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Argosy Property Limited (NZX: ARG) FY21 Annual Result

Wednesday 19th May 2021

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Argosy Property Limited has reported its results for the 12 months to 31 March 2021. Key highlights for the period include:

• Net distributable income up 13.7%;

• Net distributable income per share up 13.1%;

• Maintaining sound portfolio metrics with high occupancy (99%) and WALT (5.5 years);

• Solid portfolio leasing and rent review outcomes, including 3.3% annualised rental growth on rents reviewed;

• Additional leasing up of 7WQ in Wellington, now 89% leased;

• An unrealised revaluation gain of $157.7 million, an increase of 8.5%;

• An increase in NTA per share to $1.53 from $1.30 at 31 March 2020, a 17.7% increase;

• Delivery on key strategic focus areas including; minimising Covid-19’s impact on the business, executing on capital management initiatives, acquisition of strategic opportunities and the continued focus on sustainability and green developments;

• The unconditional sale of Albany Lifestyle Centre for $87.5 million;

• A 1.6% increase in full year dividend to 6.45 cents per share, fully covered by Adjusted Funds from Operations (AFFO), reflecting continued sound delivery of strategy.

Chairman Jeff Morrison said, ”FY21 has certainly proved to be a challenging one and we’re very pleased with the way the management team has navigated Argosy through difficult times. While the FY22 year could still bring further headwinds, Argosy’s resilient financial and portfolio position sees it well placed to manage any near term economic volatility.

Argosy has always sought to do the right thing by tenants and the environment. Our vision of building a better future aims to reflect this at a more aspirational level. We have some big long term goals for the company over the next ten years primarily focused around the environment, including being carbon neutral and targeting 50% of the portfolio being green assets. Our strategy of creating a green, resilient and diversified business, requires us to remain focused on delivering for all stakeholders. I am looking forward to my first annual shareholders meeting as Chairman in June, where we will update shareholders.

The Board remains focused on growing the sustainability of dividends to shareholders. Based on current projections for the portfolio and subject to market conditions, the Board expects that the dividend for FY22 will be 6.55 cents per share, an increase of 1.6% on the prior year.”

Please see the links below for details

FY21 Market Release

FY21 results presentation

Appendix 1

Climate-related financial disclosures 2021

Annual Report

Source: Argosy Property Limited

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