Arena REIT sees a rise in operating profit

Company News

by Rachael Jones

Arena REIT (ASX:ARF) reports a net operating profit for FY19 of $37.7 million, an increase of 9 per cent on the prior year.

Key contributors were rental income growth from annual rent reviews, income from new investment in operating properties and the completion of development projects.

Statutory net profit for the year was $59.3 million, 8 per cent down on the prior year, primarily due to the revaluation of interest rate hedges.

Arena’s total assets increased by 14 per cent to $825.7 million as a result of acquisitions, development capital expenditure and the positive revaluation of the portfolio.

They look after childcare centres and healthcare properties.

Shares in Arena REIT (ASX:ARF) are trading 1.06 per cent lower at $2.81.

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