APN Property Group is having a strong earnings session announcing a 17% increase in the forecast distribution for FY2021.
The Group resolved to increase the Group’s FY2021 distribution guidance from 2.50 to 2.80 cents per stapled security (cps) to 3.00 to 3.20 cps, an increase of 17%. The Group’s first half distribution for FY2021 will be 1.70 cps.
“We are seeing a very strong end to the calendar year, both across our securities business as the AREIT sector recovers ground lost earlier in the year but also in our direct funds – our two ASX listed REITs in the last month have announced a total of $192.4 million in earnings accretive acquisitions in the industrial and convenience retail sectors.” Mr Tim Slattery, CEO, commented.
APN also confirmed, consistent with previous market disclosure, that litigation with Grocon Group companies (including those now in voluntary administration) on behalf of one of APN’s wholesale funds has no material
financial impact on APN.