Target recently released full year results for the year to 30 June 2017 and has published its annual report. The key figures showing strong growth in assets and rental income and increasing dividend cover had already been released. In this report we focus on the strategic progress made through the year and the medium-term outlook. Reflecting the manager’s identification of a number of acquisition opportunities, we have revised our estimates upwards for portfolio growth and assume that current debt facilities will be fully utilised by end-FY19, with net LTV increasing above the self-imposed 20% long-term target (to c 24%).

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