Centurion Accommodation REIT’s first-period DPU beats IPO forecast by 6.7%, on strong occupancy and conservative gearing
Summary:
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For 12 Aug–31 Dec 2025 (FP 2025), CAREIT generated gross revenue of S$50.7m and net property income of S$36.1m, exceeding IPO forecast by 3.4% and 4.1% respectively.
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Amount distributable to unitholders was S$30.0m, 6.7% above the forecast S$28.1m, resulting in DPU of 1.739 cents versus 1.630 cents forecast, also 6.7% higher.
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Based on the 31 Dec 2025 unit price of S$1.11, the annualised distribution yield works out to about 5.84% for the 98‑day listed period.
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Portfolio performance was underpinned by very high financial occupancy: 97.6% for purpose‑built worker accommodation and 99.1% for student accommodation, supported by higher rental rates and resilient demand in Singapore, the UK and Australia.
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Aggregate leverage stood at 22.1% as at 31 Dec 2025 with no debt maturing before 2028, a 4.3‑year average debt maturity, 3.46% average financing cost and 55.8% of borrowings hedged to fixed rates.
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Post‑period, CAREIT completed the A$345m acquisition of the 732‑bed Epiisod Macquarie Park PBSA in Sydney, fully debt‑funded, which lifts aggregate leverage to 30.7% while still leaving about S$348m of debt headroom to a 40% limit.