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Elanor Commercial Property (ECF) investor relations material
Elanor Commercial Property H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY 2025 featured disciplined execution, strong leasing, and resilient income, with high occupancy of 96.3% and 3.1% positive rental reversion despite a 3.7% portfolio value decline.
Balance sheet strengthened through a $52–$52.5 million equity raise, reduced gearing to 38.1%, and debt facility extended to November 2027.
Focused on differentiated office assets in major Australian metropolitan markets, targeting $50–$100 million assets.
Delivered a 12.1% annualised dividend yield and maintained a strong track record of consistent returns.
Takeover offer from Lederer Group at $0.70 per security received and recommended for rejection by the Board.
Financial highlights
FY25 FFO reached $35.4 million, up 6.8% year-over-year, or $0.094 per security, above guidance.
Distributions per security were $0.075, with a 12.1% annualised yield and 80% payout ratio.
Gross property income rose 5% to $64.4 million; net property income up 2.5% to just over $50 million.
Net tangible assets per unit at $0.69, down from $0.83 last year, mainly due to equity raise dilution.
Statutory net loss of $5.4 million, improved from $27 million loss last year, impacted by fair value adjustments.
Outlook and guidance
FY26 FFO per security guidance is $0.075–$0.08, with distributions at $0.065 per security (84% payout ratio), implying a 10.5% yield.
Focus on leasing at key assets, maintaining disciplined capital management, and positioning for value recovery.
77% of debt hedged, with no maturities until November 2027.
Targeting look-through gearing below 40% and preparing for market recovery.
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