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Centuria Office REIT Provides Q3 FY 2022 Update and Guidance

02 May 2022  |  09:07:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: COF Q3 FY22 Update and Guidance

Centuria Office REIT provided its operating update for Q3 FY 2022. It has exchanged contracts to sell 131 Grenfell Street, Adelaide SA for $20.9m, a c.10% premium to book value, with settlement expected to occur in May 2022. The office building had been successfully repositioned over the past 18 months following a tenant departure in late 2020, with current occupancy at 100%. The disposal demonstrates its leasing and transaction capability, achieving a sale result that reinforces its underlying NTA. It reiterates its FY 2022 FFO guidance of 18.3 cpu and distribution guidance of 16.6 cpu, representing a FY 2022 distribution yield of 7.5% based off the current trading price.

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