(ACN 152 367 649) (AFSL 410 433) · 12/31/2018  · Sydney, NSW, 2000 Australia Phone: +61 2 9322...

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(ACN 152 367 649) (AFSL 410 433)

Transcript of (ACN 152 367 649) (AFSL 410 433) · 12/31/2018  · Sydney, NSW, 2000 Australia Phone: +61 2 9322...

Page 1: (ACN 152 367 649) (AFSL 410 433) · 12/31/2018  · Sydney, NSW, 2000 Australia Phone: +61 2 9322 7000 13 March 2019 ... Chartered Accountants The Board of Directors ... 100 Pacific

(ACN 152 367 649) (AFSL 410 433)

Page 2: (ACN 152 367 649) (AFSL 410 433) · 12/31/2018  · Sydney, NSW, 2000 Australia Phone: +61 2 9322 7000 13 March 2019 ... Chartered Accountants The Board of Directors ... 100 Pacific

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Fort Street Real Estate Capital Fund IVContents31 December 2018

Chairman's letterFunds from operationsDirectors' reportAuditor's independence declarationCondensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial positionCondensed consolidated statement of changes in equityCondensed consolidated statement of cash flowsNotes to the condensed consolidated financial statementsDirectors' declarationIndependent auditor's review report to the Unitholders of Fort Street Real Estate Capital Fund IV Directory 18

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Fort Street Real Estate Capital Fund IVChairman's letter31 December 2018

Dear Unitholders

Welcome to the inaugural half-year report for the Fort Street Real Estate Capital Fund IV (Fund) for the six months ended 31 December 2018.

Overview

We are pleased to describe a very productive period this half-year. Following a rigorous assessment of a number of potential investments, the Investment Manager, Fort Street Real Estate Capital Pty Limited, successfully completed the acquisition of Keilor Central Shopping Centre (Keilor Central) located outside Melbourne in Victoria. The acquisition was announced on 20 December 2018, just prior to the end of the period.

Keilor Central is a major, convenience-based, sub-regional shopping centre located in the suburb of Keilor Downs, approximately 17km west of the Melbourne CBD. The asset was acquired for $113 million representing an initial property yield of 6.3%.

The acquisition of Keilor Central was funded through the Fund’s cash resources and a new $54.6 million debt facility established with National Australia Bank. The facility has been drawn to $45.2 million resulting in an initial gearing of 40%, which is at the lower end of the Funds’ target range of 40% to 50%. The Fund expects to announce an initial distribution to investors at the conclusion of the March 2019 quarter.

Portfolio Update

Following the acquisition of Keilor Central, the Fund is now substantially invested. The Investment Manager intends to undertake complementary acquisitions over time and is utilising its extensive industry network to identify potential additions to the portfolio and working hard to screen and assess those opportunities. The establishment of the $54.6 million debt facility with National Australia Bank provides flexibility in deploying further capital for the Fund.

Keilor Central is a valuable asset that is performing strongly. With a high weighting of income from non-discretionary retail tenants and limited competition within its retail catchment, it provides defensive cashflow for the Fund. In addition, while the occupancy level of the centre is 99% with a weighted average lease expiry (WALE) of 5.0 years as at 31 December 2018, there is significant growth potential. The medium-term competitive outlook in the area suggests continued strong retail sales, as well as opportunities to add further value to the centre.

Looking ahead to the second half of the year, the management team will seek to strengthen the key advantages of Keilor Central. The focus of their work will be on developing relationships with tenants and improving the convenience-based offering of the centre through optimising tenant mix. Furthermore, management will work to identify value-enhancing opportunities at Keilor Central, as well as suitable add-on acquisitions for the portfolio in order to deliver sustainable returns and future growth to investors.

Yours faithfully

Alex MacLachlan

Chairman of Walsh & Company Investments Limited

13 March 2019

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Fort Street Real Estate Capital Fund IVFunds from operations31 December 2018

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Funds From Operations (FFO) is a non-International Financial Reporting Standards financial measure. FFO is a market accepted measure of a real estate investment fund’s operating performance. FFO is used to facilitate understanding of a fund’s performance. The Property Council of Australia provides best practice guidelines for the calculation of FFO, which have been followed by the Fund.

FFO is determined by adjusting statutory net profit or loss after tax for certain non-cash items such as depreciation, impairment and amortisation. Other one-off items may also be adjusted to provide a clearer indication of the Fund’s current year FFO.

31 December 2018

$

Profit after tax for the period 216,060

Adjustments:

Depreciation charge for the period 86,403

FFO 302,463

Distributions for the period -

Cents per unit

FFO 0.62

Distributions 0.00

Distributions as a percentage of FFO 0%

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Fort Street Real Estate Capital Fund IVDirectors' report31 December 2018

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IntroductionThe directors of Walsh & Company Investments Limited, as Responsible Entity of Fort Street Real Estate Capital Fund IV (Fund), present their report together with the half-year financial report for the Fund and the entities it controlled, (collectively referred to as the Group) for the half-year ended 31 December 2018.

