Centuria Office REIT (COF)

FY21 Results - Growing the Fringe

Centuria Office REIT (ASX: COF) reported FY21 Results for the 12 months to 3 June 2021.

Key points from the result include:

  • FFO of 19.9 cpu, up from 18.6 cpu in FY20. Earnings boost from one-off lease surrender payment by Foxtel at Robina QLD location. We estimate additional $9M payment booked.
  • Occupancy improved to 93.1% (from 91.5% at December 2020) with majority of successful leasing at previous Foxtel Robina QLD.
  • Conservative guidance for FY22 earnings of 18.0 cpu, with distributions of 16.6 cpu.
  • Attractive FY22 yield of 6.8%. Core Property maintains BUY rating.
Download our report for the full details.

Published - 17/08/2021

Core Property Rating - BUY

Target - $2.69

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