Citi cuts PT on Centuria Office REIT after FY23 results, FY24 guidance miss

Centuria Office REIT

20/08/2023 21:04

** Analysts at Jefferies say FY23 results for Australia's
Centuria Office REIT  COF.AX  missed estimates of brokerage and
the market
    ** Trims PT by 5% to A$1.39/share; 'Hold' rating remains
    ** Says results were a miss as they were impacted by rising
debt costs and slowing momentum in the Australian property
sector
    ** The real estate developer swung to a loss in fiscal 2023
from a profit recorded in the previous year
    ** Co's FY24 funds from operations per unit guidance of 13.8
Australian cents per share and distribution per unit guidance of
12 Australian cents per share were below estimates - Jefferies
    ** Three of six analysts rate the stock "buy" or higher, one
"hold" and two "sell"; their median PT is A$1.55 – Refinitiv
data
    ** Stock has fallen 13.7% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Paul
Simao)
 ((Rishav.Chatterjee@thomsonreuters.com;))