REAL ESTATE INVESTMENT TRUSTS & FUNDS

Abacus extends debt maturity

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ASX-listed Abacus Property Group has negotiated and agreed terms to increase and extend $2 billion of syndicated and bilateral banking facilities with improved pricing.

It now has a weighted average debt maturity of over 4.5 years, with no debt expiring in FY23, and the majority expiring from FY26 onwards. Group gearing is circa 30%.

Interest rate hedging was increased to now sit at 76% and 50% hedged in FY23 and FY24 respectively.

The group has also settled the acquisition of the freehold interest in the remaining land at infill suburban Sydney land parcels in Milperra and Camellia.

Abacus reaffirmed its full year distribution guidance of at least 18.0c per stapled security for, reflecting a payout ratio in the range of 85-95% of funds from operations.

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