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

$3.59

24 Mar
2025

0.050

OPEN

$3.52

1.41%

HIGH

$3.62

913,370

LOW

$3.52

TARGET
$4.253 18.5% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 16.1 18.6 xxx
DPS (cps) xxx 17.4 18.3 xxx
EPS Growth xxx - 22.8% 15.8% xxx
DPS Growth xxx 3.6% 5.0% xxx
PE Ratio xxx N/A 19.3 xxx
Dividend Yield xxx N/A 5.1% xxx
Div Pay Ratio(%) xxx 108.1% 98.0% xxx

Dividend yield today if purchased 3 years ago: 3.50%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.92

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx16.1
DPS All xxxxxxxxxxxxxxx17.4
Sales/Revenue xxxxxxxxxxxxxxx98.2 M
Book Value Per Share xxxxxxxxxxxxxxx340.8
Net Operating Cash Flow xxxxxxxxxxxxxxx62.5 M
Net Profit Margin xxxxxxxxxxxxxxx58.00 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx4.72 %
Return on Invested Capital xxxxxxxxxxxxxxx3.64 %
Return on Assets xxxxxxxxxxxxxxx3.57 %
Return on Equity xxxxxxxxxxxxxxx4.72 %
Return on Total Capital xxxxxxxxxxxxxxx5.34 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-41.4 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx377 M
Total Debt xxxxxxxxxxxxxxx377 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx12 M
Price To Book Value xxxxxxxxxxxxxxx1.14

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx60.6 M
Capex % of Sales xxxxxxxxxxxxxxx61.69 %
Cost of Goods Sold xxxxxxxxxxxxxxx1 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx13 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,594 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

0.1

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

13/02/2025

3

Equal-weight

$4.65

29.53%

Morgan Stanley highlights Arena REIT reported an in-line 1H25 result against consensus expectations, with management retaining FY25 dividend per share guidance at 18.25c.

The broker notes lower-than-forecast interest expenses contributed to a slight earnings beat against consensus, though the result was in line with the broker’s forecast. Like-for-like income slowed to 3.2% compared to previous periods due to issues with rent reviews.

Management expects the 18 reviews to be resolved by the end of 2H25. Notably, the REIT has been active in acquisitions across the healthcare segment, acquiring 11 operating properties at a 5.8% yield on total cost and six at a 5.7% yield, the broker notes.

NTA rose to $3.44 from $3.41 and low gearing at 20.8% places the REIT in a good position to finance the $131m pipeline, Morgan Stanley explains.

The target price remains at $4.65. Equal-weight. Industry view: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY25 dividend of 18.30 cents and EPS of 18.70 cents.
Morgan Stanley forecasts a full year FY26 dividend of 19.30 cents and EPS of 19.30 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$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

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

13/02/2025

3

Hold

$3.98

10.86%

Arena REIT's 1H25 result was in line with Moelis' expectations, with the REIT also maintaining full-year dividend guidance of 18.25c.

The broker notes like-for-like rents grew by 3.2%, with 87% of FY25's rent roll benefiting from CPI links, and a further 8% subject to market reviews. The REIT's 18 market reviews during the half remain in negotiation with most subject to a 7.5% cap.

Hold rating maintained, and target price rises slightly to $3.98 from $3.95.

FORECAST
Moelis forecasts a full year FY25 dividend of 18.30 cents and EPS of 18.70 cents.
Moelis forecasts a full year FY26 dividend of 19.20 cents and EPS of 19.60 cents.
Access Extra Coverage Research History >

ARF STOCK CHART

FNArena News on ARF

1
Post Bottom, Focus Shifts To A-REITs Potential

Mar 13 2025 - Feature Stories
2
Australian Broker Call *Extra* Edition – Feb 17, 2025

Feb 17 2025 - Daily Market Reports
3
FNArena Corporate Results Monitor – 13-02-2025

Feb 13 2025 - Australia
4
Australian Broker Call *Extra* Edition – Feb 13, 2025

Feb 13 2025 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 31-01-25

Feb 03 2025 - Weekly Reports

Latest REITs News

1
Australian Listed Real Estate Tables – 24-03-2025

Mar 24 2025 - Weekly Reports
2
Australian Listed Real Estate Tables – 17-03-2025

Mar 17 2025 - Weekly Reports
3
Post Bottom, Focus Shifts To A-REITs Potential

Mar 13 2025 - Feature Stories
4
Australian Listed Real Estate Tables – 10-03-2025

Mar 10 2025 - Weekly Reports
5
Australian Listed Real Estate Tables – 03-03-2025

Mar 03 2025 - Weekly Reports
6
Australian Listed Real Estate Tables – 24-02-2025

Feb 24 2025 - Weekly Reports
7
Australian Listed Real Estate Tables – 17-02-2025

Feb 17 2025 - Weekly Reports
8
Australian Listed Real Estate Tables – 10-02-2025

Feb 10 2025 - Weekly Reports
9
Australian Listed Real Estate Tables – 03-02-2025

Feb 03 2025 - Weekly Reports
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