APN Property Group is pleased to announce its results for the half year to 31 December 2020.

Key highlights

• Operating Earnings up¹ 5% to $6.7 million (HY20: $6.4 million)
• Operating Earnings per security increased to 2.05 cents per security (cps) (2.03 cps in pcp)
• Statutory net profit after tax increased 32% to $22.9 million (HY20: $17.4 million)
• Funds Under Management (FUM) up $242 million to $2.9 billion (up 9% on June 2020) (in excess of $3.0 billion (up 13%) with assets under contract / negotiation at balance date)
• Strengthened balance sheet position with net tangible assets of $139.4 million and cash of $21.1 million²
• NTA per security of 42.4 cents (up 18% on June 2020)
• Active portfolio development during the period, including asset acquisitions, strong leasing volumes and asset improvement projects across $1.6 billion of direct property funds
• Interim distribution declared of 1.70 cps (payout ratio of 83% of Operating EPS)
• FY21 distribution guidance upgraded to 3.20 to 3.50 cps (previously 3.00 to 3.20 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:

HY2021 Results Announcement

HY2021 Results Presentation

HY2021 Financial Report Appendix 4D

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 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 certain business development expenses and realised / unrealised fair value movements on the Group’s co-investments.

2. Includes cash held in trust for underlying funds managed by the Group of $0.1 million and $5.7 million for AFS Licences.