Arena REIT No. FY17 Distribution Upgrade

FY17 Distribution Upgrade: Arena REIT No. 1 (ASX: ARF)witnessed a stock fall of about 2.7% in last one month (as at April 18, 2017) and also saw a dip in late 2016. The group had otherwise reported a growth of 43.81% in statutory net profit to $59.6 million for the half-year ended 31 December 2016. This was supported by a contribution from revaluation uplift worth $43.5 million. In fact, revenue from ordinary activities were of the order of $64.03 million, which is an increase of 39.8% over prior corresponding period. There was also a growth in diluted Earnings per Share to 25.60 cents against the figure of 18.08 cents of last year, while the interim dividend declared was 5.85 cents, compared to 5.35 cents of last year. On the other hand, net operating cash flow of $12.84 million was almost flat ($12.93 million of prior corresponding period). ARF has upgraded its FY17 DPS guidance to 12.0 cents per share, and this indicates a growth of 10% on FY16. ARF’s average rent review also surged 4.9% in the first half owing to early renegotiation of 12 leases. The company’s growing development pipeline (with Early Learning Centre having 12 projects), funding growth with additional $30 million borrowing capacity secured, and market outlook supported by growing demand, we believe there is value in the stock.    

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