This article is from the Australian Property Journal archive
LARGE format retail centre owner Aventus has reinstated full year distributions guidance with its centres returning to trading at pre-COVID-19 hours and foot traffic exceeding year-on-year volumes, as homebound consumers flocked to stores as restrictions eased.
A distribution of 75% of the June quarter earnings, equivalent to 2.35 cents per security was announced yesterday.
“The lower than targeted payout ratio reflects the board’s determination that this is an appropriate level of distribution while negotiations with code-affected tenants are being finalised,” Aventus said.
About 98% of leased stores by GLA are open and trading, up from 85% in March.
Portfolio occupancy remains high at about 98%, and 21 leases have negotiated in May and June. About one quarter of Aventus’ tenants fall within the national cabinet’s code of conduct and negotiations under that framework have resulted in agreements, including many lease extensions, with the majority of those tenants.
Average monthly rent collected for March, April and May is 83% of invoiced rent revenues. Out of its approximately 600 stores, 16 remain closed with the majority subject to mandated closures in accordance with state government restrictions. Aventus expects these tenants to re-open soon in line with state government directions.
Traffic data from Aventus’ portfolio centres indicates a rebound in consumer shopping activity. Traffic fell to 79% in April compared to the same month in the prior year, before lifting to 105% in May and 110% to date in June.
Aventus has just acquired a 31,470 sqm development site adjoining its Epping Home from Kaufland, which was to be used as one of the German giant’s first hypermarkets before its sensational exit from the Australian market earlier this year.
The $11.5 million acquisition of the former Bunnings site takes the company’s land holding in the northern Melbourne suburb to over 90,000 sqm.
