ARENA REIT (ARF)
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ARF

ARF - ARENA REIT

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: N/A
Index: ASX200 | ASX300 | ALL-ORDS

Arena REIT is an Australian real estate investment trust with a portfolio of properties focussed on childcare, healthcare, education and government tenanted facilities. It has been listed since 2013.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.04

20 Aug
2025

0.080

OPEN

$4.00

2.02%

HIGH

$4.06

909,346

LOW

$3.98

TARGET
$4.218 4.4% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
ARF: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 20.9 19.7 xxx
DPS (cps) xxx 18.3 19.2 xxx
EPS Growth xxx 29.9% - 5.7% xxx
DPS Growth xxx 4.9% 5.2% xxx
PE Ratio xxx N/A 20.7 xxx
Dividend Yield xxx N/A 4.7% xxx
Div Pay Ratio(%) xxx 87.3% 97.5% xxx

Dividend yield today if purchased 3 years ago: 4.15%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.48

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/06 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx20.9
DPS All xxxxxxxxxxxxxxx18.3
Sales/Revenue xxxxxxxxxxxxxxx110.1 M
Book Value Per Share xxxxxxxxxxxxxxx346.4
Net Operating Cash Flow xxxxxxxxxxxxxxx74.3 M
Net Profit Margin xxxxxxxxxxxxxxx74.81 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx6.33 %
Return on Invested Capital xxxxxxxxxxxxxxx4.82 %
Return on Assets xxxxxxxxxxxxxxx4.73 %
Return on Equity xxxxxxxxxxxxxxx6.33 %
Return on Total Capital xxxxxxxxxxxxxxx5.15 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-201.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx437 M
Total Debt xxxxxxxxxxxxxxx437 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx17 M
Price To Book Value xxxxxxxxxxxxxxx1.07

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx225.4 M
Capex % of Sales xxxxxxxxxxxxxxx204.81 %
Cost of Goods Sold xxxxxxxxxxxxxxx1 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx21 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,775 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

14/08/2025

3

Equal-weight

$4.50

11.39%

Morgan Stanley assesses Arena REIT's FY25 results as a good set, with profit of $73m meeting its forecast. FY26 DPS guidance was slightly ahead of its estimate, driven by 6.8% average market rent review uplift for 30 childcare assets.

The broker notes the development pipeline has 29 projects but yield on cost was down to 6% vs 6.1% in 1H. However, the forward-looking cost of debt is over 5%, so while projects remain accretive, the margin is narrowing.

Equal-weight. Target unchanged at $4.50. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 19.30 cents and EPS of 19.30 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

15/08/2025

1

Buy

$4.09

1.24%

Arena REIT delivered FY25 EPS of 18.55cpu and a dividend of 18.25cpu, in line with guidance. Moelis highlights the FY26 DPS is expected to rise to 19.25cpu.

Like-for-like rents grew 3.5%, supported by CPI-linked leases (87% of rent roll) and market reviews (a 6.8% uplift), explains the broker.

Tenant performance remains strong, with no vacancies and rent-to-revenue ratios at a low 9.9%, providing scope for ongoing rental growth, in the analyst's view.

Net tangible assets (NTA) increased 1% to $3.44, with childcare valuations up 1% and yields softening slightly, observes the broker.

Gearing rose to 22.8% as $225m was deployed on new properties, but the analyst believes balance sheet capacity remains for an estimated $100m p.a. in developments through FY27.

Moelis lifts its target price to $4.09 from $3.98 and retains a Buy rating, highlighting Arena’s long weighted average lease to expiry (WALE) of 18 years, CPI/fixed rent escalations, and accretive development pipeline.

FORECAST
Moelis forecasts a full year FY26 dividend of 19.30 cents and EPS of 19.60 cents.
Moelis forecasts a full year FY27 dividend of 20.20 cents and EPS of 20.50 cents.
Access Extra Coverage Research History >

ARF STOCK CHART

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Latest REITs News

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Australian Listed Real Estate Tables – 18-08-2025

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