Australia's Centuria Industrial Reit extends gains after upbeat results

Centuria Industrial Reit

08/02/2024 04:58

** Shares of Centuria Industrial Reit  CIP.AX  rise as much
as 1.8% to A$3.4, their highest level since Feb. 17, 2023
    ** Stock extends gains for third consecutive session 
    ** The real estate investment trust upgraded FY24 funds from
operations (FFOps) forecast to 17.2 AU cents per unit from 17.0
AU cents
    ** Macquarie says FY4 FFOps guidance in line with their
expectations 
    ** Brokerage says co's HY result was "solid", with CIP
executing on under-renting opportunities on the stabilised
portfolio and announcing a significant value-add development
pipeline
    ** Brokerage sees ongoing positive catalysts via leasing
outcomes and capital recycling initiatives
    ** Stock has risen 3.1% this year, as of last close

($1 = 1.5326 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))