The property fund giant has grown its assets under management back to $21.1 billion and reported a 3.5 per cent drop in net profit after tax.
Centuria Capital Group has reported a 3.5 per cent drop in net profit after tax to $102.2 million in its financial year results.
The company delivered on its earnings guidance of 11.7 cents per security and distribution guidance of 10 cents per security.
It also increased its earnings guidance by 2.5 per cent year-on-year to 12 cents per share for FY25.
Centuria grew its assets under management across Australia and New Zealand to $21.1 billion, up from $21 billion in FY23 and back to the level it was in January last year.
In WA, it has $4.5 billion under management, up from $4.44 billion in FY23.
The company recently sold the Esplanade Hotel in Fremantle to Banjo Bond’s Cosgrove Group for $102.5 million.
In May, it acquired Halls Head Central shopping centre from Vicinity Centres and ISPT for $70 million.
The company increased its investment in alternative sectors, with its Centuria Bass finance arm growing by 46 per cent to $1.9 billion.
Additionally, its agriculture fund grew by 21 per cent to $0.64 billion.
More than 20 per cent of Centuria’s real estate platform is weighted to alternative real estate sectors, which have increased by $4.1billion since 2019.
Centuria joint chief executive John McBain said the company’s diversification into alternative real estate sectors helped its financial position.
“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,” he said.
He added that the group’s 50 per cent investment in data centre provider ResetData for up to $21 million last month would unlock new rental income from an underutilised real estate space.
Centuria’s funds decreased in value by 3.05 per cent in the financial year, with large format retail the only sector that didn’t take a valuation hit.
Valuations in that sector increased by 1.09 per cent in the 12 months to June 30 and 1.93 per cent in the first half of the year.
The company’s owns $622 million of large format retail in Western Australia and $1.59 billion nationally.
Its office funds dropped in value by 5.74 per cent in the financial year and its industrial portfolio dipped by 1.16 per cent.
In healthcare, values dropped by 4.49 per cent in FY24, and in daily needs retail values declined by 2.99 per cent in the same period.
The company’s other assets, mainly tourism and childcare properties, tempered valuation downgrades, with a 14.12 per cent increase in value in its other assets.
