Industrial property landlords that own prime facilities on very long leases may face asset writedowns of between 15 and 20 per cent, full-year results reported by $4 billion logistics landlord Centuria Industrial REIT reveal.

On the other hand, shorter-leased facilities where rents can revert to market rates, and capture the 30 per cent rental surge that has occured over the past 12 months due to record low vacancy rates, will hold their value in face of higher interest rates and expanding capitalisation rates, the trust’s results also show.