Centuria Office (COF) Q3 2025 TU earnings summary

Executive summary

• 21,078sqm of lease terms agreed year-to-date, representing 7.7% of portfolio NLA; 91.4% occupancy and 4.2-year WALE as of 31 March 2025.

• Portfolio occupancy outperforms the national office market average of 84.0%.

• Leasing momentum remains fragmented due to elevated national vacancy and new office supply.

Financial highlights

• FY25 FFO guidance reaffirmed at 11.8cpu; distribution guidance at 10.1cpu.

• Current annualised distribution yield stands at 8.1%, based on a unit price of $1.24 as of 14 May 2025.

• Distributions expected to be paid quarterly.

Outlook and guidance

• Optimism for medium-term Australian office markets, supported by diminishing forecast supply and elevated replacement costs.

• Signs of improving net absorption and reduced sub-leasing activity.

• Improved capital transaction volumes as investors look through near-term leasing headwinds.