APN Industria REIT (the Fund) is pleased to announce its results for the year ended 30 June 2019.
Key highlights
- Funds From Operations (FFO) up 5.0% to $31.6 million, an increase of 3.8% to 19.2 cents on a per security basis – the top of the 3.5 – 4.0% guidance band and significantly higher than the 2 – 3% guidance provided at FY18 results.
- Record number of leasing transactions with 53 leases across 13,700 square metres.
- Raised $50 million of equity and reduced gearing to 30.0%.
- $64.5 million of acquisitions at an average 6.6% yield, with the benefit a 4.9 year weighted average lease expiry (WALE).
- Increased weighted average debt maturity to 3.2 years; refinanced and entered into $76 million of new debt facilities for 3 and 5 year tenors.
- Solid outlook, with 2.5 – 3.0% FFO growth guidance for FY20 (19.7 – 19.8 cps), with opportunities to outperform during the period.
For full details of the results, please click on the following:
FY2019 Results Snapshot (video)
We are pleased to have delivered record leasing volumes and revenue as our strategy of engaging with our tenants to help manage their businesses continues to gather momentum. The FFO growth for the year was over 1% ahead of our initial expectations 12 months ago – which is considerable given our earnings base is largely tied to fixed rents, and not potentially volatile active earnings.
We continue to seek out further opportunities to grow and add-value, and with gearing at 30.0% – lower than 12 months ago after a successful $50 million equity raise – we have the financial strength and flexibility to execute quickly when opportunities arise.
For further information, please visit our website or contact 1800 996 456.
