Centuria Office REIT (ASX:COF) profit falls in FY2020 in line with guidance

Company News

by Kathy Skantzos

Centuria Office REIT (ASX:COF) recorded a drop in profit to $23.1 million for FY2020 compared to the prior corresponding period of $53.6 million in FY2019.

Funds from operations of $85.4 million were adversely impacted by Covid-19 due to rent relief claims.

Its balance sheet strengthened, with 34.5 per cent gearing and undrawn debt capacity increasing to $131 million.

Centuria Office REIT Fund Manage Grant Nichols said its portfolio delivered a performance in line with guidance during the second half of FY20, despite the challenging operating conditions resulting from Covid-19.

“The COF portfolio delivered a solid performance during the second half of FY20, in spite of the challenging operating conditions resulting from COVID-19. Its performance, including delivering distributions in line with guidance, is a testament to the quality of COF’s portfolio. The portfolio maintains a high occupancy rate of 98.1%, a WALE of 4.7 years, and excellent tenant covenants,” Centuria Office REIT Fund Manage Grant Nichols said.

Watch our exclusive interview with Fund Manager Grant Nichols here on FNN.

Shares in Centuria Office REIT (ASX:COF) is trading  

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.