Highlights

  • Consensus rating of Hold from 7 analysts: 1 Buy or equivalent, 2 Hold, 4 Sell or equivalent.
  • Mean price target of A$0.97 against a share price of A$0.83 on 8 October 2026, an implied upside of 15.8%.
  • Analyst targets range from A$0.85 to A$1.44.
  • Funds from operations (FFO) were $66.9 million, or 11.2 cents per unit, in line with guidance, and the distribution was 10.1 cents per unit.

Centuria Office REIT (ASX:COF) carries a consensus analyst rating of Hold. Of the 7 analyst recommendations recorded, 1 is Buy or equivalent, 2 are Hold and 4 are Sell or equivalent. The mean price target is A$0.97, with targets ranging from A$0.85 to A$1.44, against a current share price of A$0.83 (8 October 2026). Centuria Office REIT is described as Australia's largest listed pure-play office REIT, with 18 Assets valued at $1.8 billion.

Company name

Centuria Office REIT

Ticker

(ASX:COF)

Exchange

ASX (Australian Securities Exchange)

Current share price

A$0.83

Price date

8 October 2026

Number of analysts

7

Rating consensus

Hold

Consensus price target (mean)

A$0.97

Highest target

A$1.44

Lowest target

A$0.85

Implied upside/downside to mean target

Implied upside of 15.8%

Latest developments

Centuria Office REIT (ASX:COF) announced its FY26 financial results on 4 August 2026. Funds From Operations (FFO) were $66.9 million, or 11.2 cents per unit, in line with guidance, and the distribution was 10.1 cents per unit. Net tangible assets were $1.66 per unit. The REIT refinanced $1 billion of debt, extending Debt expiry to 4.3 years, with gearing of 43.7% and 76% of debt hedged at 30 June 2026. It had $189.3 million of cash and undrawn debt, and no debt expiry until FY29.

The portfolio of 18 assets worth $1.8 billion had a weighted average Lease expiry of 4.0 years, occupancy of 91% and a weighted average Capitalisation rate of 7.04%. Leasing activity was about 40,000 square metres across 47 transactions, equal to 14.5% of portfolio net lettable area, with average re-leasing spreads of 5%. The REIT divested 9 Help Street, Chatswood, at a premium to book value.

FY27 guidance is for FFO of 11.3 cents per unit and distributions of 9.0 cents per unit.

Sector context

The REIT notes that conditions across Australian domestic office markets continued to stabilise during the year, supported by improving valuations and positive re-leasing spreads. It also notes limited new office Supply over the medium term because replacement costs exceed prevailing asset values.

Risks and what to watch

FY27 distribution guidance of 9.0 cents is lower than the FY26 distribution of 10.1 cents, and gearing of 43.7% is high. Office Earnings depend on occupancy of 91%, lease expiries with a 4.0-year WALE, and valuations at a 7.04% capitalisation rate. The consensus data shows a Hold rating.

Next milestones

Items to watch include FY27 FFO against 11.3 cents per unit and distributions of 9.0 cents per unit, gearing and further divestments, leasing of upcoming expiries, and the half-year result.