APN Industria REIT Declares 4.25 cps Distribution For 3Q FY19

APN Industria REIT Declares 4.25 cps Distribution For 3Q FY19

ASX-listed Australian Real Estate Investment Trust, APN Industria REIT (ASX: ADI) declares a dividend of 4.25 cents per share for the three months ended 31 March 2019.

The quarterly distribution of 4.25 cents per share stands in line with the half-yearly distribution of 8.5 cents paid by the company for the half year ended 31 December 2018. This outlines the solid first half of Fiscal 2019 that recorded a 3.4% growth in Funds From Operations to $15.3 million, compared to 1H18.

It has been notified that this unfranked quarterly distribution will be paid on 10 May 2019 to the shareholders entitled to receive as on the record date of 29 March 2019. The Ex-date has been fixed to 28 March 2019.

In 1HFY19, the company reported FFO of 9.4 cents per share, up 3.3% on 1H18. It led to the distribution payout of 90.5% on FFO to 8.5 cents in 1HFY19. Net Tangible Asset of the company also moved up by 1 cent per security or $0.7 million on the back of Rhodes properties’ value been increased by $3.1 million and the positive impact of stamp duty from the acquisition.

On the bottom line front, statutory net profit of the company increased by 5.8% to $14.6 million for the half year ended 31 December 2018, reflecting high occupancy and organic growth achieved during the period.

Industria has managed to maintain a robust balance sheet with its strategy to break debt maturity into small annual expertise, reducing refinancing risk. Its weighted average debt maturity stood at 2.8 years while its weighted average interest rate was 3.6% and 4.9x interest cover during 1 HFY19.

Outlook:

Looking into full Fiscal Year 2019, the company has reaffirmed its guidance to 3-4% growth in FFO to lie within the range of 19.05-19.25 cents per security.

The company’s growth strategy aims to grow through investing in office and industrial assets to deliver innovation and produce sustainable income and capital growth returns. ADI eyes benefit from a growing rent profile from a low-risk portfolio which confirms no prospective volatility from “active earnings”.

ADI also targets to maximize synergies and minimise downtime by engaging with clients to execute initiatives including building efficiency works that reduce operational costs such as solar power.

As at 31 December 2018, ADI’s total assets stood at $692 million with an average WALE of 6.4 years. The company owns a diversified portfolio in attractive sectors with assets including WesTrac Newcastle Located adjacent to M1 motorway, Industrial Melbourne and Adelaide, Rhodes Corporate Park in Inner West Sydney and Brisbane Technology Park located 15 minutes south of CBD.

ADI stock price dipped by 0.722% to trade at $2.750 on 15 March 2019 (1:53 PM AEST). At the time of writing, the stock is trading at a Price to earnings multiple of 9.220x with a market capitalisation of $451.07 million.

Over the past 12 months, the stock has returned a decent yield of 7.78%, reflecting the positive momentum of 2.59% observed in the past three months.


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