Aspen Group
Financial Guidance and Distribution Announcement
Aspen Group (ASX: APZ) is pleased to provide the following financial guidance for FY22:
§ Underlying Earnings per Security1 is expected to be at least 8.50 cents, a 12% increase
on FY21 – this forecast excludes:
– Trading Profits relating to the sale of houses from the Perth house portfolio totalling
$1.59m (1.16 cps) in FY22 and $0.19m (0.16 cps) in FY21
– Development Profits relating to the sale of residential land lots at Coorong Quays in
June. At the time of entering into contracts for the acquisition, these sales were included
in the estimate of net working capital, not development inventory. Aspen has received
about $1.7 million of cash from these sales since the acquisition was settled on 1 June
2022
§ Net Asset Value (NAV) is expected to increase at 30 June 2022. Two properties have
recently been valued by CBRE:
– 126 Peninsula Road, Maylands – 68 refurbished and leased apartments in the Perth
Apartment Portfolio: valued at $15.76m ($232k per apartment) at completion. The total
expected cost of this project, including renovations soon to be completed but included
in the valuation, is $6.90m. The valuation uplift relative to total expected cost is $8.86m
(128%). The property was valued as a single building on a cap rate of 4.50%. The
estimated value of the apartments if individually strata titled is $300k per apartment
– Aspen Karratha Village: $15.50m, a decrease of $0.50m (3%) from the previous
valuation. The valuation assumes stabilised occupancy of 50%, average room rate of
$137 per night and NOI of $2.5m, and the implied yield is 16%
The combined total increase in NAV of $8.36m for these two properties equates to 5.4 cents
per APZ security.
§ Estimated Distribution per Security (DPS) of 3.50 cents for the second half of FY22:
Ex-Distribution Date: Wednesday 29 June 2022
Record Date: Thursday 30 June 2022
Payment Date: On or about Thursday 25 August 2022
Total estimated DPS for FY22 of 6.60 cents is in line with FY21.
Aspen Group Limited
ABN 50 004 160 927
Aspen Property Trust
ARSN 104 807 767
Suite 21 285A Crown Street
Surry Hills NSW 2010
Telephone: 02 9151 7500
Email: homemail@aspengroup.com.au
1. Underlying Earnings per Security (also referred to as “net profit after tax before non-underlying items”) is a non-IFRS measure that is determined
to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s operating performance.
Please refer to further information in Aspen Group’s financial reports
Aspen Group’s Distribution Reinvestment Plan remains suspended.
Aspen Group expects to release its full year results on 18 August 2022. The forecast results
above are subject to satisfactory completion of the audit of Aspen’s FY22 financial results.
Registry: Our registry services provider is Automic. If you wish to update any of your details,
please visit its website at https://investor.automic.com.au/#/home.
Financial Guidance and Distribution Announcement
Aspen Group (ASX: APZ) is pleased to provide the following financial guidance for FY22:
§ Underlying Earnings per Security1 is expected to be at least 8.50 cents, a 12% increase
on FY21 – this forecast excludes:
– Trading Profits relating to the sale of houses from the Perth house portfolio totalling
$1.59m (1.16 cps) in FY22 and $0.19m (0.16 cps) in FY21
– Development Profits relating to the sale of residential land lots at Coorong Quays in
June. At the time of entering into contracts for the acquisition, these sales were included
in the estimate of net working capital, not development inventory. Aspen has received
about $1.7 million of cash from these sales since the acquisition was settled on 1 June
2022
§ Net Asset Value (NAV) is expected to increase at 30 June 2022. Two properties have
recently been valued by CBRE:
– 126 Peninsula Road, Maylands – 68 refurbished and leased apartments in the Perth
Apartment Portfolio: valued at $15.76m ($232k per apartment) at completion. The total
expected cost of this project, including renovations soon to be completed but included
in the valuation, is $6.90m. The valuation uplift relative to total expected cost is $8.86m
(128%). The property was valued as a single building on a cap rate of 4.50%. The
estimated value of the apartments if individually strata titled is $300k per apartment
– Aspen Karratha Village: $15.50m, a decrease of $0.50m (3%) from the previous
valuation. The valuation assumes stabilised occupancy of 50%, average room rate of
$137 per night and NOI of $2.5m, and the implied yield is 16%
The combined total increase in NAV of $8.36m for these two properties equates to 5.4 cents
per APZ security.
§ Estimated Distribution per Security (DPS) of 3.50 cents for the second half of FY22:
Ex-Distribution Date: Wednesday 29 June 2022
Record Date: Thursday 30 June 2022
Payment Date: On or about Thursday 25 August 2022
Total estimated DPS for FY22 of 6.60 cents is in line with FY21.
Aspen Group Limited
ABN 50 004 160 927
Aspen Property Trust
ARSN 104 807 767
Suite 21 285A Crown Street
Surry Hills NSW 2010
Telephone: 02 9151 7500
Email: homemail@aspengroup.com.au
1. Underlying Earnings per Security (also referred to as “net profit after tax before non-underlying items”) is a non-IFRS measure that is determined
to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s operating performance.
Please refer to further information in Aspen Group’s financial reports
Aspen Group’s Distribution Reinvestment Plan remains suspended.
Aspen Group expects to release its full year results on 18 August 2022. The forecast results
above are subject to satisfactory completion of the audit of Aspen’s FY22 financial results.
Registry: Our registry services provider is Automic. If you wish to update any of your details,
please visit its website at https://investor.automic.com.au/#/home.
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(DYOR)
i hold APZ
has been a patience-tester
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