Image: Canva.
  • The market closed at 7,473.30
  • Three appointments were made across DXAM, DXC, and LIC
  • Third quarter reports rolled in, PTG announced record ARR of $18 million

A shorter week, a quieter week for ASX listed real estate companies. Third-quarter reports began to roll in, and some board appointments were announced.

It also happens to be Earth Day, with the first such event held on 22 April 1970. The American initiative went global in 1990.

Google Earth has launched a timelapse feature of how the globe has changed over the decades to recognise the changes that need to be made before the half century.

Image: Google Doodles.

The broader market

The ASX200 closed today at 7,473.30 points.

Source: Google.

Aside from Axiom, not much movement across listed property companies.

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

Company Code Price ($) Change (%)
Axiom AXI 0.078 9.86
AV Jennings AVJ 0.53 2.91
Shopping Centres Australia SCP 3.11 1.63
Us Student Housing REIT USQ 1.30 1.56
Domain Holdings Australia DHG 3.56 1.42

Source: ASX

The movement over the week…

On Tuesday, some appointments were made in ASX-listed real estate companies.

Dexus Convenience Retail REIT (ASX: DXC) and Dexus Industrial REIT (ASX: DXI) announced that Emily Smith will be appointed as a non-executive director of Dexus Asset Management Limited (DXAM) and Industria Company No. 1 (IC1).  Ms Smith will also Chair the DXAM audit, risk and compliance committee.

DXAM also announced that Jason Weate will be appointed fund manager of DXC.

US Student Housing REIT (ASX: USQ) announced its pre-leasing update for the 2023 academic year, with current occupancy at 94.3%. Pre-leasing was reported to be 20.7% ahead of last year at 67.2%.

On Wednesday, Abacus Property (ASX: ABP) announced the completion of its non-underwritten security purchase plan which closed on Thursday, 14 April. The move follows ABP’s $200 million institutional placement which was successfully completed on 23 March 2022.

The security purchase plan raised $3.3 million, with approximately one million new stapled securities expected to be issued. The issue price was $3.38 per stapled security.

Axiom (ASX: AXI) released its quarterly report. AXI said the company cash reserves decreased by $3.715 million and the company held cash reserves of $9.017 million as at 31 March.

The majority of AXI’s development costs spent were for large format retail centre Butler Central Home Maker Centre, which was $9.344 million.

On Thursday, Stockland (ASX: SGP) released its third quarter report, with 95% rent collection for the quarter across its commercial property portfolio. Stockland also settled the disposal of Stockland Cairns, Queensland, for $146 million. This was in line with book value, according to Stockland.

The extreme weather also affected Stockland’s masterplanned communities lot settlements. The average sale prices for the company’s land lease communities are up 4.3% on average compared to the previous quarter.

Proptech Group (ASX: PTG) announced cash receipts of $5.3 million for its third quarter report. The figure is up 70% over the previous corresponding period. The company also reported positive net cash flows from operations of $0.4 million and strong cash balance of $14.6 million as at 31 March 2022.

PTG also reported a record $18 million annualised recurring revenue, an increase of 56% compared to the previous corresponding period, and 6% on the prior quarter.

Lifestyle Communities (ASX: LIC) announced the appointment of Claire Hatton as a non-executive director of the company, effective 1 May 2022.

In Hudon Investment Group’s (ASX: HGL) third quarter report, the company highlighted its recent activity, including 100% ownership of Regent Street Property following the exercising of an option and a potential residential development application for Bowen Hills properties in addition to the mixed-use DA approved in 2021.

HGL’s Appendix 4C reported $390,000 in receipts from customers, with net cash from operating activities $41,000. Net cash used in investing activities was $1,487,000, and cash flows from financing activities was $1,400,000.

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