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- Abacus Property is expected to distribute dividend of 18.4 cents per share in FY23.
- The company ended the first quarter of FY23 at gearing of 6%.
Diversified property group Abacus Property Group (ASX:ABP) on Wednesday (23 November 2022) affirmed its payout guidance for the financial year 2023 (FY23) while sharing an annual general meeting 2022 update. In addition to this, the group has provided an operational update for the first quarter of FY23.
At 2:45 PM AEDT, Abacus shares were spotted trading 1.28% lower at AU$2.70 per share with a market capitalisation of AU$2.44 billion.
The company has maintained its distribution guidance of a minimum of 18.4 cents per share, representing a payout ratio of 85 to 95% of funds from operations (FFO). According to ASX filing, the guidance is based on the assumption that business conditions will continue to normalise, and Covid-19 will have no further material impacts.
Myra Salkinder, chair, Abacus, said,
The self-storage portfolio of the group reported a 56% increase in net property income.
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