HomeCo Daily Needs REIT reaffirms FY25 guidance
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The news: Shopping centre owner HomeCo Daily Needs REIT reaffirmed its full-year guidance after reporting flat funds from operations (FFO) and shareholder distributions for the six months to December.
The numbers: HomeCo recorded first-half FFO of 4.3 cents per unit, level with the prior corresponding period.
Distribution per unit (DPU) of 4.3 cents for the period edged up from 4.2 cents a year earlier.
The company reaffirmed its full-year FFO guidance of 8.8 cents per unit, which would mark a 2.3% growth compared to FY24.
It also reiterated full-year distribution guidance of 8.5 cents per unit, representing 2.4% growth year on year.
The context: HomeCo said its acquisition of Lutwyche and the sale of Logan — both Queensland shopping centres — improved portfolio composition during the period and will further strengthen its financial position.
HomeCo also announced the appointment of Zac Fried as non-executive director, effective today.
Fried is the executive deputy chair of Spotlight Group, which owns retail brands such as Spotlight, Anaconda, Mountain Designs and Harris Scarfe. He is also the president of the Large Format Retail Association, an Australian retail industry body.
Fried will replace Greg Hayes, who has retired as non-executive director having been first appointed in 2020.
The source: ASX announcement
