Centuria Office REIT narrows half-year loss
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The news: Centuria Office REIT has narrowed its half-year loss on the back of steady leasing activity and reiterated its full-year funds and distribution guidance.
The numbers: Statutory loss for the six months to December narrowed to $21.2 million from $99.4 million a year ago.
Funds from operations were down 17% to $34.7 million, and the company will make a distribution of 5.05 cents per unit, down from 6 cents a year ago.
Centuria Office REIT shares are up 0.4% to $1.14 in early trading on the ASX.
The context: Australia’s largest pure-play office REIT said it saw continuous leasing activity during the first half, underscoring its proactive management.
The property investor says reduction in future office supply and population growth will help support the medium term outlook and reaffirmed full-year funds from operations guidance of 11.8 cents per unit and distribution guidance of 10.1 cents per unit.
What they said: “Since 2020, the office industry has weathered numerous headwinds yet Centuria has actively addressed and mitigated significant expiries by 81% of the portfolio NLA [net lettable area], which speaks to the strength of the team’s long term and active commitment towards leasing management,” fund manager Belinda Cheung said.
The source: ASX announcement
