CDI announces estimated distribution
June 10, 2010
Challenger Diversified Property Group (CDI) estimated a distribution of 2.15c per unit for the six months ending 30 June 2010. The group also said that after completing valuations across its entire property portfolio it expects an uplift in values of around 2% with strong increases in properties with long leases in place.
CDI said combined with the interim FY10 distribution of 2.05 cents per unit paid in February, the second half distribution would bring CDI’s total distributions for FY10 to be in line with guidance at 4.2c per unit.
The group said post revaluations, its net tangible assets as at 30 June 2010 is forecast to increase to 66c per unit, with balance sheet gearing expected to fall to 23.1%.
Fund manager, Trevor Hardie, said CDI continues to perform to expectations.
”Importantly we have met our 4.2c per unit distribution guidance for FY10, and in addition, a 2% uplift in valuations is a positive for CDI going forward,” Mr Hardie said.
”Notwithstanding this, CDI currently trades at a 20% discount to NTA and a FY10 distribution yield of 8%.”
As at 1116 AEST, CDI shares were down 0.5c to 52c.
CDI said combined with the interim FY10 distribution of 2.05 cents per unit paid in February, the second half distribution would bring CDI’s total distributions for FY10 to be in line with guidance at 4.2c per unit.
The group said post revaluations, its net tangible assets as at 30 June 2010 is forecast to increase to 66c per unit, with balance sheet gearing expected to fall to 23.1%.
Fund manager, Trevor Hardie, said CDI continues to perform to expectations.
”Importantly we have met our 4.2c per unit distribution guidance for FY10, and in addition, a 2% uplift in valuations is a positive for CDI going forward,” Mr Hardie said.
”Notwithstanding this, CDI currently trades at a 20% discount to NTA and a FY10 distribution yield of 8%.”
As at 1116 AEST, CDI shares were down 0.5c to 52c.
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