HomeCo Daily Needs REIT (ASX: HDN) today released its half year FY25 results
HomeCo Daily Needs REIT (ASX: HDN) today released its results for the half year ended 30 December 2024 with the REIT delivering FFO/unit of 4.3 cents and DPU of 4.3 cents in line with guidance.
Today's result underscores HDN’s model portfolio strategy, along with proactive asset management and an expanding development pipeline, continuing to set HDN apart in the Australian real estate market, driving earnings growth.
Key highlights include:
1. Operational excellence through >99% occupancy & >99% cash rent collections maintained since IPO
2. Development pipeline increases to $650 million beyond the $100m - $120m of commencements this year – all targeting ~7%+ ROIC.
3. Active asset recycling to rebalance the portfolio, with $200m of acquisitions offset by $250m of divestments and positive valuations
4. FY25 guidance has been reaffirmed at FFO of 8.8cpu and DPU of 8.5cpu.
HMC Capital Managing Director, Real Estate & HDN CEO, Sid Sharma said, “HDN continues to deliver strong top line income growth through focussed development, management and leasing of the portfolio. Our asset recycling continues to enhance portfolio quality to support sustained earnings growth while maintaining a strong balance sheet with gearing at the mid-point of our target range.”
HomeCo Daily Needs REIT is also pleased to announce the appointment of Zac Fried as a Non-Executive Director, effective from today. Zac is the Executive Deputy Chairman of the Spotlight Group, which owns a number of major and iconic Australian retail brands, including Spotlight, Anaconda, Mountain Designs and Harris Scarfe. Zac is also the President of the Large Format Retail Association (‘LFRA’), the industry association responsible for representing the Australian retail industry interests of operators, investors, property owners, developers and service providers.
For additional information please refer to the H1 FY25 financial results presentation here.
Disclaimer:
Past performance should not be taken as an indicator of future performance. This general information does not take into account your investment objectives, financial situation or needs. See HomeCo Daily Needs REIT - HMC Capital for more information on HomeCo Daily Needs REIT.
