Investore Property Ltd said today it made $17 million more than the $28.5 million after-tax profit forecast for the March year.
The company, formerly part of the Stride Property Group and still managed by it, listed on the NZX on 12 July 2016 after raising $185 million of new equity.
Key points in its results announcement today:
- Profit after income tax of $28.5 million, up $17 million on forecast
- Distributable profit after income tax of $17.6 million, up $0.5 million on forecast
- 35c/share cash dividend for the 2017 financial year, up 4.3% on forecast
- Targeting annual cash dividend for the 2018 financial year of 7.46c/share
- Settlement of SCA properties, tranche 1 assets on 12 July 2016 and tranche 2 assets on 28 September 2016, for $267.4 million in total
- Actively looking for acquisitions to compliment the portfolio in a highly competitive market.
Financial performance highlights (forecast figures in brackets):
- Net rental income of $35.0 million ($34.9 million)
- Corporate expenses of $4.7 million ($4.8 million)
- Profit before other expenses and income tax of $17.1 million ($17.2 million)
- Profit after income tax of $28.5 million ($11.5 million)
- Distributable profit before income tax of $21.2 million ($20.7 million)
- Distributable profit after income tax of $17.6 million ($17.2 million)
- 35c/share cash dividend for FY17 (5.13c/share)
- 06c/share cash dividend for the quarter ended 31 March 2017, with 0.5404c/share imputation credits attached
- Loan:value ratio (LVR) 39.5% (41.4%)
- Total portfolio value of $660.4 million
- Net tangible asset backing/share of $1.55
- 2018 financial year lease expiries at 0.6% of the portfolio contract rental
- 2019 financial year lease expiries at 3.0% of the portfolio contract rental
- Occupancy at 99.8%
- Weighted average lease term 14.3 years.
16 November 2016: Investore releases first results since listing
Attribution: Company release.