Centuria Office REIT (COF) FY20 results

FY20 results with COF trading on a yield of 8.6%

  • 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.
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Published - 18/08/2020

Core Property Rating - Accumulate

Target - 2.59

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