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FOLKESTONE EDUCATION TRUST RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2015

Folkestone Investment Management Limited as Responsible Entity of the Folkestone Education Trust (“FET” or the “Trust”) provides the results of the Trust for the half year ended 31 December 2015.

 

KEY HIGHLIGHTS FOR THE HALF YEAR

  • Statutory profit of $59.5 million, an increase of 13.8% from $52.3 million in the previous corresponding period (“pcp”)
  • Distributable income of $16.9 million, an increase of 29.0% on pcp
  • Distribution of 6.7 cents per unit (“cpu”), an increase of 5.5% on pcp
  • NTA per unit of $2.00, an increase of 9.9% from 30 June 2015
  • Total Unitholders’ return for the half year to 31 December 2015 of 11.0%
  • Development pipeline of 18 centres with a total value of $88.9 million. Three development sites commenced operations during the half year with a completion value of $12.9 million
  • Four existing centres were acquired (1 settled) with a total value of $12.8 million

 

FINANCIAL SUMMARY

The tables below provide a summary of the Trust’s results in comparison to the previous corresponding period: 

 


INCOME SUMMARYDEC 2015DEC 2014VAR. %
Total Operating Revenue ($m)
30.524.425.0
Total Operating Expenses ($m)13.611.320.4
Distributable Income ($m)16.913.129.0
EPU26.96.47.8
Distribution (cpu)6.76.355.5
Statutory Profit ($m)59.552.313.8

 

 

PORTFOLIO PERFORMANCE

Key portfolio performance criteria as at 31 December 2015:

 


AS AT 31 DECEMBER2015
Value of Investment Properties ($m)675.8
Current Annual Income ($m)49.9
Average Lease Income Increase (y-o-y) (%)2.6
Property Yield - Freehold Properties (%)7.3
Property Yield - Leasehold Properties (%)13.3
Property Yeild - Total (%)7.6
Occupancy Rate (%)99.5
Weighted Average Lease Expiry (yrs) (by income)7.8

 

 

PROPERTY SUMMARY


 

PROPERTY PORTFOLIONO. OF PROPERTIESCARRYING VALUE ($m)CURRENT ANNUAL INCOME
Australia - Early Learning333570.844.8
New Zealand - Early Learning5159.84.4
Total Early Learning384630.649.2
Medical Centre110.70.7
Total Improved Properties385641.349.9
Development Sites (Settled)1134.52.2
Total Properties396675.852.1

 

TRUST PERFORMANCE

FET paid distributions to investors of 6.7 cpu for the half year, in accordance with its annual FY16 forecast of 13.4 cpu.

FET provided a total return of 11.0 per cent for the half year to 31 December 2015, outperforming the S&P/ASX 300 A-REIT Accumulation Index (“Index”) return of 7.2 per cent for the same period. FET has also outperformed the Index over one year at 20.6 per cent per annum (v 14.4 per cent per annum), three years at 29.5 per cent per annum (v 15.9 per cent per annum) and five years at 31.7 per cent per annum (v 15.3 per cent per annum).

The Trust’s market capitalisation increased from $515 million at 30 June 2015 to $558 million at 31 December 2015.