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.
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