By Clyde Mooney
ALE Property Group has released its financial results for year ending June 30 2012, and is upbeat about its future prospects.
As landlord to 87 of the Woolworths-owned Australian Leisure & Hospitality (ALH) venues, ALE managing director Andrew Wilkinson said ALH has proven to be a very “proactive” tenant, spending $250 million on upgrades and additions to its hotels.
The report says distributable profit for ALE exceeded guidance (up 4.4 per cent), predominantly due to inflation-linked rental increases in November 2011.
The company also reports that its property values were up by 1.7 per cent to $771.5 million, despite a sluggish national real estate market, and that it will be reviewing its hedging strategy to take advantage of historically low interest rates.