Centuria Office REIT (COF)

FY23 Results: Updating forecasts

Centuria Office REIT (ASX: COF): FY23 Results.
  • COF reported Funds From Operations (FFO) of $93.0M which was down 11.4% on FY22 ($104.9M).
  • We have updated our forecasts, which includes updated leasing activity and contracted asset sales.
  • At current levels we consider COF to be oversold due to uncertainties in the office sector and rising debt costs. COF is trading at a 20.9% discount to our valuation of $1.58 per security, which is based on our Sum of the Parts valuation. Maintain BUY recommendation.

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