APN Property Group is pleased to announce its results for the year ended 30 June 2019.

Key highlights

• 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:

FY2019 Results Announcement

FY2019 Results Presentation

FY2019 Annual Report

FY2019 Results Snapshot (video)

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/

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 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 discontinued operations, business development expenses and realised / unrealised fair value movements on the Group’s co-investments and investment properties.