Improved Cash Collection and Distributions as Aventus Looks Towards Easing of Lockdowns

Aventus Group today advised that cash collection across the portfolio has exceeded expectations at the time of the FY2021 full year results presentation on 18 August. Collections for July 2021 were 95% compared to 94%, while August 2021 collections were 84% compared to 80%.

Trading across the portfolio is consistent with the last update with 81% of stores across the portfolio open and trading, including 31% on a Click and Collect basis. These trading outcomes reflect customers’ reliance on the convenience and ease of access of Aventus centres and underpin the resilience of the portfolio. It also highlights the ability of our retailers to adapt to shifting environments and specifically, to manage the extended Government lockdowns.

Aventus remains committed to supporting eligible SME tenants impacted by the extended lockdowns to ensure transparent and fair outcomes.

Mr Darren Holland, CEO of Aventus said, “Our retailers are doing an extraordinary job adapting to the lockdown conditions and we are working closely with them to ensure their businesses and ours are managing these conditions well. We are very pleased at the cash collection rates we are achieving and encouraged by the pace of the vaccine rollout which we are confident will see a return to more normal shopping and trading conditions very soon.

“We also expect that the continuing preference for shopping and socialising locally and on domestic holidays will see a continuation of the favourable retail conditions of the last 12 months. Similarly, consumer sentiment is likely to support a repeat of the rebound in traffic and sales that we have seen following previous periods of lockdowns and restrictions.

“While we are unable to provide specific FFO guidance at this time, the Government’s roadmap offers a degree of certainty that we expect will enable us to provide FFO guidance towards the end of October or at the Group’s AGM in November. Improved confidence in the operating environment is evident in the Board’s decision to increase distributions for the September 2021 quarter to 4.50 cents per security.”, concluded Mr Holland.

Aventus Group announced today that the AVN Board has approved a distribution for the September 2021 quarter of 4.50 cents per security which is 0.13 cents per security higher than the prior quarter distribution. The Distribution Reinvestment Plan (DRP) remains activated for this quarter, with no discount. The Group’s distribution payout ratio is 90% – 100% of FFO.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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