- Company listed in December 2021
- Eight property portfolio valued at over $480M
- Portfolio WALE of 7.2 years
Newmark Property REIT (ASX: NPR) listed on the ASX in December 2021, with the company recently releasing its full-year results to market.
The company recorded statutory net profit of $51.8 million for the full-year, with $46.5 million attributable to the period 8 December 2021 to 30 June 2021. NPR’s funds from operation (FFO) for the financial year came in at $13.3 million, with $8.9 million attributable to the period from listing to the end of FY22. Distributions of 5.5 cents was paid and in line with the PDS forecasts, the company also has a gearing of 25.5% and $100 million if Newmark’s debt facility is hedged.
NPR’s eight property portfolio is valued at $487.4 million, with occupancy growing from 99% at 31 December 2021 to 100%, following the leasing of 1,300 square metres at Chadstone in early 2022.
Over ninety per cent of Newmark’s portfolio includes leading national tenants, with 81% being underpinned by Bunnings, Officeworks, and other Wesfarmers Group entities.
In other portfolio highlights, NPR said the portfolio WALE is 7.2 years and there are no near-term expiries with no income expiring in FY23. The portfolio also has built in growth with a combination of fixed (85%), CPI (11%), and turnover based leases (4%), with a weighted average of 2.88%.
“We are confident that the strong underlying asset values and reliable income streams that our properties receive from the likes of Bunnings, Officeworks and other leading national retailers will increasingly appeal to investors,” said managing director Chris Langord.
Nemark’s FY23 distirbuition guidance is 8.9 to 9.1 cpu, which will include 5.0 cpu in 1H FY23.
“NPR has delivered on its IPO forecast distribution guidance for FY22, against a complex environment. NPR’s continued performance is underpinned by a high-quality strategically located portfolio leased to leading national tenants with growing income streams that we believe puts NPR in a strong position to weather current macro challenges and deliver on its objectives for investors,” said fund manager Ed Cruickshank.
