Centuria Office REIT - FY24 Property Compendium Overview
COF (COF) Share Update August 2024 Wednesday 14th
Centuria Office REIT Announces FY24 Property Compendium
Centuria Office REIT (ASX: COF) has unveiled its FY24 Property Compendium, providing a comprehensive overview of its diverse portfolio and key metrics.
Instant Summary:
- Total assets valued at $1.913 billion.
- Occupancy rate by income stands at 92.5%.
- Weighted Average Lease Expiry (WALE) by income is 4.3 years.
- Portfolio includes 19 properties across Australia.
- Top tenant is the Australian Government, contributing 14.2% of total income.
Portfolio Overview
Centuria Office REIT's FY24 Property Compendium highlights a geographically diversified portfolio valued at $1.913 billion. The portfolio includes 19 properties spread across New South Wales, Victoria, Queensland, Western Australia, South Australia, and the Australian Capital Territory.
The compendium reveals that the portfolio's occupancy rate by income is 92.5%, with a WALE of 4.3 years. The properties have a net lettable area of 275,003 square meters and an average building age of 17 years.
Key Metrics and Tenants
The portfolio boasts a capitalisation rate of 6.58% and includes 10 buildings generating solar power. The top 10 tenants, by gross income, contribute significantly to the portfolio's stability. The Australian Government is the largest tenant, accounting for 14.2% of total income, followed by the Western Australian Government at 5.0% and Target Australia at 3.0%.
Geographical Distribution
The portfolio is well-distributed across several states:
- New South Wales: 26% of total portfolio value with 5 assets.
- Victoria: 25% of total portfolio value with 4 assets.
- Queensland: 20% of total portfolio value with 4 assets.
- Western Australia: 13% of total portfolio value with 3 assets.
- Australian Capital Territory: 14% of total portfolio value with 2 assets.
- South Australia: 2% of total portfolio value with 1 asset.
The release of the FY24 Property Compendium provides investors with valuable insights into Centuria Office REIT's performance and strategic positioning. The high occupancy rate and WALE indicate a stable income stream, which is likely to positively influence investor confidence. The diversified tenant base, with a significant portion of income derived from government entities, adds to the portfolio's resilience.
Investor Reaction:
Analysts are expected to view the high occupancy rate and WALE positively, as they suggest a stable and secure income stream. The diversified geographical distribution and tenant base further mitigate risks, making Centuria Office REIT an attractive option for investors seeking stability in their portfolios.
Conclusion:
Investors should consider the detailed insights provided in the FY24 Property Compendium when evaluating their investment strategies. The stable occupancy rate, diversified tenant base, and strategic geographical distribution position Centuria Office REIT as a resilient and attractive investment option.