Morningstar | ALE Group’s FVE Unchanged Following Broadly In Line 1H19 Results
An extensive portfolio of freehold pub properties diversified throughout Australia’s major capital cities and metro areas, predominantly in the eastern states on long-term leases to Australia’s major pub operator, ALH Group, makes ALE Property Group a relatively defensive investment. There are no major lease renewals until 2028. While we expect most properties are underrented, there is the potential for an increase in rents from the ongoing 2018 market rent reviews, which are subject to a cap and floor of 10%. The leases also provide for annual CPI rent increases. Additionally, most leases are on triple-net terms, where the tenant is responsible for most operating costs and capital expenditures. While we also expect rental uplifts from the full market rent reviews in 2028, there is more uncertainty about the outcome of these reviews.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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