Argosy Property Limited (NZX: ARG) FY21 Interim Result

Thursday 26th November 2020

Argosy will present the 2021 interim result via a teleconference and webcast at 10am today. Key highlights for the period include:

• Net distributable income up 21.5%;

• Net distributable income per share up 21.2%;

• Robust portfolio metrics maintained with high occupancy (99.4%) and WALT (5.7 years);

• Strong portfolio leasing and rent review outcomes, including 3.8% annualised rent growth on rents reviewed;

• An unrealised revaluation gain of $79.8 million, an increase of 4.3% on book value;

• An increase in net tangible assets per share (NTA) to $1.41 from $1.30 at 31 March 2020;

• Strong delivery on key strategy focus areas including minimising Covid-19’s impact on the business, the continued focus on sustainability and green developments and executing on capital management initiatives;

• Argosy’s FY21 dividend guidance increased to 6.45 cents per share, reflecting continued sound delivery of strategy.

For the remainder of FY21, the focus will be on addressing residual expiries within the portfolio and leasing up remaining vacancies. The focus on green developments and transitioning Value Add properties into higher quality ones, to drive earnings and capital growth is ongoing. This emphasis will continue Argosy’s momentum towards creating further incremental value and sustainable dividends for shareholders.

See the links below for more details:

Appendix 1

FY21 interim market release

Interim Financial Statements 30 September 2020

FY21 interim result presentation

Source: Argosy Property Limited

Comments from our readers

No comments yet