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LEX Property |
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| LEX Property Fund | ||
Background |
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LEX Property Fund is a direct property fund investing in a retail centre comprising the largest single-tenant retail store (27,077.7 sqm) in Perth which is occupied by the IKEA franchisee, together with additional showroom, retail and office space (2,921.8 sqm) adjacent to the new IKEA store. |
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| Practical completion of the main IKEA Perth store was achieved on budget and ahead of schedule in early February 2008 enabling the tenant to open for business to the public on 14 February 2008. | ||
| The four adjacent perimeter buildings achieved practical completion between March 2008 and June 2008 and are fully tenanted (including national tenants Kathmandu Pumpkin Patch and Jetts Fitness). | ||
Historical Performance | ||
The fund successfully completed a capital raising of $31.2 million in March 2007 and has paid cash distributions to its investors to date as follows: * 30 June 2008 - 2.75 cents per unit ("cpu")* 30 June 2009 - 8.25 cpu * 30 June 2010 - 8.75 cpu * 30 June 2011 - 9.05 cpu All income distributions paid to 30 June 2011 are 100% tax deferred. |
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| As at 30 June 2011, the fund's property was independently valued at $120.0m. This is unchanged since 30 June 2010 and compares favourably to the Fund's forecast at completion valuation of $110.5m assessed in January 2007. | ||
| Based on this property value, the unaudited net asset backing per unit at 30 June 2011 is $1.18 (30 June 2010: $1.18). This compares to the original allotment price of $1.00 per unit paid by investors in March 2007. | ||
Financial Year (FY12) | ||
| The directors of the responsible entity continue to monitor the capital and debt position of the fund and are pleased to report that the fund has a stable financial position and is not in breach of any of its banking covenants. | ||
The fund has paid the first two quarterly distributions of 2.30 cpu eachon 27 October 2011 and 20 January 2012. These quarterly distributions equate to an annualised cash distribution of 9.20 cpu. Distributions for the financial year to 30 June 2012 are expected to be 100% tax deferred and Annual Tax Statements issued to investors by 31 August 2012. |
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| Investor Information | Financial Information | Unitholder Distributions & Updates | ||||||
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Pre-PDS Marketing & Information Sheet (Dec 06) | |
Annual Financial Reoprts (30 Jun 07) |
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Allotment Advice (29 Mar 07) |
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Product Disclosure Statement (PDS) (31 Jan 07) | |
Half Year Financial Reports (31 Dec 07) |
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June 07 Quarter (20 Aug 07) |
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Lonsec Research Report (Jan 07)* | |
Annual Financial Reports (30 Jun 08) |
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September 07 Quarter (22 Oct 07) |
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Unit Pricing Policy (May 07) | |
Half Year Financial Reports (31 Dec 08) |
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December 07 Quarter (18 Jan 08) |
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ASIC Regulatory Guide 46 Information for Investors (Dec 11) | |
Annual Financial Reports (30 Jun 09) |
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March 08 Quarter (27 Apr 08) |
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Half Year Financial Reports (31 Dec 09) |
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June 08 Quarter (18 Jul 08) |
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Annual Financial Reports (30 Jun 10) |
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September 08 Quarter (20 Oct 08) |
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Half Year Financial Reports (31 Dec 10) |
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December 08 Quarter (20 Jan 09) |
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Annual Financial Reports (30 Jun 11) |
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March 09 Quarter (20 Apr 09) |
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June 09 Quarter (20 Jul 09) |
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September 09 Quarter (19 Oct 09) |
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December 09 Quarter (19 Jan 10) |
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March 10 Quarter (21 Apr10) |
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June 10 Quarter (22 Jul 10) |
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September 10 Quarter (20 Oct 10) |
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December 10 Quarter (20 Jan 11) |
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March 11 Quarter (9 May11) |
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June 11 Quarter (29 Jul 11) |
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September 11 Quarter (27 Oct 11) |
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December 11 Quarter (20 Jan 12) |
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* Lonsec advises that as from 1st February 2008, the Research Report (Jan 07) on the LEX Property Fund has expired and the rating is no longer valid.
Photo Gallery
A selection of photographs of the fund's property, the IKEA Perth centre may be accessed by clicking here.
