Key Highlights

  • FY26 distributions were 10.4 cents per security, with FY27 guidance also at 10.4 cents.
  • Operating NPAT was $113.8 million, with operating earnings per security of 13.6 cents, up 11.5%.
  • FY27 operating NPAT guidance is $130 million, and operating earnings per security guidance is 13.0 cents.
  • The approximate yield is near 9.9%, with franking about 12% and no reinvestment plan.

Centuria Capital Group (ASX:CNI) announced its FY26 results on 27 August 2026, reporting operating NPAT of $113.8 million and distributions of 10.4 cents per security, and guiding to unchanged distributions for FY27. Centuria Capital Group (ASX:CNI) is an ASX-listed specialist investment manager with $22.2 billion of assets under management at 30 June 2026. It offers listed and unlisted real estate funds as well as tax-effective investment bonds, and its network includes more than 15,500 private investors alongside institutional capital.

The group has two main earning streams: a Property Funds Management business, which earns fees from managing funds such as Centuria Industrial REIT and Centuria Office REIT and from transactions, and a Property and Development Finance business. Centuria also co-invests in its funds. Recently it has added a digital infrastructure growth option through the ResetData joint venture, which is deploying GPU infrastructure and targets a data centre pipeline of more than 250 MW. Its distribution is paid from operating earnings after the contributions of these different businesses.

The Dividend Picture

CNI has an approximate yield of about 9.9% at a price near $1.055, franking of about 12% which lifts the grossed-up figure to roughly 10.4%, and no reinvestment plan. The release confirms distributions of 10.4 cents per security for FY26 and FY27 distribution guidance of 10.4 cents, so the stated distribution is unchanged. Operating earnings per security were 13.6 cents, so the distribution represents about 76% of operating earnings, a calculation from the stated figures. FY27 guidance of 13.0 cents of operating earnings per security would lift the ratio to about 80%, because operating earnings per security guidance is slightly lower than the FY26 actual while the distribution is held.

Understanding the Dividend Data for Centuria Capital Group

At a share price of approximately $1.055, the approximate yield is 9.9%. Franking is about 12%, which lifts the grossed-up yield to about 10.3% from a cash yield of about 9.9%. Only the franked portion carries credits, so the uplift is smaller than for a fully franked payer. No distribution reinvestment plan is available, so payments are made in cash. As an illustration of the arithmetic only, a holding worth $10,000 at that price and yield would correspond to roughly $986 of cash distributions over a year before tax, calculated from the stated percentage. FY27 guidance keeps the distribution at 10.4 cents, so the trailing and forward distribution amounts are the same. Yields of this kind depend on the share price on the day and on which payments are counted, so they move as the share price changes and are not a forecast.

FY26 Results

Operating NPAT was $113.8 million, against $100.8 million in FY25, and operating earnings per security were 13.6 cents, 11.5% above FY25. Statutory NPAT attributable to securityholders was $56.5 million, equal to statutory earnings per security of 6.7 cents. Operating EBITDA grew to $182.5 million, supported by 23% growth in the core Property Funds Management segment from higher recurring revenue, transaction activity and performance fees. Proportionately consolidated property investment earnings were $92.2 million.

Growth Platform

Group assets under management reached a record $22.2 billion, and the group made $1.2 billion of real estate acquisitions. The release points to the acquisition of the Arrow Primary Infrastructure Fund and the recent completion of the $454 million Sydney CBD Prime Office Fund. The company reports $445 million of cash and undrawn debt.

Data Centre Initiative

The ResetData joint venture is deploying GPU infrastructure across part of 10 MW of near-term power capacity, and the potential data centre pipeline has increased to more than 250 MW. The release notes that this will require capital in the near term to create a pathway for future revenue ramp-up, so growth investment competes with distributions for capital.

FY27 Guidance

FY27 guidance is operating NPAT of $130 million, 14% above FY26, operating earnings per security of 13.0 cents and distributions of 10.4 cents per security.

Balance Sheet and Capital Raising

During the second half Centuria raised a further $300 million of liquidity through a fully underwritten equity raising, which it says provides flexibility to accelerate AI infrastructure growth and its funds management platform. Net asset value per security was $1.76, and the group held $445 million of cash and undrawn debt with gearing of 5.1%. Weighted average debt duration rose to 3.1 years, and the weighted average cost of debt fell to 7.8%. The new equity increases the number of securities sharing the distribution, which matters for per-security measures.

Funds Management Platform

Across the platform Centuria oversees $8.6 billion of lending facilities for listed and unlisted funds from 25 lenders, with average margins down to 144 basis points and weighted average fund gearing of 46% against a covenant of 58%. Joint CEO commentary points to a launch of Australia's largest single-asset industrial fund, the purchase of Australia's largest hydroponic glasshouse and a first Sydney CBD office asset in about ten years to seed a $454 million fund. The ResetData venture posted an operating EBITDA loss of $10.9 million, a net loss to Centuria of $5.9 million, which the company describes as the scale-up phase ahead of expected earnings.

How the Payout Measure Works

The measure that matters for this dividend is operating earnings per security (OEPS). Centuria's operating measures exclude non-operating items such as fair value movements, so they differ from statutory earnings of 6.7 cents per security. The 10.4 cent distribution is about 76% of operating earnings of 13.6 cents. Investors comparing the figure with a yield should remember that the yield is calculated on a price, while the payout compares the dividend with the company's own earnings measure, so the two answer different questions. A high payout can leave little retained cash, while a low payout can leave room for growth or debt reduction, and the right balance depends on the business.

Key Dates and Timing

The results were released on 27 August 2026. Distribution and payment timing are set out in the full announcement, which is not reproduced in the extract used here. Dividend and distribution amounts can change from period to period, and the announcement is the source for amounts and dates. Anyone relying on a date should confirm it against the company's notice, because record dates and payment dates vary by security.