360 Capital Industrial Fund
performance
For the 2012 Half Year ending 31 December 2011, net income from the portfolio decreased 1.0% in comparison to the previous corresponding period1 (pcp), reflecting softer market conditions. Although interest costs were reduced by $1.4 million as more effective interest rate hedges were put in place, operating earnings per Unit decreased slightly from 2.2cpu to 2.1cpu due to slightly higher direct property and restructuring costs.
NTA per Unit decreased by 4.0cpu to $0.57 as softer market conditions led to a slight 1.0% reduction in total portfolio value and lower net proceeds from asset sales. Distributions, reinstated in the June 2001 quarter, of 2.00cpu remain on course to deliver FY2012 total distributions of 4.00cpu or 4.00% on the original issue price.
A summary of the Fund’s performance for the past two years is provided:
| Key Fund and Property statistics | 31 Dec 11 | 30 Jun 11 | 31 Dec 10 | 30 Jun 10 | 31 Dec 09 | 30 Jun 09 |
| Net tangible assets per Unit ($) |
0.5721 |
0.6128 | 0.6211 | 0.6034 | 0.5739 | 0.6485 |
| Annualised distribution (cpu) | 4.00 |
4.00 | Suspended | Suspended | Suspended | 7.00 |
| Number of properties | 22 |
23 | 23 | 25 | 28 | 30 |
| Portfolio purchase price ($m) | 299.8 | 302.9 | 302.9 | 313.2 | 335.8 | 352.5 |
| Property valuation ($m) | 273.4 | 277.0 | 276.6 | 286.1 | 313.8 | 341.9 |
| Capitalisation rate (%) | 9.33 | 9.37 | 9.33 | 9.34 | 9.48 | 9.19 |
| Occupancy rate (% of NLA) | 95.8 |
97.6 | 97.9 | 97.0 | 97.5 | 97.6 |
| WALE by income (years) | 4.0 |
3.3 | 3.2 | 3.2 | 3.6 | 3.5 |
| Loan to Value Ratio (%) | 60.0 |
60.1 | 60.0 | 61.1 | 59.1 | 60.8 |
1. The previous corresponding period for the Half Year ending 2011 for the Balance Sheet is as at 30 June 2011. The previous corresponding period for the Half Year ending 2011 for the Profit and Loss is the Half Year ending 31 December 2010.
Note
The audited NTA per Unit displayed above is calculated by dividing net tangible assets as per the Audited Financial Statements by total Units on issue.
Prior to 30 June 2011, audited NTA per Unit was calculated on an adjusted basis where fair value adjustments were included or excluded in certain circumstances.
These adjusted NTAs per Unit are shown in the table below:
| 31 Dec 10 | 30 Jun 10 | 31 Dec 09 | 30 Jun 09 | |
| Adjusted Net tangible assets per Unit ($) | 0.6460 | 0.6418 | 0.6287 | 0.6976 |
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