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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
The tables below provide a summary of the Trust’s results in comparison to the previous corresponding period:
|INCOME SUMMARY||DEC 2015||DEC 2014||VAR. %|
|Total Operating Revenue ($m)||30.5||24.4||25.0|
|Total Operating Expenses ($m)||13.6||11.3||20.4|
|Distributable Income ($m)||16.9||13.1||29.0|
|Statutory Profit ($m)||59.5||52.3||13.8|
Key portfolio performance criteria as at 31 December 2015:
|AS AT 31 DECEMBER||2015|
|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 PORTFOLIO||NO. OF PROPERTIES||CARRYING VALUE ($m)||CURRENT ANNUAL INCOME|
|Australia - Early Learning||333||570.8||44.8|
|New Zealand - Early Learning||51||59.8||4.4|
|Total Early Learning||384||630.6||49.2|
|Total Improved Properties||385||641.3||49.9|
|Development Sites (Settled)||11||34.5||2.2|
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.