Here’s why the Aspen (ASX:APZ) share price shot up 6% today

Here’s what’s going on with the Aspen share price today.

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The Aspen Group Limited (ASX: APZ) share price climbed today following the release of its portfolio valuations for the first half of FY22.

The property group also announced the date it would pay dividend distributions to shareholders.

At the close of trade, the Aspen share price was up 5.76% trading at $1.75.

What’s the latest on Aspen’s property portfolio?

Aspen owns and operates 18 residential, retirement and short-stay properties across Australia, valued at more than $200 million.

This morning, the company released a revaluation of 6 properties — 5 located in New South Wales and one in the Northern Territory — representing “about a quarter” of its property portfolio. The company said the value of these properties had jumped around $17 million higher since 30 June this year.

In today’s release, Aspen attributed the 45% valuation increase to “an increase in adopted net income of 25% and reduction in average capitalisation rate (weighted by net income) of about 95bps”.

Aspen said this equated to an increase in net asset value (NAV) per security of around 9%.

Dividends distribution

Also today, the company announced that it would advise shareholders about its performance, outlook and updated distribution policy when it released its half-year results next year.

Shareholders can expect a total dividend distribution payment of 3.10 cents to be paid on 25 February next year.

The company has also reiterated that its distribution reinvestment plan has remained suspended.

Aspen share price snapshot

The Aspen share price has rocketed more than 45% higher in the past 12 months and is up 44% since the start of 2021.

Based on its current share price, the company has a market capitalisation of more than $233 million.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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