 million-dollar open-ended debt fund.

“FY21 has been a record year of growth across our listed and unlisted platforms. Decentralised office, industrial and healthcare remain the backbone of our real estate platform, however, we have further diversified our asset classes, expanding into three compelling new sectors– Agriculture, Large Format Retail and Daily Needs Retail, resulting from our merger with Primewest,” added Jason Huljich, Centuria Joint CEO.

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