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Centuria reports strong growth in alternative real estate sectors for FY24
Invest
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25.
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25.
The Australasian real estate funds manager delivered on its FY24 operating earnings per security (OEPS) guidance of 11.7 cents per security and distribution guidance of 10.0 cents per security.
Centuria's Group Executive John McBain said the company's diversification into alternative real estate sectors has enabled it to maintain Assets Under Management (AUM) in a tight market.
"Centuria's diversification into alternative real estate sectors not only offers investors a platform with unique points of difference but early investment into these sectors during the COVID period has enabled Centuria to maintain AUM in a tight market, stabilise earnings and confidently provide forecast growth for Group earnings and distributions into FY25," Mr McBain said.
The Group expanded its investment in alternative sectors, with real estate finance growing 46% to $1.9 billion through Centuria Bass Capital, and agriculture increasing 21% to $0.64 billion via the Centuria Agriculture fund.
Centuria has also announced a 50% investment in new-generation data server provider, Reset Data, for FY25.
Jason Huljich, Centuria Joint CEO, noted the company's continued diversification across various real estate sectors.
"Centuria continued to diversify its real estate platform across a range of sectors at different stages within their investment cycles. The Group recorded solid unlisted inflows in a difficult economic environment and focussed on carefully sourcing new unlisted investments for our direct and institutional investor networks," Mr Huljich said.
The Group's unlisted platform raised $1.15 billion of capital, with $0.55 billion from retail and wholesale investors and $0.6 billion from institutional mandates and partnerships.
Centuria recorded a statutory net profit after tax of $102.2 million and Group operating profit after tax of $94.7 million. Net asset value increased to $1.79 per security.
Looking ahead, Centuria provided FY25 OEPS guidance of 12.0 cents per security and distribution per security guidance of 10.4 cents, representing increases of 2.5% and 4.0% year-on-year respectively.
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