Three Stocks With Recent Dividends Updates - NSR, RFF And AVN

  • Jun 25, 2019 AEST
  • Team Kalkine
Three Stocks With Recent Dividends Updates - NSR, RFF And AVN

The below-mentioned stocks have recently declared dividends on their securities. Let’s take a quick look at dividend updates of these stocks.

National Storage REIT (ASX: NSR)

A leading Storage solutions provider, National Storage REIT (ASX: NSR) recently announced a distribution of AUD 0.051 per share for a period of six months ended 30th June 2019. The dividend has a Record Date of 28th June 2019 and a Payment Date of 5th September 2019.

Today, the company announced a fully underwritten $170 million institutional placement plus a non-underwritten Security Purchase Plan (SPP) to raise up $20 million which will be used to fund the company’s acquisition program and maintain its funding flexibility.

The company also released a Trading Update, in which, it communicated that till now in H2 FY19, it has completed the acquisition of 11 existing storage centres in Australia, totaling $127 million. Combined with the acquisitions completed in the first half of FY19, which totaled $106 million, the total acquisitions to date in FY19 stands at $233 million, marking FY19 as a most successful year of acquisitions for the company.

Australian 2H FY19 Acquisitions (Source: Company Reports)

Further, the company pointed out that it has also sold the Biggera Waters development site to the Bryan Family Group Joint Venture for a total sum of $26 million.

In New Zealand, the company successfully completed the acquisition of eight existing storage centres, two development sites, and one expansion opportunity in New Zealand to date in 2H FY19, for a total value of around NZ$114 million ($109 million), taking the total New Zealand acquisitions to date in FY19 to NZ$144 million ($138 million).

New Zealand 2H FY19 Acquisitions (Source: Company Reports)

During the second half of FY19, the company commenced an independent valuation process on over 50 centres across the Australian portfolio, indicating that the likely weighted average capitalisation rate across the the company’s Australian portfolio will be in the vicinity of 6.9%.

In order to fund its acquisition program and maintain funding flexibility, the company is undertaking an equity raising comprising a fully underwritten institutional placement to raise $170 million and a non-underwritten Security Purchase Plan (SPP) to raise up to $20 million.

The placement will be issued at a fixed price of $1.71 per security, representing a 4.4 percent discount to the distribution adjusted last close price of $1.79 on 24th June 2019. The fixed price of $1.71 per security also has a 4.9% discount to the distribution adjusted 5-day VWAP of $1.80 on 24th June 2019.

In terms of the SPP, the company will be inviting eligible security holders in Australia and New Zealand to subscribe for up to $15,000 of new securities, free of brokerage and transaction costs. The new securities will be offered at the same price as the placement of A$1.71 per security to raise up to $20 million.

From offer proceeds, the company expects to repay its debt and bring its pro forma gearing levels from approximately 40% to 32%. It is expected that this be will providing sufficient headroom to NSR for funding its ongoing acquisition, development and expansion programs.

Due to the impact of the acquisitions and offer, the company expects its FY19 EPS to be around 9.6 cents per stapled security. Further, the company anticipates its NTA to increase to $1.62 per security.

On the stock performance front, the company’s stock has provided a return of 2.22% in the past six months. The stock is trading at a PE multiple of 96.340x, with an annual dividend yield of 5.22%. NSR’s stock last traded at a price of $1.840, with a market capitalization of circa $1.24 billion on 24th June 2019.

Rural Funds Group (ASX: RFF)

A real estate investment trust, Rural Funds Group (ASX: RFF) recently declared a distribution of AUD 0.026075 per stapled security for a quarter ending 30th June 2019. The distribution has a Record Date of 28th June 2019 and a Payment Date of 31st July 2019.

