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ALE Property Group's fiscal FY'17 distribution up YOY

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ALE Property Group's fiscal FY'17 distribution up YOY

ALE Property Group declared a final distribution of 10.25 Australian cents per security for the six months to June 30.

This brings the fiscal full-year 2017 distribution to 20.40 cents, up 2.00% from the year-ago's 20.00 cents. The 20.40 cents payout, to be funded from current year distributable profits and capital, will be 100% tax deferred.

Meanwhile, annual distributable profit dropped year over year to A$29.1 million from A$29.6 million, as at June 30.

ALE plans to pay out the final distribution Sept. 5 to security holders on record as of June 29.

Moving ahead, the company forecasts an increase in fiscal full-year 2018 distributions that are 100% tax deferred, in line with consumer price index.

Following completion of the 2018 market rent reviews, ALE will consider moving gearing back to a medium term target range of 50% to 55%. An enhanced distribution profile or other capital management initiatives that assist in meeting its target will also be contemplated.

As of Aug. 7, US$1 was equivalent to A$1.26.