Home Consortium releases its H1 FY21 Financial Results and continues to deliver on its own, develop & manage strategy as we transition into a capital light manager. We are pleased to announce:
– Total Securityholder Returns are 38% along with 50%+ outperformance of the S&P/ASX 200 A-REIT index since IPO
– Funds Under Management have grown by 82% to $1.7B since October 2019 IPO. HomeCo Daily Needs REIT was successfully listed in Nov-20 and planning on our second HealthCo fund is well advanced with over $350m of propose seed assets and targeting a $500m first close by H1 FY22.
– Development activity remains strong with 3 major developments underway targeting 7-9% cash yield
– Balance Sheet has $200m of dry powder and 13.6% gearing
HomeCo’s Managing Director and Chief Executive Officer, Mr David Di Pilla, said “It is pleasing to deliver such a strong set of results that demonstrate the continued execution of our Own, Develop and Manage strategy. Since IPO HomeCo has significantly outperformed the S&P/ASX 200 Index by more than 31% and the S&P/ASX 200 A-REIT Index by more than 50%. Importantly we have made significant progress in transitioning to a capital light manager with minimal balance sheet gearing. With FUM of approximately $1.7bn today we are well positioned to grow earnings and FUM by leveraging the existing asset base to over $5bn and there is significant potential to increase this further through establishing capital partnerships.”