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ASPEN GROUP — Capital/Financing Update 2021
Dec 15, 2021
64404_rns_2021-12-15_5791ec2f-7004-4dd1-80ee-2cddf5944adb.pdf
Capital/Financing Update
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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: [email protected] ASX ANNOUNCEMENT 16 December 2021
Aspen Group Property Valuations and Distribution
Aspen Group (which comprises Aspen Group Limited and Aspen Property Trust) (ASX: APZ) (“Aspen”) is pleased to announce increased property valuations and the estimated interim distribution.
Property Revaluations
The following properties, representing about a quarter of Aspen’s property portfolio, have been externally revalued for 1H FY22 reporting purposes:
| Properties | Segment | Valuer | LatestValuation | Cap Rate | Carrying Value30 June 2021 |
|---|---|---|---|---|---|
| Treatts Road Lindfield, NSW | Residential | Estate | $8.90m | 3.24% | $7.00m |
| Pacific Highway Lindfield, NSW | Residential | Estate | $4.90m | 3.22% | $5.06m |
| Four Lanterns Estate, NSW | Retirement | Colliers | $19.25m | 4.75% | $12.44m |
| Sweetwater Grove, NSW | Retirement | Chadwick | $16.30m | 7.50% | $13.63m |
| Koala Shores Holiday Park, NSW | Parks | Chadwick | $11.50m | 8.00% | $9.75m |
| Darwin Freespirit Resort, NT | Parks | Colliers | $23.50m | 8.50% | $17.59m |
The total valuation is approximately $17 million above Aspen’s carrying value of the properties at 30 June 2021 adjusted for subsequent capital expenditure. The valuation change equates to an approximate 9% or 12 cents increase in NAV per security.
The 45% increase in valuation above the previous external valuations can be attributed to an increase in adopted net income of 25% and reduction in average capitalisation rate (weighted by net income) of about 95bps.
Aspen’s other properties will be subject to the usual internal reviews for the purposes of assessing carrying values for the 31 December 2021 accounts.
Interim Distribution
The estimated distribution per stapled security for the first half of FY22 is 3.10 cents which is in line with the previous corresponding period. We will provide an update on Aspen’s performance and outlook with our first half results which will include an updated distribution policy.
Amount: 3.10 cents per stapled security Ex-Distribution Date: Thursday 30 December 2021 Record Date: Friday 31 December 2021 Payment Date: On or about Friday 25 February 2022
The Aspen Group Distribution Reinvestment Plan remains suspended.
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.
Aspen Group expects to release its half year results on 24 February 2022.
Announcement authorised by the Board of Aspen Group Limited.
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For further information, please contact: David Dixon John Carter Joint Chief Executive Officer Joint Chief Executive Officer Phone: (+61) 2 9151 7584 Phone: (+61) 2 9151 7586 Email: [email protected] Email: [email protected]