Centuria Capital shares dip despite positive outlook
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The news: Real estate funds manager Centuria Capital Group reaffirmed its full-year guidance and anticipates "more favourable market conditions" into the next financial year.
The numbers: Centuria said its FY25 operational earnings guidance of 12 cents per share and distribution guidance of 10.4 cents per share reflect the company's best estimate based on likely market conditions.
Centuria shares were down 1.4% to $1.92 by 12:30pm AEDT, having gained more than 30% over the last 12 months.
The context: The company said it expects financial markets to stabilise across FY25 and FY26. It noted that its real estate platform has been structured to take advantage of what it believes should be "more favourable market conditions" across its core and traditional offerings, as well as alternative sectors.
The prospect of a lower interest rate environment is also "inherently positive" for real estate markets in terms of market confidence and valuation stability, it said.
What they said: "We believe FY25 will be an important transitional period for real estate markets," Centuria joint CEO John McBain said in remarks ahead of its annual general meeting.
"We have witnessed official cash rates reducing across Europe, the US and New Zealand and most commentators believe that a similar easing bias will be evidenced in Australia during FY25."
The source: ASX announcement
