Financial analysts at Jefferies indicate the FY23 outcomes for Australia’s Centuria Office REIT (ASX:COF) fell below the predictions of the brokerage and market.

Their price target was further reduced by 5%, bringing it down to A$1.39 per share.

However, the ‘Hold’ rating is still in effect.

They point out that the results were less than expected because they were influenced by increasing debt expenses and a decelerating pace in the Australian property sector.

The real estate developer converted from a profit-making position to a deficit in 2023.

For the FY24, the forecast for the company’s funds from operations per unit is 13.8 Australian cents per share, and distribution per unit guidance stands at 12 Australian cents per share, both are lower than the estimates according to Jefferies.

Six analysts were divided in their evaluation of the stock: three suggest ‘buy’ or higher, one maintains ‘hold’, and two propose ‘sell’.

Their median price target is A$1.55.

The company’s shares have decreased by 13.7% over this year, up to the most recent closing.

Centuria Office REIT is an Australia-based property company focused on office real estate.