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Industria REIT upgrades FFO guidance, signs deal to buy Melbourne warehouse

Industria REIT upgraded its funds from operations guidance range to 19.05 Australian cents to 19.25 cents per security, up from a previous range of 18.4 cents to 18.6 cents per security.

The company also maintained its distribution guidance of 17.0 cents per security, a 3% rise over the year-ago period.

In addition, the Australian industrial-focused real estate investment trust agreed to buy a warehouse spanning 10,078 square meters of gross lettable area in the Derrimut suburb of Melbourne, Victoria, for roughly A$10.6 million, translating to an initial yield of 6.6%. The property at 1 Westpark Drive sports a 4.6-year weighted average lease expiry profile anchored by the Downer Group.

The debt-funded deal is expected to close in mid-September.