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Centuria Office REIT (COF)

1H22 Results - Managing well

Centuria Office REIT (ASX: COF) reported 1H22 Results for the 6 months to 31 December 2021.

Key points from the result include:

  • 1H22 Results delivered FFO of 9.8 cpu, down from 11.2 cpu in 1H21.
  • Prior period result was boosted by a one-off lease surrender payment by Foxtel at Robina QLD. Excluding this, FFO was up 10.1%.
  • Occupancy improved to 94.3% (from 93.1% at June 2021) benefitting from Robina QLD being fully re-leased as well as gains across the portfolio.
  • Leasing success resulted in upgraded earnings guidance of 18.3 cpu (from 18.0), with distributions reiterated at 16.6 cpu.
  • COF appears well placed to manage current headwinds in the office market. Attractive FY22 yield of 7.6% and 12.9% discount to NTA. Core Property maintains BUY rating.
Download our report for the full details.

Published - 15/02/2022

Core Property Rating - BUY

Target - $2.66

This publication is not and should not be construed as, personal financial product advice, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information (general financial product advice) only. Read more here.