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Garema Court. Source: Elanor
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  • Elanor Commercial Property Fund (ECF) has issued a preliminary FY21 result that exceeds the product disclosure statement forecast from December 2019
  • Elanor achieved $20.5 million in distributions, or 10.03 cents per security, at an 80 per cent payout ratio, the lowest end of the fund’s objective range
  • The fund’s commercial assets portfolio at the balance date consisted of seven office properties with a total value of $384.5 million, rising 2.9 per cent in value
  • Following the balance date, the fund announced the purchase of 50 Cavill Avenue, Gold Coast, for $113.5 million
  • ECF shares rounded off the day unchanged at $1.11

Elanor Commercial Property Fund (ECF) has issued a preliminary FY21 result that exceeds the product disclosure statement (DPS) forecast from December 2019

The group’s preliminary funds from operations (FFO) for FY21 was $25.6 million, or 12.55 cents per security, compared to the product disclosure statement’s (PDS) forecast of $21.4 million, or 10.45 cents per security, for the same time period.

Elanor achieved $20.5 million in distributions, or 10.03 cents per security, at an 80 per cent payout ratio, the lowest end of the fund’s objective payout ratio range.

The fund’s commercial assets portfolio at the balance date consisted of seven office properties with a total value of $384.5 million, located in Brisbane, Perth, Canberra, and Adelaide.

The value of ECF’s property portfolio as of June 30 2021 rose by 2.9 per cent, or $11 million.

Elanor’s portfolio has an overall weighted average lease expiry of four years with 87 per cent of the portfolio leased to government, multinational, national or ASX-listed companies.

The firm has signed a new 10-year lease with Hub Australia for 175sqm of space at the 200 Adelaide Street building, which will begin on September 1, 2021. In addition, Hub Australia has granted a three-year lease renewal for 3538sqm of space, which will run concurrently with the new contract.

Following the balance date, the fund announced the purchase of 50 Cavill Avenue, Gold Coast, for $113.5 million. To help fund the purchase, Elanor issued a fully subscribed $84.7 million equity offering at $1.10 per share, as well as a new $39.7 million loan facility.

Elanor Investors Group (ENN) CEO Glen Willis said ECF performed strongly in challenging conditions and was well-positioned to further enhance values for security holders.

The fund’s FY22 FFO and distribution guidance, which includes the acquisition of the 50 Cavill Avenue property, are 10.8 cents per share and 9.4 cents per security.

Shares in ECF rounded off the day unchanged at $1.11.

ECF by the numbers
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