Overview of ECF's Pro Rata Entitlement Offer

Elanor Commercial Property Fund (ASX:ECF) is conducting a pro rata non-renounceable entitlement offer of New Stapled Securities to raise capital for ongoing growth and stability. The fund aims to repay debt, reduce balance sheet gearing, and stabilize its interest in the Harris Street Fund. The offer is fully underwritten, and Lederer Group has committed to taking up its full entitlement. The fund's FY25 distribution guidance remains unchanged at least 7.5 cents per security, and it will continue to execute asset management initiatives to maximize lease renewals and grow rents.

Executive Commentary on ECF's Strategic Objectives

The fund's strategic objectives focus on strengthening its financial position, reducing balance sheet gearing, and stabilizing its interest in the Harris Street Fund. We are committed to executing asset management initiatives to enhance the performance of our investment portfolio, maximize lease renewals, and drive rental growth. The pro rata entitlement offer and the support from Lederer Group demonstrate confidence in our strategic direction and will contribute to achieving our long-term goals.

Overview of ECF's Equity Raising and Outlook

Elanor Commercial Property Fund (ECF) is conducting a pro rata entitlement offer to raise approximately $52 million at an issue price of $0.58 per security. The proceeds will be used to underwrite up to 100% of the Harris Street Capital Notes issuance, repay debt, and cover transaction costs. This initiative is expected to reduce ECF's balance sheet gearing to the lower half of the target range of 30 - 40%. The fund's FY25 distribution guidance remains unchanged at least 7.5 cents per security, with adjusted FFO of 9.0 to 9.3 cents per security. ECF will continue to focus on executing asset management initiatives to maximize lease renewals and drive rental growth, positioning the fund for sustained performance and stability in the future.