Pub landlord ALE not worried by new NSW drinking laws Pub landlord ALE Property says its "sleepy suburban pubs" won't be hit by new trading hours rules being introduced by the NSW government. ""We own sleepy suburban pubs, mainly in Brisbane and Melbourne that close before midnight," ALE managing director Andrew Wilkinson told Business Day. The operations of key tenant Woolworths" bottle shops would also be unaffected, he said. "As Woolworths have said, their bottle shops also close between 9 and 10 pm, so they are not impacted by the new legislation."" Mr Wilkinson made the comments as ALE reported a higher half year profit of $16.5 million, thanks to property revaluations and the ongoing benefits from the restructured finances and hedging policies. ALE leases 87 pubs to Woolworths-run Australian Leisure and Hospitality group, and said over the first half of 2014, property values rose by 2.2 per cent to $803.2 million. Its full year distribution guidance was affirmed at 16.35¢ per security. For the six months ending December 31, 2013, ALE Property unveiled a 2.8 per cent rise in distributable profit to 8.43¢ per security. In 2013, ALE celebrated its 10 the year as a listed company and reported a return for the calendar year of 23.6 per cent per annum compared to the ASX/S&P AREIT 300 index total return of 7.3 per cent. In the previous corresponding period, the half year profit was $15.8 million equal to 8.18¢ per security. The results were in line with market expectations. Mr Wilkinson said the group's $325 million debt was secured at a low interest rate of about 3.83 per cent until 2016, but that could be refinanced if an attractive proposition was presented prior to expiry. ""In the coming year, we will look at any opportunities to refinance but we have a comfortable buffer until 2016,"" he said. ""ALE benefits from the high quality tenant of Woolworths which pays for its own capital expenditure on the pubs and Dan Murphy's bottle shops. We will only expand our assets if an appropriate portfolio of pubs is available for purchase at the right price.""