COF -8.36%: Sharply lower on downbeat guidance for FY23. The office landlord said that funds from operations (FFO’s) for FY23 would be $0.158 per unit, lower than FY22’s $0.182 per unit. “Prevailing inflation, and subsequent rising interest rates, have impacted our FY23 FFO guidance, though we expect COF to have like-for-like net operating income growth through FY23”. Centuria Capital (CNI) owns 17% of COF and also fell ~5% as a consequence of the announcement – CNI is a stock we recently bought and will cover in our Portfolio Positioning report tomorrow morning.
MM is neutral on office landlords such as COF
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