September, 2020
Property valuations
As at 30 June, all directly owned properties, except Canberra which is held for sale, were independently revalued. Valuations were stable compared to the prior aggregate carrying book value. The Fund's investment in the Planum Footscray Fund, owner of 90 Maribyrnong Street, Footscray, a multi-tenanted office property located in metropolitan Melbourne, was independently valued as at 30 June and experienced a 4.3% increase on the original purchase price. Distribution We are delighted to announce a distribution of 2.7126 CPU for the quarter ending 30 June 2020. The key messages for the Fund are as follows: The Property Income Fund continues to display its resilience due to is its overall diversification across various property and tenant types; The Fund currently has liquid assets in excess of its minimum thresholds. Further liquidity will come from the sale of 40 Allara Street, ACT, sold for $23 million, with settlement due to complete in July; The Fund has maintained its distribution frequency and remains open for investment and divestment as per the terms outlined in the Product Disclosure Statement; The Fund's directly owned property tenants are paid up; Most of the Fund's directly owned properties are industrial, leased to corporates that continued to trade throughout the Property Income Fund 30 June 2020 Page 4 pandemic induced lockdowns; Independent valuations in relation to the Fund's directly owned properties are usually conducted annually, although under current market conditions conducted with greater regularity; Of note, the Fund does not have borrowings at the Fund level, meaning all directly owned physical properties are unencumbered; and The Fund's property sector weightings are skewed to industrial, office, healthcare and social infrastructure, with revenue exposed to Government, listed and other corporates. The Fund's retail exposure is weighted towards convenience retail at the expense of non-essential spend retailing and weighted more toward listed retail stocks that have been subjected to repricing by the listed market.
ticker: YOC0100AU
commentary_block: Array
factsheet_url:
QUARTERLY
Under Performance Activity for the Quarter
https://www.australianunity.com.au/wealth/investment-options/property/property-income-fund-wholesale
asset_class: Property and Infrastructure
asset_category: Unlisted and Direct Property
peer_benchmark: Property - Unlisted and Direct Property Index
broad_market_index: Dvlp Global Real Estate
structure: Managed Fund