Centuria Industrial REIT

CIP.AX

REIT - Industrial · Real Estate

Price

A$2.97

-0.02 (-0.67%)

Market Cap

A$1.85B

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+2.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 613.3M (2022) → 627.5M (2026)

Winston Score History

The full picture

Centuria Industrial REIT is an Australian real estate investment trust that owns and leases industrial properties. These properties include warehouses, logistics facilities, and storage buildings used by businesses that need space to store and move goods. It is one of the largest pure-play industrial REITs listed on the Australian Securities Exchange.

The company makes money by collecting rent from tenants who sign long-term leases on its properties. Its portfolio is spread across major Australian cities, including Sydney, Melbourne, and Brisbane, with a focus on properties close to population centers where demand for last-mile logistics is strong. The main growth driver is the continued rise of e-commerce, which pushes retailers and logistics companies to need more warehouse space, but rising interest rates are a key risk because they increase borrowing costs and can push property valuations lower.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+36.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

17.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$3.9B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Centuria Industrial REIT is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

65.2%

Premium pricing power — 65.2% gross margin

Profit after running costs

Operating Margin

74.7%

Excellent — 74.7% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+7.0%

Slow sales growth (+7.0% YoY)

Profit growth

EPS YoY

+24.6%

Earnings growing fast (+24.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

60%

Weak — only 60% of profit becomes cash

Spare cash per sale

FCF Margin

38.3%

Converts sales into free cash efficiently (38.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.55

Conservative — low debt load (0.55)

Covers its interest

Interest Cover

2.23x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.4x

Attractive valuation — P/E 11.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-4.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.54%

Healthy income — 5.54% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+3.1%

Dividend growing modestly (3.1% YoY)

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