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

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

HY2021 Results Announcement

HY2021 Results Presentation

HY2021 Financial Report and Appendix 4D

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.