ALE Property: Result 2013

This pub owner has chalked up another decent result. Jason Prowd relays the details from the presentation.

With a full property portfolio of 87 pubs leased until 2028 ALE Property Group’s (ALE) full year result produced no surprises. Total rental income increased 2% to $53m thanks to CPI-linked rent increases. A final distribution of eight cents per security was declared (ex date already passed), bringing total distributions for the year to 16 cents from total distributable income of 16.32 cents. The tax deferred component of the distribution fell from 100% in 2012 to 35% due to the unwinding of hedges, although it's expected to rise in future years.


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