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Propertylink fiscal FY'17 distribution hits IPO forecast

Propertylink declared a distribution of 6.32 Australian cents per security for fiscal full-year 2017, exactly the amount it expected to pay out when it listed on the Australian bourse about a year ago.

The payout ratio, however, was logged at 84%, down from the 95% it provided in its product disclosure statement before its August 2016 IPO. The distribution represents a yield of 8.2%, according to its earnings release.

Meanwhile, the company logged total distributable earnings of A$45.3 million, which translated to 7.51 cents per security, above the guidance range of 7.3 cents to 7.4 cents that the company provided in June when it sold a property in New South Wales, Australia.

Propertylink expects fiscal year 2018 distributable earnings per security to be in the range of 8.5 cents to 8.7 cents, and distribution per security to be between 7.1 cents and 7.3 cents, with the top ends of the ranges translating to 16% year-over-year increases.

As of Aug. 14, US$1 was equivalent to A$1.27.