360 Capital Total Return Fund
On 24 August 2016, the Fund released its interim financial results for the year ending 30 June 2016.
Key FY16 achievements
- Successfully completed the sale of the Frenchs Forest properties for $26.0 million
- Increasing its investment stake in Industria REIT (ASX:IDR) to 14.7%
- Simplifying the capital structure of the Fund by redeeming A Class units
- Buying back 9.0 million securities (22.7% of issued capital) at $1.14 per Security, a 14.2% discount to the 30 June 2016 NTA of $1.33 per Security
- As a consequence, TOT achieved a 15.8% total return at the Fund level, well above its 12.0% objective; however the ASX price is yet to reflect this performance.
- TOT is well positioned to capitalise on the ongoing M&A activity in the AREIT sector.
FY16 results overview
- Total return at the Fund level of 15.8% verses ASX total return (price performance plus distributions) of 5.6%
- Statutory profit of $5.9 million; statutory EPS of 16.4 cents
- Operating profit of $3.2 million; operating EPS of 8.9 cents
- DPS of 7.31 cents, plus a special distribution of 1.2cps
- NTA per Security of $1.33, up 9.0% over the year