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Centuria Office REIT FY21 Results Announcement


Financial Highlights

• $102.2 million Funds From Operations (FFO)
• 19.9 cents per unit (cpu) FFO1 per unit, at the top end of the FY21 guidance range
• 16.5 cpu distributions per unit, in line with FY21 guidance
• $76.9 million statutory net profit
• $2.48 per unit Net Tangible Assets (NTA)
• 98.3% average rent collection throughout FY21
• Robust balance sheet, $405million debt refinanced in 2H21, no debt tranche expiring before June 2024
• Well positioned for potential near-term inclusion in the FTSE EPRA Nareit Index

Portfolio Highlights

• 2H21 like for like valuation uplift of $16.3million
• 52,077 sqm leases agreed across 61 deals, (18.1% of portfolio NLA)
• 26,388 sqm of leases agreed relates to new tenants
• Rental income: over 80% derived from government, multinational corporations and listed entities
• 25% derived from Federal and State Government
• Staggered lease expiry, more than 63% of portfolio leases expire at or beyond FY25
• 2H21 portfolio occupancy increased to 93.1%, WALE of 4.3 years
• 4.7 Stars average NABERS energy rating (by value)

Grant Nichols, COF Fund Manager, commented, “COF delivered pleasing results throughout FY21. Distributions were in line with guidance of 16.5cpu, which equates to a 6.7% yield, while FFO of 19.9cpu was at the top end of the 19.7-19.9 cpu guidance range. The REIT also benefitted from a $16.3 million valuation uplift on a like for like basis as at 30 June 2021, which reflects the portfolio’s high-quality assets and strong tenant covenants.

“COF’s performance is also due to its exposure in Australia’s better performing office markets that lend themselves to good workforce commutability and attractive, affordable rents. These markets attract quality tenants, which underpin sustainable income returns and lower volatility. Through 2H21, COF increased occupancy to 93.1%, maintained a weighted average lease expiry of 4.3 years and improved average rent collections to 98.3%.

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