End of week ASX wrap: 12 August 2022

• The ASX200 closed today at 7,032.50 points, down 38.50 points or 0.54%
• Since Monday, the market is up 10.7 points or 0.2%
• FY22 results were announced for DXC, WOT, REA, CLW, DXI, CNI, ARF, MGR, and NPR

It’s another week of FY22 results, with reports coming in from DXC, WOT, REA, CLW, DXI, CNI, ARF, MGR, and NPR. Leadership changes and succession plans were also announced for Elders, James Hardie and Domain.

The broader market

The ASX200 closed today at 7,032.50 points, down 38.50 points or 0.54%. Since Monday, the market is up 10.7 points or 0.2%.

Top-performing ASX listed real estate company shares: [DD Month] 2022

Source: ASX. *Data delayed

The movement

On Monday, Elders (ASX: ELD) said chief financial officer, Tania Foster, will be leaving the company on 31 August 2022. ELD then announced on Tuesday that Paul Rossiter was appointed acting CFO while the company conducts a search for a permanent appointment.

Monday also saw two FY22 reports come in: Dexus Convenience Retail (ASX: DXC) and WOTSO (ASX: WOT).

DXC recorded a statutory net profit of $82.6 million, 11.9 per cent up from last year. The company said the result was driven by higher rental income from acquisitions and fair value gains on interest rate derivatives.

Across the financial year, DXC strengthened its capital position by extending weighted average debt facility maturity to 4.2 years with 58 per cent of debt hedged across FY22.

Read more here.

Listed co-working company WOTSO announced increases across revenue, profit, total assets, and NAV. WOTSO’s profit before tax came in at $36.7 million, up from the 2021 result of $11.7 million.

Read more here.

On Tuesday, two more reports were released: REA Group and Charter Hall Long WALE REIT.

CLW’s operational earnings moved up to $207.2 million, or 30.5 cpu, an increase of 4.5% on the previous period. Similarly, distributions were 30.5 cpu, a 4.5% increase on the prior corresponding period.

Charter Hall Long WALE REIT’s profit for the year was $911.899 million, up from $618.314 million in FY21, a 47.5% increase, and net tangible assets were $6.17, up from $5.22.

Read more here.

REA’s revenue grew by 26% from the prior corresponding period to $1.17 billion, with EBITDA moving up 19% to $674 million. REA’s net profit was up 25% to $408 million, with the full-year dividend coming in at 164 cents per share, up 25%.

Read more here.

Wednesday saw reports from Dexus Industria REIT (ASX: DXI) and Centuria Capital Group (ASX: CNI).

CNI announced the company delivered on its FY22 guidance: operating earnings of 14.5 cents per share, up 20.8% on the last financial year, and distributions of 11 cps, up 10%.

Read more here.

DXI announced record leasing activity, with 70,600 square metres completed, as well as 20,000 square metres of development leasing.

DXI’s portfolio also saw $100.3 million in valuation gains, contributing to.a 40 cent or 12.5% uplift in the net tangible assets per security to $3.60.

Read more here.

On Thursday, James Hardie Industries (ASX: JHX) announced the appointment of Anne Lloyd as successor to Michael Hammes as Chairperson. Ms Llord will immediately assume the role of Deputy Chairperson.

Mr Hammes plans to retire after James Hardie’s November 2022 Board meeting and AGM.

Arena REIT (ASX: ARF) announced an increase in net operating profit (distributable income) to $56 million. The company’s earnings per security (EPS) was recorded at 16.3 cents, up 7.2%, with distributions per security up 8.1% to 16 cents.

Read more here.

Newmark Property REIT (ASX: NPR) reported strong results for following its listing in December 2021. Distributions of 5.5 cents was paid and in line with the PDS forecasts.

Read more here.

Finally for Thursday, Mirvac (ASX: MGR) announced its FY22 results, with the company announcing a $5 million increase in statutory profit and 8% increase in operating profit after tax.

“There is no doubt that FY22 presented a more challenging operating environment. We experienced the ongoing impacts of COVID-19, supply chain issues, labour shortages, rising inflation and interest rates, geopolitical tension, and extreme wet weather, particularly across the east coast of Australia,” said Mirvac CEO and MD, Susan Lloyd-Hurwitz.

Read more here.

Today, Domain (ASX: DHG) announced the appointment of Rebecca Haagsma as a non-executive director of Domain, effective 1 September 2022. Ms Haagsma is the recently appointed chief product officer of Nine Entertainment (ASX: NEC), Domain’s majority shareholder, and will be a non-independent director on Domain’s board.

Domain said Ms Haagsma replaces non-independent director, Lizzie Young, who recently left her role at Nine and stepped down as a director of Domain.

That’s the latest in ASX listed real estate companies.