HomeCo Daily Needs REIT Units

HDN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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HomeCo Daily Needs REIT Earnings: Rental Upside Offset by Debt Costs for Now

Alexander Prineas

Aug 18, 2023

HomeCo Daily Needs REIT, or HomeCo's, fiscal 2023 result met guidance and our expectations. Funds from operations, or FFO, grew 68% to AUD 177 million, reflecting a full year’s contribution from the Aventus Group acquisition. The additional units issued to Aventus shareholders meant FFO per unit fell a modest 3.4% to 8.6 cents per unit. Distributions held steady at 8.3 cents, reflecting an increase in the payout ratio to about 97% of FFO per unit. EBITDA grew 86% to AUD 247 million, in line with our forecast again reflecting a full year of the Aventus assets with margins improving slightly to about 69% from 67% a year ago.

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HomeCo Daily Needs REIT Units

HomeCo Daily Needs REIT Earnings: Rental Upside Offset by Debt Costs for Now

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