Tom Bodor News Today

While it will retain its Asian investment platform, the restructure will be the biggest shake-up at the property giant since it sold MLC two decades ago.

The developer and landlord has kept its earnings outlook unchanged even as residential earnings slumped in the six months to December.

The developer of affordable housing for downsizing over-55s could not avoid higher building costs, which have narrowed its new-home profit margin.

Chief executive Darren Steinberg says there are signs of stability is returning to the office deals market as buyers gain confidence that write-downs are near the end.

Centuria Industrial expects to rack up rental increases as 41 per cent of its leases expire over the next 3½ years.

The break-up is one of the biggest concessions to the post-pandemic environment for planned office developments. It also reflects changing capital demands.

The logistics landlord has written down the value of industrial facilities on long leases that cannot capture the strong uplift in rents by 15-20 per cent.

In his first market update, newly appointed CEO Campbell Hanan argued that earnings were not lost, but only delayed. Investors appeared to agree.

The ASX-listed developer said earnings were likely to improve in the current six-month, but inflation and interest rates would influence the pace of recovery.

While other real estate investment trusts have reported asset writedowns, Bunnings landlord BWP Trust reported a $54m valuation gain over the half year.