• Fourth consecutive period of valuation growth, $75m increase over the period
• Strong like-for-like income growth of 5.1% in HY26
• Significant progress on data centre opportunities

Centuria Industrial REIT (CIP) reported a strong performance in HY26, delivering its fourth consecutive period of valuation growth, with a $75m increase over the period. The company achieved strong like-for-like income growth of 5.1% in HY26 and made significant progress on data centre opportunities. CIP also completed $450m of debt refinancing on competitive terms, extending the weighted average debt maturity to 4 years and securing margins 10-20bps lower than prior terms. The company issued a $325m Exchangeable Note, repurchasing a prior note and securing an all-in coupon of 3.5%. CIP maintained a strong balance sheet with 35.9% gearing. The company continued to execute on its strategy, with 143,904 sqm of lease terms agreed in HY26, including c.80,000 sqm in the challenging Melbourne market. CIP also divested a non-core asset at a 10% premium to book value. The company's portfolio is underpinned by c.60% land value, with significant embedded value and upside potential. CIP trades at a c.20% discount to its $3.95 net tangible assets per unit.

CIP has upgraded its FY26 Funds from Operations (FFO) guidance range to 18.2-18.5 cpu, up to 6% above FY25. The company has reiterated its FY26 distribution guidance of 16.8 cpu, 3% above FY25.

CIP expects earnings growth to accelerate over the medium term, with an average Net Operating Income (NOI) growth of over 5% per annum expected. The company sees significant upside potential from its c.20% under-rented portfolio, with c.60% of leases expiring over the next three years being under-rented. CIP continues to identify opportunities to unlock value through development and data centre expansion.