
APN Convenience Retail REIT is pleased to announce its results for the half year ended 31 December 2020
Key highlights
- Funds From Operations (FFO) of $12.3 million or 10.8 cps, up 36.7% and 0.4% on HY20 respectively (FFO per security reflects the issuance of new securities during the period)
- Net Tangible Assets (NTA) per security up 8 cents to $3.35, a 2.4% increase on June 2020, supported by portfolio revaluation uplift of $11.1 million or 2.5% during the period
- $81.9 million of committed acquisitions in HY21 with a further $44.5 million of acquisitions under exclusive due diligence
- $41.6 million of new equity raised during the period with a further $5.8 million raised post balance date
- Balance sheet gearing of 21.1%, and pro forma gearing adjusted for acquisitions and development pipeline of 30.7%, comfortably within 25% – 40% target range, providing significant investment capacity
- FY21 FFO and distribution guidance of 21.8 – 22.0 cps reaffirmed
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