ALE Property: Result 2014

ALE has produced another typically predictable and boring annual result. That's just how we like it.

ALE Property Group (ALE) has announced another predictable annual result with rental income increasing 2% to $54m. That's a bit below the current 3% rate of inflation, but rents will catch up and it was also partly due to a property being sold. Distributable profit fell 3% to $31m primarily due to one-off borrowing costs (see below), yet the final unfranked distribution increased from 8.00 cents to 8.25 cents per share (ex-date already passed) bringing the total annual distribution to 16.45 cents, up from 16.00 cents last year. The total distribution is expected to be 96% tax-deferred with the remainder CGT concessional, and the company has suspended the Distribution Reinvestment Plan.


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