Australia's Centuria Office slumps on disappointing outlook

Centuria Office REIT

02/08/2022 04:20

** Shares of property investor Centuria Office REIT  COF.AX 
fall as much as 10.2% to A$1.665 - set to mark their worst
session since March 30, 2020, if losses hold
    ** COF predicts Funds From Operations(FFO) of 15.8 cents per
unit for FY2023, down 13.2% from the 18.2 cpu recorded in FY2022
    ** Provides distribution forecast of 14.1 cpu, down 15.1%
YOY, for FY2023 
    ** Says inflation, rising interest rates impacted FFO
guidance 
    ** Analysts at Jefferies note the guidance is "well below
expectations"
    ** FY2023 outlook lower due to a likely 3% higher debt
costs, say analysts
    ** Shares hit their lowest levels since April 6, 2020
    ** More than 5.4 mln shares change hands, compared with the
30-day average volume of about 792,000 shares
    ** Stock has fallen 20.7% this year, as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))