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

For full details of the results, please click on the following:

FY2020 Results Announcement

FY2020 Results Presentation

FY2020 Annual Report

1.Operating earnings after tax is an unaudited performance metric used by the Group as a key measurement of underlying performance. It adjusts statutory profit for certain non-operating items recorded in the income statement including discontinued operations, certain business development expenses and realised / unrealised fair value movements on the Group’s co-investments and investment properties.

2. Includes cash held in trust for underlying funds managed by the Group of $1.3 million and $5.5 million for AFS Licences.