Tuesday 16th November 2021
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Investore Property Limited (Investore) is pleased to announce its interim results for the six months ended 30 September 2021 (HY22).
Investore’s focus during HY22 has been on pursuing its strategy of targeted growth, with $83.8 million of acquisitions, contributing to the growth in Investore’s portfolio value, with the portfolio now valued at $1.15 billion as at 30 September 2021.
Investore delivered profit before other income / (expense) in HY22 of $15.4 million, up $3.2 million from HY21. Profit after income tax was $56.9 million, which is $34.1 million lower than in HY21 due to a lower net revaluation movement (HY22: $44.8 million; HY21: $83.7 million).
Investore has today declared a dividend for the quarter ended 30 September 2021 of 1.975 cents per share to be paid on 1 December 2021 to all shareholders on the register at the close of business on 24 November 2021 (the record date). This dividend will carry imputation credits of 0.307375 cents per share. A supplementary dividend of 0.139481 cents per share will be paid to non-resident shareholders.
The Board confirms guidance for an annual cash dividend of 7.90 cents per share to shareholders for FY22, subject to the actual financial impact of COVID-19 restrictions and Government-mandated rent abatements and assuming no further economic deterioration due to COVID-19 restrictions.
Looking forward to the remainder of FY22, the Investore Board expects to continue its strategy of targeted growth as opportunities arise and will ensure a disciplined focus is maintained on managing and minimising the impacts of COVID-19 on the Investore business. The Investore Board is also considering a further listed bond issue during FY22, consistent with Investore’s strategy of proactively managing capital, to extend the tenor of Investore’s debt, lower the weighted average cost of debt and increase the percentage of drawn debt hedged.
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