Ann: COF FY23 Results Presentation, page-109

Excluding the $63m of debt reduction from asset sales (settling in FY24) & any draw down of debt for capex during FY24, the average value across the whole COF portfolio would have to fall by in excess of 20% for the lending covenants to be hit.
If for example 25% of the portfolio fell 10% & 50% by 20% the remaining 25% of the portfolio would need to fall by 30% to average out at an overall 20% fall.
Only in an extreme market would see falls like that, asset sales so far have been made around the 1-5% discount range to higher FY22 valuations

Not even the worst buildings (poor lnfrastructure/facilities) in the worst areas (CBD/inner city) in the worst markets (Sydney) have fallen in excess of 20% from the Jun 23 valuations.
COF has very few assets that are in the worse areas of the worst markets & 3 of the markets COF does have assets in (Perth,Adelaide,Brisbane) are seeing strong demand.
Occupancy rates increased from 94.7% to 97.1% in FY23 to around the same levels as FY16/FY17.
$225m of debt (approx 25%) was refinanced in FY23 & no debt is due until FY26.