Elanor Retail Property Fund (“ERF” or “Fund”) is pleased to announce its forecast distribution range for the six months ending 30 June 2019 of 4.30 cents to 4.35 cents per stapled security, with a point estimate of 4.32 cents. This reflects forecast Core Earnings for the year ending 30 June 2019 of approximately $12.1 million.
The forecast distribution per security for the six months ending 30 June 2019 of 4.32 cents brings the total distribution in respect of the year ending 30 June 2019 to 8.97 cents per stapled security based on a distribution pay-out ratio of 95%.
The forecast distribution for the six months to 30 June 2019 reflects a reduction in the net operating income of Tweed Mall, resulting from the planned tenant vacancies during capital works for the Aldi tenancy. The impact of this downtime for the period is approximately $0.45 million. The introduction of Aldi to Tweed Mall has resulted in strong speciality leasing at this precinct within the centre, with all specialty tenancies scheduled to open in conjunction with Aldi in August 2019.
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