
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: