
APN Property Group is pleased to announce its results for the year ended 30 June 2020.
Key highlights
- Operating Earnings1 up 12% to $10.4 million (FY2019: $9.2 million), with 99% of income generated from recurring sources
- Operating Earnings 3.12 cents per security (cps)
- Statutory net profit after tax of $4.2 million (FY2019: $14.5 million)
- Funds Under Management down $265 million or 9% to $2.7 billion
- Well positioned balance sheet with net tangible assets of $114.5 million and cash of $16.3 million2; NTA per security of 35.8 cents (down 11% versus June 2019)
- Strong results across the period including asset acquisitions and sales, record leasing volumes and asset improvement projects across $1.4 billion of direct property funds
- Final distribution declared of 1.55 cps, with full year FY2020 distributions of 3.15 cps in line with prior guidance
- FY2021 distribution guidance of 2.50 – 2.80 cps, subject to a continuation of current market conditions and no unforeseen events occurring
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