HomeCo Daily needs REIT announces its FY21 result outperforming its FY21 PDS guidance

HomeCo Daily Needs REIT (ASX.HDN) announces its FY21 full year results. Since listing in November 2020, HDN has outperformed its FY21 PDS guidance with an FY21 FFO of $21.4m up by 14% from the PDS.

Despite the challenges of the COVID-19 pandemic, HDN continues to strengthen its position as the market leading daily needs retail property group. HDN continues to record 99% unadjusted cash collection, 99.3% occupancy and positive leasing spreads of 4.4% for new leases and 2.0% for renewals.

Fund Portfolio Manager, Paul Doherty said, “It is pleasing for our maiden financial year-end result to deliver such a strong set of results that exceed our PDS forecasts. Notwithstanding the uncertain operating backdrop caused by COVID-19, HomeCo Daily Needs REIT has made significant progress executing on its strategy through an active approach to asset management, development, and acquisitions since IPO in Nov-20. The quality, scale and diversification of HDN’s portfolio has been substantially improved and the REIT is well positioned to deliver on its objective to provide consistent and growing distributions to unitholders.”

HDN in its outlook for FY22 has reaffirmed its FY22 FFO guidance of 8.3 CPU.