Shares are set to fall; Aussie dollar drops below US65¢; gas prices ease; US PPI data hotter than expected. Follow updates here.
Centuria Industrial REIT, which owns a $4 billion portfolio of logistics assets, swung to a statutory loss of $77 million over the 12 months to June 30 after writing down asset values by $153.6 million or 2.1 per cent over the 2023 financial year.
The asset writedown recorded in fiscal 2023 continues to the trend occurring across the real estate investment trust sector, due to the impact of higher interest rates. Driving asset values lower across long WALE assets was an expansion in capitalisation rates by 107 basis points to 5.26 per cent.
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