Clarence Property sponsors Kids In Capes 2023 calendar.

Clarence Property is proud to be one of the sponsors of the 2023 Kids in Capes Calendar

Kids in Capes is a wonderful opportunity to support local children and their families in need through the Grafton Base Children’s Ward!

LAST CHANCE to place an order for this amazing cause. Simply head on over to @kidsincapes and message their friendly team.

Visit > https://www.facebook.com/clarencekidsincapes

2021/22 IN REVIEW

The CPDF group’s audit for the year-ended 30 June 2022 has been completed, and the consolidated financial statements lodged with ASIC.

You can access a copy of the audited accounts at https://clarenceproperty.com.au/forms-and-reports/

The year was a successful one financially for the Fund, despite the lingering impacts of COVID and the extended period of wet weather which caused flood damage to a couple of the Fund’s properties. Highlights were:

• We welcomed 189 new investors to the Fund during the year;
• Close to $80m of new capital was raised;
• Group revenue totalled $95.7m, up from $75.9m the previous year;
• After-tax profit was $57.5m (30/6/21: $23.6m), or approximately 14.6 cents per unit;
• 8 commercial rental properties, the second 50% interest in The Rocket and 4 development sites were purchased;
• Group assets at 30/6/22 totalled $726.8m, an increase of $193.4m over the twelve months;
• Gearing at 30/6/22 was 37.6% (30/6/21: 36.1%);
• Unit price at 30/6/22 was $1.10 per unit, up 15.8% from $0.95 per unit at 30/6/21; and
•  Distributions paid during the year totalled $24.3m.

Clarence Property sponsors Northern Rivers Regional Business Awards 2022.

Our General Manager, Paul Rippon, presented the Outstanding Business Leader Award sponsored by Clarence Property at the 2022 Northern Rivers Regional Business Awards held in Lismore last week.

A huge congratulations to the winner Simon Stahl, CEO of Northern Cooperative Meat Company 

The Northern Rivers Regional Business Awards are all about celebrating and showcasing the diverse talent we have in the Northern Rivers business community.

Clarence Property are proud sponsors of this wonderful initiative and congratulate the entrants, finalists and winners.

From 15 to 19 August 2022, our Investor Relations team headed out to Gunnedah NSW for AgQuip 2022.

Held in Gunnedah NSW, the annual AON AgQuip event is Australia’s largest primary industry event. With over 3,000 products and services aimed at farming professionals.

It was a pleasure meeting and reconnecting with our Investors and their family’s.

The week was a huge success, and Clarence will certainly be back for AgQuip 2023.

We are also looking forward to attending Primex 2022, from 10-12 November.

Dear WPT Unitholder,

On behalf of the directors of Clarence Property Corporation, I’m pleased to enclose a copy of the Westlawn Property Trust (WPT) audited financial statements for the year ended 30 June 2021. I’d also like to take the opportunity to welcome the 202 new Investors who joined us during the year.

2020/21 in Review

Despite another challenging year of COVID-19 curveballs WPT, combined with Epiq Lennox Property Trust, experienced a strong year financially. The highlights of FY 20/21 were:

• Total revenue was $75.9m, including $33.5m of rental property income and $40.6m of residential land sales.
• After-tax profit was $23.6m, or approximately 7.5 cents per unit.
• WPT total asset value at 30/6/2021 was $533m, an increase of $136m since 30/6/2020.
• 10 commercial properties were acquired during the year, for $101.1m.
• 6 commercial properties were independently valued, resulting in a 13% increase in value.
• In line with one of WPT’s investment strategies – acquiring development properties in the high growth regions of Northern NSW and SE Qld – FY 20/21 saw WPT purchase two new development sites in Northern NSW – “Sceniq”, located in Bilambil Heights and “Bayside”, located on the coastline at Brunswick Heads.
• Gearing was 36% at 30/6/2021. This is a slight decrease from 37.5% at 30/6/20.
• Net asset backing at 30/6/21 was $0.95 per unit. This is an increase from $0.88 per unit at 30/6/20.

Importantly, distributions for the year totalled $18.1m and when combined with franking credits, the annualised distribution was 7.0 cents per unit.

Despite a solid financial result, the year wasn’t without its challenges, none more prominent than those presented by COVID-19. The impact of COVID-19 is addressed on page 3 of the Directors’ Report.

Outlook

Despite COVID-19 dominating the discussion and challenges within the property industry throughout FY 20/21, we’ve headed into FY 21/22 with our usual enthusiasm and optimism.

The property market remains very competitive, with a low interest rate environment being a driving force behind higher asset values. We continue our focus on acquiring quality assets as we build a commercially sustainable property portfolio that provides ongoing monthly income to our investors.

The development component of WPT continues to be a profitable business line, and we intend to continue our expansion into a range of Northern NSW markets where we consider demand to be sustained and supply to be constrained.

Capital Raising

Since re-opening WPT to investment after COVID in August 2020, we have had an inflow of almost $100 million in new capital. We’ve used this to fund the purchases made since then, and additionally have retained some in reserve for another round of purchases in the months ahead, as we have some excellent properties currently in due diligence.

We are continuing to accept new capital and should you wish to add to your investment, it’s a simple matter of completing an application form as an existing investor on-line at www.clarenceproperty.com.au. Have your Investor Number handy.

2020/21 Annual Tax Statement

Your Annual Tax Statement for the year ended 30 June 2021 was made available on-line via Boardroom on Friday 17/9/21. You will have received an email from “companies@boardroomlimited.com.au”. For those Investors without email access, a copy of your tax statement will be mailed to you by Boardroom. If you have any questions regarding your statement, don’t hesitate to call us on 1300 382 862 and select opti…show number

I would like to also take this opportunity to thank the hard-working team who manage the WPT Portfolio on a day-to-day basis. I am proud of the way our Clarence team has faced the challenges COVID-19 has presented, and the ongoing support they have shown to our tenants and our communities.

Finally, I would like to thank our Investors. Our dedicated team remains committed to generating long term, enduring property income on your behalf.

Regards,
Peter Fahey – Managing Director