- FY20 Results delivered FFO of 18.6cpu, slightly below pre-COVID-19 guidance of 19.0cpu.
- Rent collection rate of 92% through April-June 2020 as a result of COVID- 19. Earnings impacted by -$3.2M.
- FY20 distributions of 17.8cpu, management guidance for FY21 of 16.5cpu (or -7.3%).
- Management did not provide any earnings guidance for FY21 due to COVID-19 uncertainty.
- Metropolitan office portfolio expected to remain resilient through COVID- 19. Attractive FY21 yield of ~8.6%. Accumulate.
Download our report for the full details.