ALE Property Group (ASX:LEP) records 794% profit increase on FY20

Company News

by Lauren Evans

ALE Property (ASX:LEP) has recorded statutory profit of $179.2 million for the period ending 30 Jun 2021. This represents a $159.2 mil or 794 per cent increase on FY20, largely due to net property valuation gains of $141.3 million. 

ALE owns a portfolio of 86 pubs across Australia leased to the Australian Leisure and Hospitality Group. 

Distributable income increased by 13 per cent to $34.4 million in FY21. This follows rental income from CPI rent increases of $0.4 million.

Net tangible assets per stapled security of $3.71 in FY21, an increase of 24.2 per cent from the prior year. 

During the year, six properties were sold with four settled, achieving prices 24.2 per cent above aggregate book values.

Shares in ALE Property (ASX:LEP) are trading 0.2 per cent lower at $4.71. 

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