Australia's Centuria Industrial REIT drops as Morningstar cuts PT on lower leasing activity

Centuria Industrial Reit

15/05/2025 06:35

Updates share moves

** Shares of Centuria Industrial REIT CIP.AX down as much as 0.7% to A$3.00, their lowest level since May 1

** Morningstar trims fair value estimate for shares of CIP by 3% to A$3.40

** Investment research firm flags stronger-than-expected fastening of re-leasing spreads - the rent uplifts on new leases

** Believes lower spreads likely reflect lesser leasing activity in Sydney - Centuria's strongest market - during the quarter

** Morningstar suspects weakening tenant demand hurt by high interest rates and supply increases; says, however, shares look slightly undervalued

** Six of 9 analysts rate the stock "buy" or higher, three "hold"; their median PT is A$3.33, according to data compiled by LSEG

  ** Stock down 7.1% this year, as of last close

 (Reporting by Nichiket Sunil & Sherin Sunny in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com;))