Centuria Capital Group reported full-year statutory net profit after tax (NPAT) of $102.2 million, down slightly from $105.9 million in FY2022-23.

In a filing to the ASX on Thursday, it said operating NPAT was $94.7 million, down from $115.6 million in the prior corresponding period.

Group AUM was relatively stable at $21.1 billion compared to $21 billion in FY22-23.

This includes $12.3 billion in unlisted real estate, $6 billion in listed real estate, $1.9 billion in real estate financing and $0.9 billion in investment bonds.

Operating leverage eased to 12.1% from 13.9% as the group "continues to diversify sources of debt and recycle existing exposures", it said, including $1.7bn of refinancing across almost 70% of the office vertical of Centuria.

Centuria highlighted "significant growth" in alternative real estate sectors as a result of corporate acquisitions in prior periods, providing a path for portfolio growth.

It expanded its investments in alternative sectors with real estate financing through Centuria Bass Capital to $1.9 billion, up 46%. It also reported 21% growth in agriculture through the Centuria Agriculture Fund, which stood at $0.64 billion.

Over 20 percent of the group's real estate platform is weighted toward alternative real estate sectors, it said, which have collectively grown AUM by $4.1 billion over the past five years.

"Centuria's diversification into alternative real estate sectors not only offers investors a platform with unique points of difference, but early investments in these sectors during the COVID period have allowed Centuria to maintain AUM in a tight market, stabilize earnings and confidently delivered forecast growth for the profit and distribution group for FY25,” said Centuria joint chief executive John McBain.

The group's unlisted platform raised $1.15 billion in capital, with $0.6 billion in new capital from institutional mandates, including a $500 million industrial mandate from Starwood Capital and a $100 million senior secured commitment from UBS for Centuria Bass.

About $0.55 billion was generated by retail and wholesale investors.

"Centuria has continued to diversify its real estate platform across a number of sectors at various stages within its investment cycles," said Jason Hulich, Centuria's co-CEO.

"The group recorded solid unlisted inflows in a difficult economic environment and focused on carefully sourcing new unlisted investments for our networks of direct and institutional investors."

The group noted an upbeat outlook for FY24-25, highlighting an "improving trend in economic fundamentals" as global central banks embark on rate-cutting cycles.

"These cash reductions have already started in New Zealand, where the group has significant exposure with accompanying increased levels of business confidence," McBain said.

He noted that initial trends in Australia, such as lower term deposit rates, were extremely positive fundamentals for the group, with the relative return outlook having an immediate and ongoing positive impact.

"Essentially, this means that as interest rates on term deposits continue to decline from current levels, the returns on Centuria's funds become more compelling on a relative basis," McBain said.

He also highlighted the group's 50 percent investment in next-generation data server provider ResetData, which uses liquid immersion cooling (LIC) technology to create "edge data centers" that have compelling foundations compared to traditional air-cooled data centers.

"Our investment in ResetData allows us to be at the forefront of this new technology, unlocking new rental income from suitable underutilized real estate space," McBain said.

This "completely new business vertical", he added, is expected to have a positive impact on the group's earnings from FY25-26.