REAL ESTATE INVESTMENT TRUSTS & FUNDS
THE resilience of metropolitan markets since COVID has helped Centuria Office REIT (COF) to a solid set of first-half numbers, but Australia’s largest listed pure-play office...
About 92% of COF’s portfolio is exposed to metropolitan, fringe and near-city office markets – that is, markets outside the Sydney and Melbourne CBDs – and consists of...
In contrast, COVID left CBDs emptied, and occupation hasn’t recovered to pre-2020 levels as more people spend more of their professional lives working from home...
“Four years on from the start of COVID’s impact and, despite flexible working arrangements having become somewhat ubiquitous, many Australian office markets experienced...
“Many tenants have not decreased their footprint and the office leasing distress predicted by some market speculators has not materialised, particularly in the markets COF is...
“In fact, metropolitan office demand continues to materially outstrip the Sydney and Melbourne CBDs. In particular, the Brisbane fringe market incurred the strongest net absorption in...
“Development feasibilities have been impaired due to rising construction costs, increased finance costs and softening capital market transactions, pushing economic rents...
During the first half, COF leased 28,659 sqm across 23 transactions, representing 9.7% of portfolio net lettable area. Among those it addressed it most significant FY25 lease expiry...
COF maintained high occupancy of more than 96% and its portfolio weighted average lease expiry increased to 4.4 years...
Funds from operations (COF) was $41.8 million, or 7.0c per unit, below the prior corresponding period (pcp)’s $48.6 million and distributions were 6.0c per unit. Both were in...
During the period, COF maintained liquidity with $88.2 million pro forma debt facility headroom, a 2.7-year weighted average debt expiry and no debt expiring until FY26.