APN Convenience Retail REIT is pleased to announce its results for the half-year ended 31 December 2018.
- Statutory profit of $14.5 million
- Funds From Operations (FFO) of $8.5 million (10.7 cps), 3.7% above PDS forecast
- Distributions per security of 10.45 cps, 3% above PDS forecast
- $7.5 million or 2.2% increase in portfolio value, driven by market rent increases
- Net Tangible Assets (NTA) up 8 cents per security to $2.95, representing a 2.8% increase since June 2018
- Balance sheet gearing of 32.5%, within 25% – 40% target range
- FY19 distribution guidance remains unchanged at 20.9 cps (7.2% annual cash distribution yield1)
- Active portfolio management – Woolworths covenant maintained following proposed sale of their fuel business
For full details of the results, please click on the following:
This is another positive set of results and we are pleased to report that we remain on track to meet FY19 guidance and exceed the PDS forecast by 3.4 – 5.3%.
In addition, the Fund’s portfolio value has grown by a further 2.2% during the period as a result of organic rental increases. This revaluation uplift has delivered a 2.8% increase in NTA to $2.95. These results are great reflection of Convenience Retail’s strategy of providing investors with an attractive, defensive and growing income stream underpinned by long term leases to quality tenants.
For further information, please visit our website or feel free to contact me on 1800 996 456.