Australia Real Estate: Readthrough from Centuria Office Fund Results

研报英文原文证据摘录

Australia Real Estate: Readthrough from Centuria Office Fund Results

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03 Aug 2026 20:35:27 ET │ 9 pages

Australia Real Estate

Readthrough from Centuria Office Fund Results

CITI'S TAKE

Centuria Office REIT's (COF - not covered) FY26 results are consistent

with a gradual stabilisation in Australian office markets. COF delivered

FFO of 11.2cpu and distributions of 10.1cpu, both in line with guidance.

Elevated leasing activity of ~40,000sqm across 47 deals is an Australian Real Estate Team

encouraging data point for office markets, though high incentive levels

across the sector continue to temper the quality of headline leasing Howard PennyAC

figures. Rental growth of ~4.4% offset cap rate expansion from 6.89% to +61-2-8225-4819

7.04%, keeping portfolio valuations broadly unchanged. The divestment howard.penny@citi.com

of 9 Help Street at a 12.5% premium to book shows the transaction Suraj Nebhani, CFA

market is functioning, though deal volumes remain selective. FY27 FFO suraj.nebhani@citi.com

guidance of 11.3cpu implies only modest earnings improvement,

Akshit Batra

consistent with a measured pace of recovery across the sector. akshit.batra@citi.com

Results in Line; Leasing Activity Encouraging for Sector But Incentives Remain a

Key Offset

• COF delivered FY26 FFO of 11.2cpu and distributions of 10.1cpu, both in line

with guidance.

• ~40,000sqm leased across 47 transactions (14.5% of portfolio NLA), with

portfolio re-leasing spreads of +5%; Queensland assets outperformed at

+14%.

• Portfolio occupancy held at 91% with WALE of 4.0 years; only 4.7% of

income expiring in FY27, noted to be ~6% under-rented, providing modest

rental upside.

• We view leasing volumes as a positive indicator of gradually improving