Elanor Commercial Property Fund (ECF): An Attractive Yield
- We have updated our forecasts to take into account FY23 results as well as an update on asset sales.
- FY23 Funds From Operations (FFO) of $34.9M, up 15.7%. NTA was down 16.7% to $1.00 due to +86 bps movement portfolio capitalisation rate.
- Post FY23 results, ECF advised that 2 asset sales will not proceed. We expect ECF will continue to explore options to reduce gearing.
- Management focus will also be on FY26 lease expiries (57.8% of portfolio).
- Attractive distribution yield of 11.7%, with 85% payout ratio providing a decent buffer against earnings.
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