- 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%.
“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.