DirectorsThe directors of the Responsible Entity at any time during or since the end of the half-year are listed below:

Alex MacLachlanWarwick KeneallyMike Adams Appointed 9 July 2018Tristan O'Connell Resigned 9 July 2018

Directors were in office from the start of the half-year to the date of this report, unless otherwise stated.

Review of financial results and operationsThe performance of the Group, as represented by the results of their operations for the relevant half-year ended 31 December, was as follows:

2018

ResultsTotal income ($) 903,206 Total expenses ($) (687,146)

Total profit ($) 216,060

Net Asset ValueNet Asset Value Per Unit - $ per unit 1.55

DistributionsThere were no distributions paid, recommended or declared during the financial half-year.

Matters subsequent to the end of the financial half-yearNo matter or circumstance has arisen since 31 December 2018 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Auditor's independence declarationA copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

___________________________Alex MacLachlanChairman of Walsh & Company Investments Limited, Responsible Entity

13 March 2019

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Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

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Deloitte Touche Tohmatsu

ABN 74 490 121 060

Grosvenor Place

225 George Street

Sydney, NSW, 2000 Australia

Phone: +61 2 9322 7000

www.deloitte.com.au

13 March 2019

Dear Board Members

Fort Street Real Estate Capital Fund IV

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following

declaration of independence to the directors of the Responsible Entity of Fort Street Real Estate Capital

Fund IV.

As lead audit partner for the review of the financial statements of Fort Street Real Estate Capital Fund IV

for the financial half-year ended 31 December 2018, I declare that to the best of my knowledge and

belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the

review; and

(ii) any applicable code of professional conduct in relation to the review.

Yours sincerely

DELOITTE TOUCHE TOHMATSU

Michael Kaplan

Partner

Chartered Accountants

The Board of Directors

Walsh & Company Investments Limited as Responsible Entity for:

Fort Street Real Estate Capital Fund IV

Level 15

100 Pacific Highway

NORTH SYDNEY NSW 2060

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Fort Street Real Estate Capital Fund IVCondensed consolidated statement of profit or loss and other comprehensive incomeFor the half-year ended 31 December 2018

Consolidated

Note31 December

2018$

The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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RevenueRental income 229,438 Other property income 137,867 Finance income 535,901

ExpensesDepreciation expense 3 (86,403)Investment property expense (95,557)Finance expenses (56,861)Responsible entity and trustee fee 8 (42,807)Management fees 8 (273,137)Accounting and audit fees (43,612)Other operating expenses (88,769)

Profit before income tax expense 216,060

Income tax expense -

Profit after income tax expense for the half-year 216,060

Other comprehensive income for the half-year, net of tax -

Total comprehensive income for the half-year 216,060

Profit for the half-year is attributable to:Non-controlling interest (49)Unitholders of Fort Street Real Estate Capital Fund IV 216,109

216,060

Total comprehensive income for the half-year is attributable to:Non-controlling interest (49)Unitholders of Fort Street Real Estate Capital Fund IV 216,109

216,060

Cents

Basic earnings per unit 2 0.44 Diluted earnings per unit 2 0.44

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Fort Street Real Estate Capital Fund IVCondensed consolidated statement of financial positionAs at 31 December 2018

Consolidated

Note31 December

2018 30 June 2018$ $

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes7

Assets

Current assetsCash and cash equivalents 2,207,402 75,807,991 Trade and other receivables 145,233 195,529 Prepayments 52,273 - Total current assets 2,404,908 76,003,520

Non-current assetsInvestment property 3 120,796,887 - Total non-current assets 120,796,887 -

Total assets 123,201,795 76,003,520

Liabilities

Current liabilitiesTrade and other payables 4 2,226,313 116,608 Total current liabilities 2,226,313 116,608

Non-current liabilitiesBorrowings 5 44,873,047 - Total non-current liabilities 44,873,047 -

Total liabilities 47,099,360 116,608

Net assets 76,102,435 75,886,912

EquityIssued capital 6 75,854,150 75,854,687 Retained profits 232,186 16,077 Equity attributable to the unitholders of Fort Street Real Estate Capital Fund IV 76,086,336 75,870,764 Non-controlling interest 16,099 16,148

Total equity 76,102,435 75,886,912

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Fort Street Real Estate Capital Fund IVCondensed consolidated statement of changes in equityFor the half-year ended 31 December 2018

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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Issued RetainedNon-

controllingcapital profits interest Total equity

Consolidated $ $ $ $

Balance at 1 July 2018 75,854,687 16,077 16,148 75,886,912

Profit/(loss) after income tax expense for the half-year - 216,109 (49) 216,060 Other comprehensive income for the half-year, net of tax - - - -

