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

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.

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Source: Finance News Network