ALE Property Group's Material Rent Uplift in Fiscal 2019 Only a Precursor.
Narrow-moat-rated ALE Property Group reported property rental income of AUD 58.1 million in fiscal 2018, up 1.9%, in line with inflation, and in line with our estimate. However, distributable income of AUD 29.0 million was 1% below our AUD 29.4 million estimate, and down on the AUD 29.1 million generated in fiscal 2017 with higher costs outweighing the increase in rental income. The cause is management expenses relating to one-off rent review negotiations, which we estimate at around AUD 0.4 mil...ALE Property Trust is engaged in investment in property and property funds management. Co. comprises Australian Leisure and Entertainment Property Trust and its controlled entities. As of June 30 2016, Co. owned a portfolio of 86 pub properties across the five mainland states of Australia.
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