The Aventus Group (ASX: AVN) share price rose 1% after the real estate business held its annual general meeting (AGM) and provided FY20 guidance.
In FY19 the business achieved like for like net operating income growth of 3.5%, grew the distribution by 1.8% to 16.3 cents and the net asset value (NAV) rose by 1.7% to $2.42.
It continues to focus on its four key growth strategies of organic growth, acquisitions, developments and capital management to achieve sustainable earnings growth and long-term value growth.
In FY20 Aventus is guiding that funds from operations (FFO) per security – the net cash rental profit per share – will grow by 3% to 4% to 19 cents to 19.2 cents.
The distribution per share is expected to increase by 3% to 17.1 cents per security, up from 16.6 cents in FY19.
That puts the current share price of $2.77 on a forward distribution yield for FY20 of 6.2% based on today's guidance.
