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  • Irongate Group (IAP) has posted over $159 million in total profit after tax for FY21, an increase of over $100 million its FY20 results
  • The company, which this financial year changed its name from Investec Property Limited, reported a $1.2 billion portfolio balance, which consists of 32 properties in the office and industrial sectors spread out across the country
  • Irongate recently acquired four industrial facilities in Queensland for $60.6 million, however, only two were announced in the reporting period
  • The company reported 99.6 per cent of rent collected excluding rent support arrangements, which, when included, brought the figure down to 98.3 per cent
  • The company renewed 22 leases and signed on 10 new tenants in their office portfolio while renewing three leases in the industrial sector
  • Group shares closed out Wednesday’s trade a slight 0.35 per cent up, trading at $1.44 apiece

Irongate Group (IAP) has posted over $159 million in total profit after tax for FY21, an increase of over $100 million on its FY20 results.

The company reported the profit for the consolidated comprehensive income of the two company funds for the period containing April 1, 2020 and March 31, 2021.

Irongate Group’s audited results by KPMG for the period September 3, 2020 to March 31, 2021 reported profit at over $110 million post-tax.

The company, which this financial year changed its name from Investec Property Limited, reported a $1.2 billion portfolio balance, which consists of 32 properties in the office and industrial sectors spread out across the country.

Irongate recently acquired four industrial facilities in Queensland for $60.6 million, however, only two were announced in the reporting period.

Metropolitan office and industrial properties were outperforming according to the company, with occupancy rates across the portfolio sitting at 97.5 per cent with a 4.7 year weighted average lease expiry.

The company reported 99.6 per cent of rent collected excluding rent support arrangements, which, when included, brought the figure down to 98.3 per cent.

35 rental relief arrangements were agreed to across the portfolio, however, no tenant is currently receiving rent support.

It did give out $700,000 of rent support and provided and $1.1 million of deferred rent in the financial year, but the company reported that the majority of this has been collected.

The company renewed 22 leases and signed on 10 new tenants in its office portfolio while renewing three leases in the industrial sector.

In FY22, 6.5 per cent of the company’s office portfolio leases expire, but no industrial leases are set to expire.

The company also reported a deployed amount of $73.5 million of the TAP Fund commitments and a successful internalisation of management.

Group shares closed out Wednesday’s trade a slight 0.35 per cent up, trading at $1.44 each.

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