360 Capital Total Return Fund

FUND performance

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