Total comprehensive income/(loss) for the half-year - 216,109 (49) 216,060

Transactions with unitholders in their capacity as unitholders:Issue costs (note 6) (537) - - (537)

Balance at 31 December 2018 75,854,150 232,186 16,099 76,102,435

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Fort Street Real Estate Capital Fund IVCondensed consolidated statement of cash flowsFor the half-year ended 31 December 2018

Consolidated31 December

2018$

The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes9

Cash flows from operating activitiesRental and other income received 302,651 Interest income received 603,237 Payments to suppliers (172,822)

Net cash from operating activities 733,066 Cash flows from investing activitiesPayment for the purchase of investment property (119,448,618)

Net cash used in investing activities (119,448,618) Cash flows from financing activitiesPayments of issue costs (537)Proceeds from borrowings 45,200,000 Payments of transaction costs relating to loans and borrowings (84,500)

Net cash from financing activities 45,114,963 Net decrease in cash and cash equivalents (73,600,589)Cash and cash equivalents at the beginning of the financial half-year 75,807,991

Cash and cash equivalents at the end of the financial half-year 2,207,402

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Fort Street Real Estate Capital Fund IVNotes to the condensed consolidated financial statements31 December 2018

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1. General information

Fort Street Real Estate Capital Fund IV (Fund) is an unlisted managed investment scheme registered and domiciled in Australia. The financial statements comprise the Fund and entities controlled by the Fund (collectively referred to as the Group). The Fund was registered on 14 December 2017. The principal activity of the Group is to invest in Australian commercial properties for the purposes of deriving rental income and capital growth.

This half-year financial report is intended to provide users with an update on the latest annual financial statements of the Group. The half-year financial report does not include notes of the type normally included in an annual financial report and it is therefore recommended that this half-year financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2018, together with any public announcements made during the half-year.

Statement of compliance

These condensed consolidated financial statements are general purpose financial statements which have been prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting.

For the purposes of preparing the condensed consolidated financial statements, the Group is a for-profit entity.

The condensed consolidated financial statements were authorised for issue by the board of directors of the Responsible Entity, Walsh & Company Investments Limited on 13 March 2019.

Basis of preparation

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group’s Annual financial report for the year ended 30 June 2018.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to their operations and effective for the current half-year.

New standards effective as at 1 July 2018:● AASB 15 Revenue from Contracts with Customers

The adoption of AASB 15 does not have any material impact on the Group's revenue since its primary revenue streams, being rental and outgoing recoveries and interest income are specifically excluded from the application of AASB 15. Therefore there is no change in the accounting policies applied in respect of these revenue streams.

AASB 9 Financial Instruments had been previously early adopted by the Group.

2. Earnings per unit

Consolidated31 December

2018$

Profit after income tax 216,060 Non-controlling interest 49

Profit after income tax attributable to the unitholders of Fort Street Real Estate Capital Fund IV 216,109

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Fort Street Real Estate Capital Fund IVNotes to the condensed consolidated financial statements31 December 2018

2. Earnings per unit (continued)

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Number

Weighted average number of ordinary units used in calculating basic earnings per unit 48,978,550

Weighted average number of ordinary units used in calculating diluted earnings per unit 48,978,550

Cents

Basic earnings per unit 0.44 Diluted earnings per unit 0.44

There are no transactions that would significantly change the number of ordinary units at the end of the reporting period.

3. Non-current assets - investment property

Consolidated31 December

2018$

Land 24,932,037

Buildings 90,858,736 Less: Accumulated depreciation (74,291)

90,784,445

Property, plant and equipment 5,092,517 Less: Accumulated depreciation (12,112)

5,080,405

120,796,887

Movement in investment property

Carrying amount of investment property at beginning of period - Additions 113,000,000 Acquisition costs 7,883,290 Depreciation charges in the period (86,403)

Carrying amount of investment property at half end of period 120,796,887

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Fort Street Real Estate Capital Fund IVNotes to the condensed consolidated financial statements31 December 2018

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4. Current liabilities - Trade and other payables

Consolidated31 December

2018 30 June 2018$ $

Trade payables 62,667 54,550 Accrued liabilities 2,157,787 62,058 Contract liabilities (deferred income) 5,859 -

2,226,313 116,608

5. Non-current liabilities - Borrowings

Consolidated31 December

2018$

Secured bank loan - net of borrowing cost 44,873,047

Financing arrangementsAs at 31 December 2018, the Group had a $54.6 million loan facility (30 June 2018: nil) with National Australia Bank Limited at a variable interest rate with reference to the Bank Bill Swap Rate (BBSY) repayable on 20th December 2021, as follows:

Consolidated31 December

2018$

Total facilitiesSecured bank loan facility 54,600,000

Used at the reporting dateSecured bank loan facility 45,200,000

Unused at the reporting dateSecured bank loan facility 9,400,000

To take advantage of the low interest rate environment, the Group has entered into an interest rate swap contract with a notional amount of $25 million, whereby the Group pays a fixed rate of interest and receives a variable rate based on BBSY (3 month) on the notional amount. At 31 December 2018, after taking into account the interest rate swap, 55% of the Group's borrowings are hedged. The fair value of the interest rate swap is not material as at 31 December 2018. The Group’s average cost of drawn debt is approximately 3.69% (excluding costs relating to undrawn debt).

