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Propertylink Group (ASX:PLG) on Tuesday announced results for financial year 2018 which reported earnings per share of 9.25 cents per security, ahead of guidance of 9.0 cents.
Industrial Property Specialist, which derives the bulk of its earnings from wholly owned industrial portfolio, reported an increase in FY18 profit to $142.8 million, a 63.8% rise from previous year.
Recording 23% growth in distributable earnings to $55.7 million, the company reported 27.4% of return on equity. CEO Stuart Dawes said that the group witnessed healthy performance across its investment management platform that helped return 25 percent since inception.
[optin-monster-shortcode id="wxhmli4jjedneglg1trq"]The company holds $800 million of wholly owned industrial portfolio with a weighted average lease expiry of 3.8 years. There has been an enhancement of carrying value of property portfolio at the back of positive market fundamentals and leasing success.
With over $1.8 billion of assets under management, the group acquired $48 million business park asset in Lane Cove, Sydney in FY18, thus, increasing Sydney exposure to 48%.
Australian Real Estate Investment Trust divested three external fund assets including 320 Pitt Street in Sydney, 90 Mills Road in Braeside, and 73 Miller Street in North Sydney, thus delivering an average return of 25 percent to investors and generating performance fees of $22.3 million to Propertylink.
Gearing reduced to 29.6% thereby improving the liquidity of the company.
The board declared unfranked final dividend of 3.7 cents per security, scheduled for payment on 4 September 2018 with the record date of 29 June 2018.
Following to the announcement of better than expected results for FY18, PLG shares hiked by 0.485% to $1.035 on 14 August 2018, at market close.
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