Centurion Accommodation REIT posts 2.4% NPI rise to $37.5m in Q1

Higher occupancy and rental rates lifted earnings above prospectus forecast, supported by PBWA and PBSA portfolios.

Centurion Accommodation REIT reported net property income (NPI) of $37.5m for the first quarter (Q1) ended 31 March, up 2.4% from its prospectus forecast, driven by higher occupancy and rental rates.

Gross revenue rose 2.7% to $52.5m over the same period, also above forecast, according to the REIT manager.

The manager attributed the stronger performance to higher occupancy across its portfolio and improved rental rates, as well as the impact of stronger GBP and AUD against the Singapore dollar, partly offset by higher operating expenses.

The REIT’s Singapore purpose-built worker accommodation (PBWA) segment recorded occupancy of 94.0%, above its forecast of 93.1%, supporting revenue of $36.99m for the quarter.

The purpose-built student accommodation (PBSA) portfolio also outperformed, with the United Kingdom and Australia segments reporting occupancies of 99.0% and 97.5% respectively.

Centurion said the Australian PBSA portfolio included EPIISOD Macquarie Park, a 732-bed asset in Sydney acquired in January 2026. The asset operates under a two-year master lease generating fixed rental income of $12.99m (AUD14.1m) for financial year (FY) 2026.

Following the acquisition, the REIT’s portfolio valuation increased 16.5% to $2.19b.

Centurion CEO Tony Bin said the REIT delivered “steady performance” supported by strong occupancy and results that exceeded IPO projections for a second consecutive reporting period.

He added that new capacity at Westlite Toh Guan and Westlite Mandai is being progressively leased, which is expected to contribute additional income over the year.

This financial statement follows Centurion’s earlier report of a net property income of $36.08m for the financial period from 12 August 2025 to 31 December 2025, 4.1% above forecast.

Gross revenue for the same period came in at $50.65m, whilst distributable income amounted to about $30m. Distribution per unit was 1.74 cents for the period from listing on 25 September 2025 to year-end.

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