APN Convenience Retail REIT is pleased to announce its results for the year ended 30 June 2021 along with the acquisitions of United Gordonvale, QLD and 7-Eleven Kingston, QLD and a fully underwritten equity raising comprising a $45 million institutional placement (Placement) and a security purchase plan (SPP) to eligible securityholders1 to raise $5 million2 (together the Offer).
- Distributions of 21.9 cents per security (cps), an increase of 0.5% on FY20 (with a high tax deferral component of 80.2%)
- Funds From Operations (FFO) of $25.9 million or 21.9 cps, up 34.6% and 1.4% on FY20 respectively reflecting the issuance of new securities during the year
- Statutory profit of $73.8 million, up $28.0 million on FY2020
- Portfolio revaluation uplift of $53.9 million or 12.1% during the year driven by a combination of cap rate compression (weighted average cap rate of 6.0%) and annual rent increases
- Net Tangible Assets (NTA) up 40 cps to $3.67, a 12.2% increase on June 2020
- $185 million of contracted acquisitions in FY21 with a further $28.6 million contracted post balance date
- 15 new long term major lease deals completed, extending the portfolio’s WALE and enhancing the lease expiry profile with 92% of portfolio income expiring in FY30 and beyond
- Balance sheet gearing of 28.2% as at 30 June 2021
- FY22 FFO and distribution guidance of 22.9 cps, an increase of 4.6% on FY20213
- Transition to Dexus management preserves strong governance, and increases depth of expertise and growth prospects
For full details of the results, please click on the following:
Acquisitions and Equity Raising
APN Convenience Retail REIT is also pleased to announce the acquisitions of United Gordonvale, QLD and 7-Eleven Kingston, QLD (the Acquisitions) and a fully underwritten equity raising comprising a $45 million (Placement) and a SPP to eligible securityholders to raise $5 million2.
The proceeds of the Offer will be used to fund the Acquisitions, associated transaction costs of the Acquisitions and in connection with the Offer and to repay debt to support the Fund’s core business activities.
Security purchase plan
Eligible securityholders in Australia and New Zealand will be invited to subscribe for up to $30,000 of New Securities4, free of brokerage and transaction costs, via a fully underwritten SPP. New Securities issued under the SPP will be issued at the lower of $3.60 per New Security or a 2.5% discount to the 5-day volume weighted average price at the end of the SPP offer period.
Further information on the SPP will be lodged with the ASX and sent to Eligible Securityholders on or around 25 August 2021.
New Securities issued under the SPP and held on the record date for AQR’s distribution for the September 2021 quarter will be entitled to that distribution.
|Record date for SPP||7.00pm, Monday, 16 August 2021|
|Trading halt and announcement of Placement||Tuesday, 17 August 2021|
|Placement bookbuild||Tuesday, 17 August 2021|
|Settlement of new securities issued under the Placement||Friday, 20 August 2021|
|Allotment and normal trading of securities issued under the Placement||Monday, 23 August 2021|
|SPP offer opens and booklet is dispatched||Wednesday, 25 August 2021|
|SPP offer closes||5.00pm, Thursday, 16 September 2021|
|SPP allotment date||Thursday, 23 September 2021|
|Despatch of holding statements and normal trading of new securities issued under the SPP||Friday, 24 September 2021|
All dates and times are indicative only and subject to change. Unless otherwise specified, all times and dates refer to Sydney time.
For full details, please refer to the ASX Announcements.