On 21 December 2018, Australian Unity Investment Real Estate Limited (the company) declares the dividend for its Australian Unity Office Fund (ASX: AOF) for the period of 01 October 2018 to 31 December 2018 at 3.9 cents per unit.
The company announced that the ex-distribution date for the fund would be 28 December 2018. The ex-dividend date is the date after which the unitholders are not eligible for any dividend. It is the date where the net asset value of the fund amount will have an equal amount that of the dividend.
For the distribution, the record date of the dividend is 31 December 2018, where the company will declare the list of unitholders who are eligible for receiving the dividend amount.
The company will make the payment of dividend for the fund on 15 January 2019 which is taxable, and the estimation of the tax will be available on the company website before the payment date.
For the Australian Unity Office Fund, the company has no option for the reinvestment plan.
The official listing of the Australian Unity Office Fund on ASX is 20 June 2016. Since then, the performance of the fund remains positive. Since last one year, the performance of the fund is 18.61%.
For the financial year 2018 ending on 30 June 2018, the comprehensive income statement highlights a net profit of $97.293 million which was attributable to the unitholders. The balance sheet of the fund appears to be strong as the company has maintained a strong net asset base of $434.909 million.
The company has generated net cash of $33.186 million from the operating activities of the company where the primary source of cash outflow was through the payment made to the supplier. Simultaneously, there was cash inflow in the form of rental income and interest.
The company has used net cash of $123.683 million. Here, the primary source of cash outflow was due to payments for additions to owned investment properties, purchase of an investment property followed by its acquisition cost.
The company has generated net cash of $92.556 million where the primary source of income was in the form of proceeds from the issue of units and through borrowings. Simultaneously, there was also a cash outflow in the form of transaction cost of the units and the borrowing cost. The company also paid a dividend which was another source of cash outflow through the financing activities of the company.
There was an increase in the cash and cash equivalent by the end of FY2018. The net cash balance available with the company by the end of fiscal year was $6.177 million.
Although the performance of the fund is quite impressive, however, the overall real estate industry is not performing well which has also influenced the fund price on 21 December 2018. There is a fall of 1.03% as per S&P/ASX200 A-REIT (Sector).
The market price of the unit at present is A$2.740 with the market capitalization of A$446.16 million and a PE ratio of 4.38.
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