HomeCo shares gain on portfolio valuation growth
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More news: Shares in HomeCo Daily Needs REIT rose after announcing an unaudited gross portfolio valuation increase of 3% over the last six months, reaffirmed full-year guidance, and declared a 2.125 cents per unit distribution for the June quarter.
By 10:31am AEST, the shopping centre-focused investment trust share price had risen 1.3% to $1.32.
HomeCo gross portfolio valuation grows 3%, reaffirms guidance
The news: The HMC Capital-owned HomeCo Daily Needs REIT reported that its unaudited gross portfolio value has increased by about 3% since 31 December 2024 and reaffirmed its full-year guidance.
The numbers: The shopping centre-focused investment trust reported a preliminary unaudited valuation gain of $142 million, representing a gross valuation increase of about 3% from $4.82 billion to $4.96 billion.
This consists of $80 million, or 1.7%, net valuation gain driven by net operating income growth and six basis points of rate tightening to 5.56% as well as $63 million of predominantly development related capital expenditure in the period.
Balance sheet gearing remained at the midpoint of its 30% to 40% target.
HomeCo also declared a distribution of 2.125 cents per unit for the quarter ended 30 June 2025. It confirmed its FY25 distribution per unit guidance of 8.5 cents and reaffirmed its funds from operations guidance of 8.8 cents per unit.
The context: HomeCo said the preliminary unaudited valuations for the 48 owned properties in the portfolio have been completed.
Of these, 15 properties have undergone an independent valuation and 33 properties completed by internal valuation.
The source: ASX
