Centuria Office (COF) H2 2026 earnings summary

Executive summary

• Achieved 91% portfolio occupancy and a 4.0-year WALE, with 39,821sqm leased across 47 deals in FY26, representing 14.6% of total NLA.

• Delivered FY26 FFO of $66.9m (11.2 cents per unit) and distributions of 10.1 cents per unit, both in line with guidance.

• Statutory profit reached $55.2m, a turnaround from a $19.8m loss in FY25, driven by positive fair value movements and derivative gains.

• Completed $1bn debt refinance, extending weighted average debt expiry to 4.3 years and reducing debt margins by 30bps.

• Sold 9 Help Street at a 12.5% premium to book value, supporting balance sheet strength and reducing gearing.

Financial highlights

• FFO for FY26 was $66.9m (11.2 cents per unit), down from $70.4m in FY25.

• Net property income was $128.1m, down $0.5m year-over-year; total revenue was $128.7m, down $0.7m.

• Distribution per unit was 10.1 cents, with a payout ratio of 90.1%.

• Net tangible assets per unit at $1.66; gearing at 43.7%, improved from 44.4% in FY25.

• Statutory net profit was $55.2m, up from a loss of $19.8m in FY25.

Outlook and guidance

• FY27 FFO guidance is 11.3 cents per unit; distribution guidance is 9.0 cents per unit (80% payout ratio), implying a 10.1% yield.

• Guidance reflects asset sales, conservative assumptions on vacancy, and positive rental growth.

• All-in cost of debt for FY27 estimated at 5.1%.

• Forecast like-for-like NOI growth of approximately 3% over FY27.

• Guidance subject to unforeseen circumstances and material changes in operating conditions.