Centuria Industrial REIT (ASX: CIP) announced valuation movements for June 2023.
- June 2023 portfolio valuations moved circa -2.1%, or -$80.6M since on Dec 2022.
- Capitalisation rates increased to 5.26%, or +60bps.
- We estimate the portfolio continues to benefit from strong rental increases of +10-12% for the 6-month period.
- We have updated our forecasts, which includes updated debt assumptions and leasing.
- At current levels we are forecasting a distribution yield of 4.9% for FY24 with NTA reaching $3.32 per unit in FY25.
- Maintain HOLD recommendation.
- CIP will report FY23 results on 14 August 2023.
Download our report for the full details.