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APN Convenience Retail REIT ASX ANNOUNCEMENT 16 February 2021 Results for half - year ended 31 December 2020 APN Convenience Retail REIT ( the Fund ) is pleased to announce its results for the half - year ended 31 December 2020 . Key highlights ■ ■ ■ Distributions of 11.0 cents per security ( cps ) , an increase of 0.5 % on HY2020 ( with a high tax deferral component of 90 % ) Funds From Operations ( FFO ) of $ 12.3 million or 10.8 cps , up 36.7 % and 0.4 % on HY2020 respectively reflecting new securities issued during the period and lower gearing Statutory profit of $ 21 million , up 8.1 % on HY2020 Portfolio revaluation uplift of $ 11.1 million or 2.5 % during the period driven by a combination of cap rate compression ( weighted average cap rate of 6.5 % ) and market rent increases ■ Net Tangible Assets ( NTA ) up 8 cps to $ 3.35 , a 2.4 % increase on June 2020 ■ ■ ■ ■ ■ Long lease portfolio with a 10.6 year WALE $ 81.9 million of committed acquisitions in HY2021 with a further $ 44.5 million of acquisitions under exclusive due diligence $ 41.6 million of new equity raised during the period with a further $ 5.8 million raised post balance date Balance sheet gearing of 21.1 % , and pro forma gearing adjusted for acquisitions and development pipeline of 30.7 % , comfortably within 25 % - 40 % target range , providing significant investment capacity FY2021 FFO and distribution guidance of 21.8 – 22.0 cps reaffirmed Financial Results APN Convenience Retail REIT recorded a statutory profit of $ 21 million for the half - year ended 31 December 2020 . Funds from Operations ( FFO ) for the period was $ 12.3 million , representing an increase of 36.7 % on HY2020 . On a per security basis , FFO of 10.8 cents per security represents a 0.4 % increase on HY2020 due to the issuance of new securities during the period . The increase in FFO was predominately driven by a 24.4 % increase in net property income from like - for - like property rental growth of 2.8 % as well as the contribution from acquisitions and development projects completed since HY2020 . Distributions for the period of 11.0 cents per security represent an increase of 0.5 % on HY2020 . The tax deferred component of the distributions has increased to 90.1 % . Net tangible assets ( NTA ) per security increased during the period by 8 cents , or 2.4 % , to $ 3.35 . Chris Brockett , Fund Manager commented " This is a solid set of results in what has been another active period of portfolio growth for the Fund . We have continued to deliver on our strategy of providing investors with a defensive and growing income stream as well as actively diversifying ASX Code : AQR Convenience Retail REIT No. 1 ARSN 101 227 614 Convenience Retail REIT No. 2 ARSN 619 527 829 Convenience Retail REIT No. 3 ARSN 619 527 856 Responsible Entity : APN Funds Management Limited ACN 080 674 479 AFSL No. 237500 Level 30 , 101 Collins Street Melbourne , Victoria 3000 , Australia T +61 ( 0 ) 3 8656 1000 F +61 ( 0 ) 3 8656 1010 W www.apngroup.com.au