The ASX-listed owner and operator of residential, land lease and park communities has exchanged contracts for two new properties and is talks to buy another two sites.
Aspen Group, which upgraded its earnings guidance by 17% for FY23 which represents a rise of 33.39% on the previous 12 months, said it was on track to be at the top of its FY23 earnings guidance.
The Group has exchanged contracts on a residential property at Treatts Road, Lindfield, 13km northwest of Sydney’s CBD, and a partly developed mixed use land lease rental community about an hour’s drive from Perth, WA, which they will refurbish and develop.
“We are in advanced contract negotiations on another two appealing opportunities in metropolitan locations,” Aspen Group said in an update to the ASX.
Aspen Group said its longer stay residential and retirement properties are essentially full and typically re-lease within one week of becoming available. It has no unsold completed homes in its portfolio.
Aspen Group, with Joint-CEOs David Dixon and John Carter (pictured attending last Friday’s Westpac Conversations at the Wharf series), has seen its share price rise 21.92% over the past 12 months, whereas the ASX itself has increased 12.52%.
Its core target customer base is the 40% of households that can pay no more than $400 per week in rent or a $400,000 purchase price for their housing needs.
