Argosy Property Ltd lifted its portfolio by $84 million to $1.46 billion in the year to March on a solid operating performance, a revaluation gain and with repositioning of the portfolio.
- Earnings/share 12.78c (9.79c)
- Gross distributable income/share increased up 5.7% to 8.03c(7.6c)
- Net distributable income/share up 4.6% to 6.64c
- Dividends for year up 1.2% to 6.1c/share
- Net tangible assets up 6.7% to 106.4c/share
- Valuation gain of 3% on book values to $42.3 million
- Acquisitions totalling $32 million, including 240 Puhinui Rd and land at Highgate in Auckland
- Divestment of non-core properties totalling $31.1 million (including properties yet to settle at balance date)
- Net property income up 1.2% to $99.5 million
- Weighted average lease term increased to 5.59 years
- Occupancy (by rental) remains high at 98.6%.
Net property income increased 1.2% ($1.1 million) to $99.5 million ($98.4 million) due to increases in income from acquisitions, offset by lost income from sales of non-core assets.
Profit before finance costs, property revaluations & tax increased 0.9% to $90.2 million ($89.4 million).
Profit before tax increased 44.1% to $120.4 million ($83.6 million), after allowing for the non-cash impact of interest rate swaps & property revaluations.
Gross distributable income increased 7.1% to $65.6 million ($61.3 million), equating to a 5.7% gain/share to 8.03c/share (7.6c/share).
Net distributable income increased 4.6% to 6.64c/share (6.35c/share).
Argosy’s debt levels, excluding capitalised borrowing costs, were 36.3% of total assets (36.7%).
Attribution: Company release.