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Centuria Office REIT
FY23 results

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15.6 cpu

FY23 FFO

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14.1 cpu

FY23 DPU

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36.7%

Proforma gearing1

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$2.20

NTA2

Australia’s largest ASX listed pure play office REIT

FY23 was an operationally successful year for COF with portfolio occupancy increasing to 97.1%3,4, while maintaining a healthy WALE (4.2 years)3,5.

Capital management remained a key focus during the period, with recent divestments delivering a pro forma gearing of 36.7%1, while refinancing resulted in no debt tranche expiring until FY26. Recent non-core divestments also improved overall portfolio quality, while the sales prices achieved were consistent with COF’s Year End portfolio valuations.

COF is exposed to well-performing markets where tenant net absorption has been strong compared to Sydney and Melbourne CBD markets. In particular, the REIT has benefited from robust leasing activity in Brisbane and Perth, which is consistent with wider activity in these markets.

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COF FY23 results highlights


COF provides quality, highly connected and affordable office space

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2.2bn

Portfolio book value across 23 assets

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97.1%

Portfolio occupancy3,4

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4.2

Portfolio WALE3,5

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4.9 star

NABERS SPI energy rating6

geographic diversification
access
Building ages
discount rents

Connectivity​
Connectivity with key transport nodes and reduced commute times
Enhanced amenity​
COF assets provide access to wellbeing amenity, retail and hospitality
Young portfolio​
Portfolio of young assets
Affordable accommodation​
COF exposed market rents average a significant discount to Sydney CBD

1. Proforma gearing has been adjusted for asset sales which settle during FY24. All proceeds are assumed to repay debt. Gearing defined as total borrowings less cash divided by total assets less cash. Gearing as at 30 June 2023 was 38.4%.
2. NTA per unit is calculated as net tangible assets divided by number of units on issue ​
3. By gross income
4. Includes Heads of Agreement
5.  Weighted average lease expiry
6. Excluding non-rated assets