APN Property Group is pleased to announce its results for the half-year ended 31 December 2019.

Key highlights

• Operating Earnings¹ up 33% to $6.4 million (HY2019: $4.8 million), with 98% of earnings generated from recurring sources
• Operating Earnings 2.03 cents per security (cps)
• Statutory net profit after tax of $17.4 million (HY2019: $6.0 million)
• Funds Under Management up $138 million or 5% to $3.1 billion
• Strong and flexible balance sheet with net tangible assets of $138.1 million and cash of $15.6 million²; NTA per share of 43.4 cents (up 8% versus June 2019)
• Strong results including asset acquisitions, material leasing and asset improvement projects across $1.4 billion of direct property funds
• Interim distribution declared of 1.60 cps; full year FY2020 distribution guidance reaffirmed at 3.15 cps
• Stapling transactions completed in December 2019

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

HY2020 Results Announcement

HY2020 Results Presentation

HY2020 Financial Report and Appendix 4D

For further information, please visit the APN Property Group shareholder page at https://apngroup.com.au/shareholders/

This article has been prepared by APN Funds Management Limited (ACN 080 674 479, AFSL No. 237500) for general information purposes only and without taking your objectives, financial situation or needs into account. You should consider these matters and read the product disclosure statement (PDS) for each of the funds described in this article in its entirety before you make an investment decision. The PDS contains important information about risks, costs and fees associated with an investment in the relevant fund. For a copy of the PDS and more details about a fund and its performance click here. To receive further updates and insights from the APN team, sign up for Review, our monthly email newsletter.

1. Operating earnings 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, 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 $0.1 million and $5.2 million for AFS Licences./h6>