Centurion Accommodation REIT (CAREIT) has reported gross revenue of $52.5 million for the 1QFY2026 ended March 31, 2.7% higher than forecasted in its initial public offering (IPO) prospectus.
The REIT’s net property income (NPI) outperformed its prospectus forecast by 2.4% at $37.5 million.
The higher figures were driven by higher occupancy and rental rates as well as a stronger British pound (GBP) and Australian dollar (AUD) against the Singapore dollar (SGD) and partly offset by higher property operating expenses, says the REIT manager.
As at March 31, CAREIT’s occupancy rate across its three segments - purpose-built workers’ accommodation (PBWA) portfolio in Singapore and its purpose-built student accommodation (PBSA) portfolios in the UK and Australia - outperformed its prospectus forecast as well.
CAREIT’s PBWAs in Singapore had an occupancy rate of 94% with a retention rate of 79.4%, while its PBSAs in UK and Australia stood at 99% and 97.5% respectively, compared to the forecast of 93.1%, 97.4% and 96.7% respectively. The Australian portfolio includes the newly-developed 732-bed EPIISOD Macquarie Park, which is under a master lease till Dec 31, 2027.
As at end-March, CAREIT’s aggregate leverage stood at 31%, up from 22.1% a quarter ago. Its interest coverage ratio (ICR) stood at 6.02 times, down from 6.6 times, also from a quarter ago. The REIT’s portfolio valuation as at the same period stood at $2.19 billion, up from $1.88 billion for the financial period from Aug 12, 2025, to Dec 31, 2025.
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The REIT distributes distributions per unit (DPUs) on a semi-annual basis.
“We are encouraged by the quarter’s steady performance, driven by strong occupancy across our portfolio, with results exceeding our IPO projections for the second consecutive reporting period,” says Tony Bin, CEO of the manager.
“During the quarter, we made meaningful progress across both organic and inorganic growth fronts. The addition of a 540-bed block at Westlite Ubi marked a key milestone in expanding our PBWA portfolio, while our entry into Sydney through the acquisition of EPIISOD Macquarie Park further strengthened our PBSA footprint,” he adds.
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“Building on this momentum, we look forward to bringing additional capacity into operation and driving performance through disciplined organic growth and accretive opportunities, supported by our sponsor’s ROFR (right of first refusal) pipeline, to deliver sustainable value to our unitholders,” he concludes.
Units in CAREIT closed 1 cent lower or 0.9% down at $1.10 on May 5.
