HomeCo Daily Needs REIT (ASX.HDN) releases its first half year financial results

HomeCo is pleased to release HomeCo Daily Needs REIT (ASX.HDN) first half year financial results since listing on the ASX just over 12 weeks ago.

Some key highlights include:

• Our 2 new supermarket anchored major developments are on track for completion on time and on budget
• 5 new brownfield developments announced, scheduled for FY22
• 2 acquisitions worth $104m have been completed with an immediate valuation uplift on Bunnings Seven Hills of 7%
• 99% unadjusted cash collections has continued since IPO from Nov-20 to Jan-21
• FY21 FFO guidance upgraded 9%

Portfolio Fund Manager, Mr Paul Doherty, said “It is pleasing for our maiden half-year reporting period to deliver such a strong set of results which deliver on our PDS forecasts. We have maintained a high quality and defensive exposure across our target sub-sectors, and we have achieved 99% unadjusted cash collection since IPO. The portfolio is well positioned with more than 76% national tenants and 94% of assets in metro locations. Importantly, we are on track to deliver on our strategy of providing unitholders with exposure to a portfolio of stabilised, predominantly metro-located and convenience-based assets targeting consistent and growing distributions to unitholders.”