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  26 April 2017  
     
  LEX Property Fund  
           
  The March 2017 quarterly income distribution has been paid out to investors on 26th April 2017.  
     
 

For further details email us or call LEX Investor Services on 1800 502 464.

 
     
     
     
     
  LEX Property Fund  
     
 

Background

 
 

LEX Property Fund is a direct property fund which undertook the development of 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 (2,928.5 sqm) adjacent to the IKEA Store which includes space tenanted by Kathmandu, Jetts Fitness, Discount Drug Store and Sushi WAWA.

 
 
  Practical completion of the Centre was achieved on budget and ahead of schedule in February 2008.  
 
 

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

* 30 June 2012 - 9.20 cpu

* 30 June 2013 - 10.00 cpu

* 30 June 2014 - 11.75 cpu

* 30 June 2015 - 12.75 cpu

* 30 June 2016 - 14.25 cpu

Income distributions paid to investors for the year ended 30 June 2016 are 26.15512% tax deferred as the input of early year capital allowances and depreciation deductions has now levelled off.

 
     
  As at 30 June 2016, the Fund's property was independently valued at $132.0m. This represented a 1.54% increase from the 30 June 2015 independent valuation of $130.0m.  
     
  Based on this property value, the audited net asset backing per unit at 30 June 2016 is $1.428, an increase of 3.1% from last year's NTA value (30 June 2015: $1.385). This compares to the original allotment price of $1.00 per unit paid by investors in March 2007.  
     
 

Debt Facility

 
  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 from which to generate and pay future income distributions to investors.  
     
  The Fund's existing debt factilies were put in place with Australia and New Zealand Banking Corporation Limited ("ANZ") in September 2014 and the Fund remains in full compliance with its banking convenants.  
     
 

Financial Year (FY17)

 
 

The Fund has paid quarterly distributions of 3.625 cpu to investors for the September, December and March 2016 quarters so far this year.

 
     
             
               
    Financial Information Unitholder Distributions & Updates  
               
      view overview

Half Year Financial Reports

(31 Dec 16)

view overview

Fund Update (22 Oct 2015)

 
               
      view overview

Annual Financial Reports

(30 Jun 16)

view overview

Fund Update (19 Sep 2016)

 
               
               

Photo Gallery

A selection of photographs of the fund's property, the IKEA Perth centre may be accessed by clicking here.