CENTURIA OFFICE REIT (COF)
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COF

COF - CENTURIA OFFICE REIT

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 11.66
Index: ASX300 | ALL-ORDS

Centuria Office is a real estate investment trust with assets consisting solely of commercial office properties. It has been listed since 2014.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.25

20 Aug
2025

0.010

OPEN

$1.24

0.81%

HIGH

$1.25

742,437

LOW

$1.23

TARGET
$1.173 -6.2% downside
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FNARENA'S MARKET CONSENSUS FORECASTS
COF: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 3.3 12.0 xxx
DPS (cps) xxx 10.1 10.2 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 15.8% 1.2% xxx
PE Ratio xxx N/A 10.4 xxx
Dividend Yield xxx N/A 8.2% xxx
Div Pay Ratio(%) xxx N/A 85.4% xxx

Dividend yield today if purchased 3 years ago: 6.01%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 8.15

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-3.3
DPS All xxxxxxxxxxxxxxx10.1
Sales/Revenue xxxxxxxxxxxxxxx154.3 M
Book Value Per Share xxxxxxxxxxxxxxx166.7
Net Operating Cash Flow xxxxxxxxxxxxxxx50.9 M
Net Profit Margin xxxxxxxxxxxxxxx-12.82 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-1.91 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.03 %
Return on Assets xxxxxxxxxxxxxxx-1.01 %
Return on Equity xxxxxxxxxxxxxxx-1.91 %
Return on Total Capital xxxxxxxxxxxxxxx4.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-12.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx902 M
Total Debt xxxxxxxxxxxxxxx902 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx9 M
Price To Book Value xxxxxxxxxxxxxxx0.67

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx62 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx15 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,936 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.5

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

18/08/2025

5

Underweight

$1.25

0%

Centuria Office REIT has guided to FY26 funds from operations (FFO) of 11.1-11.5cpu, with a dividend of 10.1cpu, implying to Morgan Stanley a -3% to -6% earnings decline versus consensus of 12.1cpu.

Occupancy slipped to 91.2% from 92.2% in the first half, observe the analysts, with key vacancies at 201 Pacific Highway and 818 Bourke Street continuing to weigh.

While valuations stabilised with a 1% uplift in the second half, Morgan Stanley notes cap rates expanded a further 12bps, taking the full-year move to 31bps.

Gearing rose to 44.4%, the highest in the broker's REIT sector coverage, with net debt increasing to $861m, suggesting significant capex has been spent but not yet booked.

The payout ratio has increased to 88-91% from 86%, despite rising vacancies and elevated gearing, when the analysts suggest a more conservative stance might have been expected.

Underweight rating. Target price $1.25. Industry view: In-Line. 

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 10.60 cents and EPS of 13.00 cents.
Morgan Stanley forecasts a full year FY27 EPS of 14.00 cents.

Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

19/08/2025

4

Underweight

$1.22

-2.40%

Centuria Office REIT delivered an in-line FY25 result but disappointed with FY26 funds from operations (FFO) guidance -6.8% below consensus. Adjusted FFO is -26% below FFO and 18% below dividend guidance.

Commentary posits management has been consistent in its messaging that emphasises the quality of the REIT's prime grade metro Office portfolio, trading at a significant discount to replacement cost, somewhat protected from supply growth due to elevated economic rents.

While Jarden agrees the REIT screens well on value, the broker thinks investors will need to be patient.

Ongoing soft leasing conditions in markets where Centuria faces exposure over the next twelve months implies no recovery in earnings growth until FY27 and beyond, the report stipulates.

Target falls to $1.22 from $1.24, Underweight retained.

FORECAST
Jarden forecasts a full year FY26 dividend of 10.10 cents and EPS of 11.30 cents.
Jarden forecasts a full year FY27 EPS of 11.80 cents.
Access Extra Coverage Research History >

COF STOCK CHART

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