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.