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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 strong leasing outcomes, high occupancy, and disciplined capital management, with a focus on differentiated office assets in major Australian metropolitan markets targeting $50–$100 million assets.
Delivered a 12.1% annualised yield and maintained a strong track record of consistent returns and high occupancy.
The fund is subject to an unsolicited takeover offer, which the independent board committee has recommended security holders reject.
FY25 saw a 3.7% decrease in portfolio value to $495.3m, but maintained 96.3% occupancy and positive rental reversion.
Completed $52–$52.5m equity raise, reduced gearing to 38.1%, and extended debt maturity to November 2027.
Financial highlights
FY25 FFO was $35.4m, up 6.8% year-over-year, at $0.94 per security, slightly ahead of guidance.
Distributions per security were $0.75 (7.5c), representing a 12.1% annualised yield and an 80% payout ratio.
Gross property income rose 5% to $64.4m; net property income increased 2.5% to just over $50m.
Net tangible assets per security declined to $0.69 from $0.83 year-over-year, mainly due to equity raise dilution.
Statutory net loss was $5.4m, improved from a $27m loss last year, impacted by fair value adjustments.
Outlook and guidance
FY26 FFO per security guidance is $0.75–$0.80 (7.5–8.0c), with distributions at $0.65 (6.5c), equating to a 10.5% yield and 84% payout ratio.
Priorities include executing leasing strategies, maintaining disciplined capital management, and positioning for value recovery.
77% of debt hedged, with no maturities until November 2027.
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