Morningstar raises Centuria Industrial REIT's PT on strong market rents

Centuria Industrial Reit

27/05/2024 21:19

** Morningstar lifts price target for Australia's Centuria
Industrial REIT  CIP.AX  by 6% to A$3.50 on strong tenant demand
for industrial space
    ** "(CIP's) management thinks rents across the portfolio are
about 30% below fair market rates, suggesting relatively strong
market rent reviews will continue" - Morningstar
    ** Morningstar says favorable industrial market conditions
support investment demand and allow the trust to sell properties
to reduce financial leverage
    ** Brokerage sees CIP's distributions per unit to increase
by about 1% per year on average for the medium term
    ** CIP stock down 1.5% YTD, as of last close

 (Reporting by Ayushman Ojha in Bengaluru; editing by Jonathan
Oatis)
 ((Ayushman.ojha@thomsonreuters.com;))