Interesting to look at the reasons why they had such a high increase of their NAV* per share (+ 17 % per year between FY 20 and FY 24) : - regular rent increase (+ 3 % per year between FY 19 and FY 24 and + 4 % for H1 25), - capital recycling (cf example of Adelaide Caravan Park), - not so much due to cap rate (weighted average cap rate remained stable during H1 25 vs H1 24).
Their rent increase may be partly due to the high rent increase in Australia during the period. But it is also due to the low rents that they charge, so they have an ability to increase it (while some of their customers also receive some rental assistance). It seems that the long experience of their joint CEO (John Carter and David Dixon) also probably explain their ability to buy at rather low prices and identify the opportunities of doing capital recycling.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)