The FY20 result for APN Industria REIT was in-line with Morgans forecasts.

FY21 guidance for funds from operations (FFO) and DPS is to be broadly in-line with FY20, according to the broker.

Morgans states near term uncertainty is focused around the impacts from the code of conduct/covid-19 on earnings and distributions and the likely tougher leasing market.

The Add rating is maintained. The target price is decreased to $2.60 from $2.68.

Sector: Real Estate.

Target price is $2.60.Current Price is $2.42. Difference: $0.18 - (brackets indicate current price is over target). If ADI meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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