APN Convenience Retail REIT is pleased to announce its results for the half-year ended 31 December 2019.

Key highlights

• Funds From Operations (FFO) of $9.0 million or 10.8 cps, up 6.8% and 0.5% on HY2019 respectively¹.
• FY2020 distribution guidance remains unchanged at 21.8 cps, up 4.3% on FY2019
• Net Tangible Assets (NTA) up 17 cents per security to $3.13, a 5.7% increase on June 2019
• $78.7 million of acquisitions taking the total portfolio value to $438.3 million upon completion of the fund-through development pipeline
• Balance sheet gearing of 24.6%, and pro forma gearing adjusted for fund-through development pipeline of 32.7%, within 25% – 40% target range
• Debt facility increased by $40 million and refinanced a further $105 million, extending the weighted average debt maturity to 3.8 years and reducing the weighted average interest cost by 0.20%.

For full details of the results, please click on the following:

HY2020 Results Announcement

HY2020 Results Presentation

HY2020 Financial Report and Appendix 4D

For further information, please visit our website or contact 1800 996 456.

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. FFO per security reflects the issuance of new securities during the period.