Centuria Office REIT (ASX: COF) has announced pleasing full year results, with $102.2 mil funds from operations, a statutory net profit of $76.9 mil and 98.3 per cent average rent collection throughout FY21. This follows a strong tenant demand for fringe office accommodation.
Distributions were 16.5 cents per unit, in line with FY21 guidance.
Rental income was over 80 per cent derived from government, multinational corporations and listed entities. 52,077 sqm of leases were agreed across 61 deals. More than 63 per cent of portfolio leases expire at or beyond FY25.
Centuria's fund manager Grant Nichols said the REIT "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."
Shares in Centuria Office REIT (ASX:COF)
are trading 0.5 per cent lower at $3.02.