APN Property Group is pleased to announce its results for the year ended 30 June 2019.
- Operating Earnings1 up 12% to $9.2 million (FY2018: $8.2 million), with 99% of earnings generated from recurring sources;
- Operating Earnings 2.94 cents per share (cps), exceeding top end of guidance range;
- Statutory net profit after tax up 7% to $14.5 million (FY2018: $13.6 million);
- Funds Under Management (FUM) up $127 million or 5% to $2.9 billion;
- Strong and flexible balance sheet with net tangible assets of $126.1 million and cash of $15.7 million; NTA per share of 40.2 cents (up 7% versus FY2018)
- Strong results including asset acquisitions, material leasing and asset improvement projects across $1.2 billion of direct property funds; and
- Final dividend increased 50% or 0.50 cents to 1.50 cps (45% franked), total FY2019 dividends to 2.75 cps in total (70% franked), increase of 22% on FY2018
For full details of the results, please click on the following:
APN has delivered a strong set of results for the 2019 financial year with a 12% increase in our operating earnings to 2.94 cents per share with nearly all (99%) of our income being generated from recurring sources. This is our sixth successive year of recurring income growth and we are delighted to have increased our dividend again.
Our team has delivered strong risk adjusted returns for the investors in our funds, as a direct outcome of active and diligent management of our assets which has included over 50 leasing transactions over in excess of 13,000 square metres of lettable area over the year.
APN is in an excellent position – with strong investment performance, well capitalised funds with strong continuing earnings growth and acquisition potential and an attractive set of market dynamics including an investment environment continuing to seek sustainable income streams.
We are delighted to see our strategy continuing to deliver earnings growth and value for our shareholders and we remain in a strong financial position with net tangible assets per share in excess of 40 cents and approximately $16 million in cash.
For further information, please visit the APN Property Group shareholder page at https://apngroup.com.au/shareholders/