Elanor Retail Wraps up FY22 ahead of Delisting

27 August 2022

Elanor Retail Fund will delist from the ASX in November as the Fund winds up its retail investments.

Elanor Investors Group CEO, Glenn Willis, said: “We are pleased with the performance of ERF’s assets over the period. The defensive nature of the Fund’s non-discretionary focused portfolio is highlighted by its resilient income, strong rental collections and the strength of its property valuations.

We are looking forward to ERF becoming the Elanor Property Income Fund (“EPIF”), an open-ended, unlisted, multi sector reliable income real estate fund, providing monthly distributions from a portfolio of high investment quality real estate assets.”

Core Earnings for the period were $9.0 million, or 7.01 cents per security. A summary of the key financial results for the year ended 30 June 2022 is as follows:

Key financial results30 June 2022
Core Earnings ($’000)8,956
Core Earnings per security (cents)7.01
Core Earnings per weighted average security (cents)7.01
Distributions (cents per security)6.66
Total assets ($’000)204,539
Net Assets ($’000)151,456
Net tangible assets ($ per security)1.19
Gearing (net debt / total assets less cash) (%)18.2

On 19 August 2022, at an Extraordinary General Meeting, ERF Securityholders voted in favour of the proposed privatisation and delisting of ERF. As a result, the Fund is expected to delist from the ASX in November 2022. The privatisation and delisting will include the following:

  • Tweed Mall to be sold for $87 million with the net proceeds distributed to ERF Securityholders by way of a special distribution of $0.36 per security
  • An off-market security Buy-Back to acquire up to 100% of ERF securities at a price of $0.79 per security (“Buy-Back”). Securityholders who participate in the Buy-Back will receive total consideration of $1.15 per security
  • ERF to be delisted and become the Elanor Property Income Fund (“EPIF”), an open-ended, unlisted, multi sector reliable income real estate fund. Immediately following the implementation of the Proposal, EPIF will have an expected NTA of $0.88 per security. Securityholders who remain invested in EPIF, will receive total expected value of $1.24 per security (including the Special Distribution of $0.36 cents per security)

Elanor Property Income Fund is well positioned to provide reliable monthly income distributions and capital growth from its portfolio of real estate assets that have strong, defensive attributes and differentiated competitive advantages.


  • Funds From Operations (FFO) for the period of $9.0 million or 7.01 cents per security
  • Distributions of $8.5 million or 6.66 cents per security (based on a 95% payout ratio); 2H22 Distribution of 3.65 cents per security
  • Strong operational performance across the portfolio (2H22 rent collections of 97%)
  • The sale of Moranbah Fair for $28.0 million (at book value) was completed in August 2021, with the proceeds used to repay $25.0 million of bank finance facilities
  • Gearing of 18.2% at balance date, substantially below target range of 30% to 40%
  • Valuations of the Fund’s portfolio increased 3.3% over the period to $193.2 million

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