After announcing lower FY18 profit last month, Aventus Retail Property Fund (ASX: AVN) declared distribution for the first three months ended in FY19 period to 30 September 2018. The Board of Directors declared 4.09 cents per security with the distribution reinvestment plan (DRP) attached to it.
The distribution announced by the company for Q1FY19 is fully unfranked and is payable on 23 November 2018 to shareholders on registry on the record date of 28 September 2018. Ex-date is fixed to be 27 September 2018.
In the notification of distribution, the company informed that last date for lodgment to share registry under DRP is 2 October 2018, while the period to calculate volume-weighted average price has been set to be 2 November 2018 to 15 November 2018.
Last month in August, the company declared 14.7% decline in the profit attributable to shareholders to $135.6 million for the fiscal year ended 30 June 2018. However, the company’s revenue from ordinary activities jumped 26% to $164.6 million on the back of new acquisition of Castle Hill Super Centre and Marsden Par Home in the beginning of the fiscal year 2018. The company stated that these new properties contributed revenues of $30.2 million for FY18 which were partially offset by the disposal of Shepparton Home.
Earnings per share fell to $0.27 as company’s profit was downsized by $23.3 million compared to the prior financial year. The decline in the bottom line is reportedly attributable to the 10x greater portfolio transaction cost, a $13.6 million increase in finance cost attributable to the Group’s expanded debt portfolio, and a $13.2 million decrease in net fair value gains on investment properties. The group’s borrowings shot up by almost double the repayments company made in the year.
As at 30 June 2018, the group owns the investment properties portfolio of 20 large format retail centres across Australia, worth $1.9 billion. However, in line with group strategy to divest smaller regional centres, Aventus sold Shepparton Home and Tweet Hub for $60.1 million, reflecting a 6.5% premium to the carrying value at 30 June 2017. Distribution declared by the company was 16.26 cents for FY18, higher than 15.88 cents declared in FY17.
Following the announcement of distribution for first quarter of Fiscal 2019, AVN share price edged up by 0.909% to $2.22 on 21 September 2018 (4:55 PM AEST). The stock has seen a performance change of -6.38% over the past one year while currently it is trading at PE of 8.0 x with market capitalization of $1.09 billion.
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