Centuria Office REIT jumps as it hits earnings target

A junior property trust, the $600 million Centuria Office REIT, has received an enthusiastic endorsement from investors – it closed 8 per cent higher – after reporting interim earnings ahead of expectations and confirming its full-year guidance.

Despite booking in lower earnings and distributions than a year earlier, the fund’s capacity to hit its targets generated a relief rally that sent its stock 13¢ higher to $1.76 by the close. “We reiterated both our distribution and guidance for FFO [funds from operations], which is important in the context of a rising interest rate environment, so that gives investors some comfort,” fund manager Grant Nichols told“The biggest thing about our result, and what has given us the kick today, is the amount of leasing we’ve done.”, giving it a fresh advantage in a post-pandemic market where office commuters prefer to work closer to home, Mr Nichols said.

“That is demonstrating that we continue to generate good levels of tenant demand, and somewhat bucks the trend in terms of the anecdotal speculation about the negative impact flexible work conditions might have on office market demand,” he said.

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