Centurion Accommodation REIT NPI posts $78.4m net property income

Higher rental rates, bed sales, and expanded capacity lifted revenues.

Centurion Accommodation REIT (CAREIT) reported a net property income (NPI) of $78.4m for the first half (H1) of 2026, exceeding the company's prospectus forecast by 4.3%.

Gross revenue reached $108.9m, above the forecast by 5.1%.

Its distribution per unit of 3.499 cents for H1 2026 exceeded its forecast by 9.6%, supported by higher worker accommodation rental rates, bed sales, and expanded capacity

The amount distributed to unitholders reached $60.5m, compared with the forecast of $55.2m.

CAREIT said the performance was supported by higher rental rates and bed sales across its purpose-built worker accommodation (PBWA) portfolio, favourable foreign exchange movements, and $1.1m in additional revenue from expanded capacity at Westlite Toh Guan and Westlite Mandai.

Finance costs stood at $12.1m, 18.8% below forecast, due to lower loan drawdown and benchmark rates.

CAREIT’s portfolio capacity increased 25.7% from its initial public offering (IPO) to 30,236 operational beds as at 30 June 2026. The portfolio comprises 15 assets across Singapore, the UK, and Australia.

The PBWA portfolio recorded financial occupancy of 92.2% during the period, whilst the purpose-built student accommodation (PBSA) portfolio recorded financial occupancy of 98.8%.

The trust said the marginally lower PBWA financial occupancy was mainly due to the ramp-up of new blocks and expanded capacity at Westlite Toh Guan and Westlite Mandai.

Committed occupancy at Westlite Toh Guan reached 99.0% and Westlite Mandai reached 87.2% as at 31 July 2026.

At Westlite Ubi, construction has started on a six-storey block that will add 540 beds when completed in the fourth quarter of 2027.

CAREIT’s PBSA portfolio recorded financial occupancy of 99.1% in the UK and 98.0% in Australia.

The trust completed the $310.8m (AU$345.0m) acquisition of EPIISOD Macquarie Park in Sydney on 13 January 2026, adding a 732-bed student accommodation asset.

CAREIT’s aggregate leverage stood at 29.9% as at 30 June 2026, with $380.0m in debt headroom based on a 40% leverage threshold.

“Since our IPO, we have expanded the portfolio by approximately 25.7% whilst delivering gross revenue and NPI above the Prospectus Forecast in 1H 2026,” said Tony Bin, CEO of the manager.

“Leasing momentum at Westlite Toh Guan and Westlite Mandai has been encouraging as the new blocks and expanded capacity continue to ramp up, whilst our PBSA portfolio maintained high financial occupancy.”

For the second half of 2026, CAREIT expects gross revenue to exceed its prospectus forecast, supported by rental rates, bed sales, and about $2.9m in additional revenue from Westlite Toh Guan and Westlite Mandai expanded capacity.

(SG$1 = AU$1.11)

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