Australian Unity Office Fund (AOF) H1 2025 earnings summary

Executive summary

• Over 99% of unitholders approved the disposal of the Fund's main undertaking and delisting, with wind-up planned post-delist.

• Statutory loss for the half-year ended 31 December 2024 was $26.8 million, mainly due to a $23.1 million net fair value decrement of investment properties.

• Net Tangible Assets per unit fell to $1.14 at 31 December 2024 from $1.39 at 30 June 2024.

• All remaining properties are under sale contracts, with settlements expected in 2H FY25.

• Special distribution of 9.0 cents per unit paid in December 2024 following the sale of 64 Northbourne Avenue, Canberra.

Financial highlights

• Rental income for HY2025 was $5.7m, down from $11.9m HY2024, reflecting asset sales and increased vacancy.

• Net property income was $1.2m, compared to $6.7m in the previous year.

• Net fair value loss on investment properties was $23.1m, improved from $30.8m loss prior year.

• Loss for the period was $26.8m, slightly higher than $26.4m loss in HY2024.

• Distributions declared totaled 9.4 cents per unit, including a special distribution of 9.0 cents.

Outlook and guidance

• Forecast special distributions: $0.24 per unit (Mar 2025), $0.40 (Apr), up to $0.47 (May), and up to $0.03 (unit redemption Jun–Oct 2025).

• Expected aggregate proceeds to unitholders are between $1.11 and $1.14 per unit.

• Guidance subject to property settlements and final wind-up costs.