The Sydney-based owner and operator of residential, land lease and park communities is now one of the 500 largest companies listed on the ASX.
The ASX announced after its March review that the Aspen Group, which focuses on providing housing to the 40% of Australian households who cannot afford to pay more than $400 per week in rent and those who can’t afford to purchase their own home for more than $400,000. will be added to the All Ords from 20 March.
The All Ordinaries is considered the benchmark index for gauging the performance of the broader Australian stock market.
Co-CEOs John Carter and David Dixon (pictured in our office), who have 553 land lease sites in the pipeline, have grown the business to have:
- Total assets valued in excess of $400 million and growing
- Over 4,600 dwellings/sites
“It’s good, but we need our stock liquidity to improve to move into the more meaningful S&P/ASX300 Index,” David told the SOURCE.
“This should happen naturally if we continue to generate excellent returns for shareholders.”
In February, Aspen upgraded its earnings guidance by 17% for FY23, which represents a rise of 33.39% on the previous 12 months.
The business said it is now generating around $50 million of rental on an annual basis, with the operating margin for residential and retirement 60-65%.
