APN Property Group
APN Property Group results. Photo – APN.
  • Operating Earnings up 5% to $6.7 million
  • 2.9B funds under management, up $242M or 9%
  • Distribution likely to be 3.2-3.5c per share, up 26% on original

Diversified and listed property investment group APN (ASX: APD) has announced positive half-yearly results to the market.

Total security holder returns from APN Property Group is running at 17.5% per annum, and in their half-yearly results announcement this morning, they described their fund as having “consistently delivered on income return objective since inception” with it remaining “well-positioned to deliver relatively high, consistent levels of income.”

Over the last three years, the group has made $230 million of acquisitions which have an average yield of 6.6%.

Net tangible asset backing is running at 42 cents per security (up 18%) which makes their cash position “strong”.

Direct property funds performed “particularly well” with rent collections exceeding 99.9% with 30,000 square metres of space leased.

“Given the challenges affecting some commercial real estate sectors, this result highlights both the resilience of the real estate sectors we hold in our funds, but also our team’s efforts in working very closely with our tenants, and on our properties to maximise returns for our investors,” said CEO Tim Slattery.

The group also raised an additional $100 million to fund new acquisitions in industrial and convenience retail sectors.

The increased distribution guidance to 3.5 cents per security represents 6.1% return based on current share price ($57.50). pretty much on par with the recent returns announced for Charter Hall Long WALE.

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