In February, the company released its half yearly results, in which, it reported multiple acquisitions, including three cattle feedlots, three cattle properties (Comanche, Cerberus and Dyamberin), and a cotton property (Mayneland). The highlights from the HY19 results include earnings of 7.73 cents per unit (cpu), an increase of 17% from the six months ended 31st December 2017; adjusted funds from operations (AFFO) of 6.4 cents per unit, up 7%, and distributions per unit (DPU) of 5.22 cents. This is an increase of 4%, which is in line with the company’s stated growth target.

The company mainly manages agricultural assets, therefore any weather event in the company’s area of operation could lead investors to raise queries to the company. In a recently released investment letter, the company provided an update on 2019 weather events. While providing the update, the company informed that in the first months of 2019, there were reports of drought and flooding across parts of Australia. Northern Queensland witnessed extensive effects of a monsoon trough in February, which produced heavy rains. Various areas of Queensland recorded highest February rainfall on record. Western and Central Queensland also felt the effects of cyclone Trevor in March. While these weather events and subsequent flooding were devastating to many properties in the region, they did not adversely affect Mutton Hole, Oakland Park or the Natal aggregation and RFF's properties received beneficial rainfall, which assisted in planting forage crops, promoted pasture growth and replenished water points. As at May, Central Queensland received over 350 millimetres of rainfall for the calendar year, which has been an advantage for cattle properties Comanche, Cerberus and Rewan.

On the stock performance front, the company’s stock has provided a return of 5.88% in the past six months as on 24th June 2019. The stock is trading at a PE multiple of 17.550x, with an annual dividend yield of 4.46%. At the time of writing, i.e. on 25th June 2019, AEST 03:15 PM, RFF’s stock was trading at a price of $2.350, with a market capitalization of circa $782.18 million.

Aventus Group (ASX: AVN)

Aventus Group (ASX: AVN) recently declared a dividend of AUD 0.0418 per stapled security for the quarter ended 30th June 2019. The dividend has a Record Date of 28th June 2019 and a Payment Date of 30th August 2019.

Distribution Details (Company Reports)

The company today announced an increase in its portfolio value, following preliminary valuations for 30th June 2019. As per the company’s release, the preliminary revaluation of its portfolio of large format retail centres as at 30th June 2019 has resulted in a modest increase of $40 million, which is an encouraging piece of news for the company and its shareholders.

The value of the company’s portfolio increased to $1.98 billion during the period, details of which are mentioned below.

Investment Property Portfolio Valuation (Source: Company Reports)

As per the company release, the valuations undertaken by the company include four independent valuations and 16 which were completed internally and adopted as Directors’ valuations.

As per the company’s CEO, Darren Holland, the company’s focus on driving income growth from the portfolio resulted in continued positive leasing spreads and low incentives. Together with delivering value-added developments, these initiatives have all contributed to a pleasing valuation uplift.

Importantly, the weighted average capitalisation rate for the portfolio is maintained at 6.7% since June 2017. During the intervening two-year period, more than $200 million of valuation gains have been driven by income growth, controlling expenses and development initiatives.

For the half year period ending 31st December 2018, the company reported funds from operations (FFO) of $47 million with FFO per security of 9.2 cents. At the end of the half year period, the company had a gearing ratio of 39.4%. For the half year period, the company reported a distribution per security of 8.2 cents per share, which was 1.4% higher than 8.1 cents paid for the six months ended 31st December 2017. During the period, the company’s finance costs increased to $17 million driven by increased debt balance post the internalisation transaction.

Now, let’s take a quick look at the Aventus Group’s stock performance and the returns it has posted in the last few months. At the time of writing, i.e. on 25 June 2019 (AEST 03:15 PM), the stock was trading at a price of $2.350, down by 1.261% during the day’s trade, with a market capitalisation of ~$1.28 billion. The stock has provided a year-to-date return of 11.21% and also posted returns of 10.70%, 5.78% and 3.03% over the past six months, three and one-month period, respectively. Its 52-week high price stands at $2.410 and 52 weeks low price at $1.905, with an average volume of ~415,589.


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