The drawdown amount is secured against investment properties held by the Group with a carrying value of $120.8 million at balance date and is subject to compliance with specified covenants and other requirements.

There were no defaults or covenant breaches with respect to the loan during the half-year.

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Fort Street Real Estate Capital Fund IVNotes to the condensed consolidated financial statements31 December 2018

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6. Equity - issued capital

Consolidated31 December

2018 30 June 201831 December

2018 30 June 2018Units Units $ $

Ordinary units - fully paid 48,978,550 48,978,550 75,854,150 75,854,687

Movements in issued capital

Details Date Units $

Balance 1 July 2018 48,978,550 75,854,687 Issue costs (537)

Balance 31 December 2018 48,978,550 75,854,150

There has been no movement in ordinary units in the period.

All issued units are fully paid. The holders of ordinary units are entitled to receive distributions as declared from time to time by the Responsible Entity and are entitled to one vote per unit at the meetings of the Fund.

7. Controlled entities

Ownership interest

Principal place of business /31 December

2018 30 June 2018Name Country of incorporation % %

Fort Street Real Estate Capital Trust IV Australia 99.97% 80.62% FSREC IV No. 1 Trust Australia 100.00% -

8. Related party disclosures

Key management personnel

Alex MacLachlan, Warwick Keneally and Mike Adams are directors of the Responsible Entity of Fort Street Real Estate Capital Fund IV (Fund), Walsh & Company Investments Limited and are deemed to be key management personnel.

Alex MacLachlan is also a director of the Fund Manager and the Trustee of Fort Street Real Estate Capital Trust IV (Trust), Walsh & Company Asset Management Pty Limited.

Alex MacLachlan and Warwick Keneally are also directors of the Trustee of FSREC IV No. 1 Trust (Sub-Trust), Walsh & Company Investment Services Pty Limited.

Key management personnel are not compensated by the Fund or by the Responsible Entity directly for the management function provided to the Fund.

Responsible Entity fees and other transactions

Responsible Entity feeWalsh & Company Investments Limited, as Responsible Entity of the Fund, receives a Responsible Entity fee for the performance of its duties under the constitution of the Fund. The Responsible Entity fee is 0.08% per annum (exclusive of GST) calculated on the gross asset value of the Fund and payable monthly in advance.

For the period ended 31 December 2018, $30,629, exclusive of GST, was paid or payable to the Responsible Entity.

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Fort Street Real Estate Capital Fund IVNotes to the condensed consolidated financial statements31 December 2018 8. Related party disclosures (continued)

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Trustee feeWalsh & Company Asset Management Pty Limited in its capacity as Trustee of Fort Street Real Estate Capital Trust IV, a majority owned subsidiary of the Fund, receives a Trustee fee of 0.10% per annum (exclusive of GST) for services provided under the terms of the Trust’s trust deed. The Trustee fee is calculated on the gross asset value of the Trust, payable monthly. For the period ended 31 December 2018, $10,092, exclusive of GST, was paid or payable to the Trustee. Investment Manager feeFort Street Real Estate Capital Pty Limited (Fort Street), a related party of the Responsible Entity, is engaged as the Group's Investment and Property Manager and receives an Investment Manager fee of 0.69% per annum (exclusive of GST) calculated on the gross asset value of the Fund and payable monthly in arrears. For the period ended 31 December 2018, $264,307, exclusive of GST, was paid or payable to the Investment Manager. Property Manager fee Fort Street acts as Property Manager of the Trust and is responsible for managing and maintaining the property portfolio of the Trust, optimising tenancy profile and maximising returns. The Property Manager receives a Property Manager fee of 3% per annum, payable monthly (exclusive of GST) calculated on the gross income value of the Trust. For the period ended 31 December 2018, $8,830, exclusive of GST, was paid or payable to the Property Manager. Acquisition feeFort Street in its capacity as Investment Manager, is responsible for sourcing, undertaking due diligence investigations and recommending property acquisitions to the Trustee. The Investment Manager receives an Acquisition fee of 1.25% on the purchase price (excluding GST and acquisition costs) of assets acquired by the Trust. This fee is included in the acquisition cost of investment properties. The Acquisition fee is payable to the Investment Manager upon transfer of title to the Trust. For the period ended 31 December 2018, $1,412,500, exclusive of GST, was paid or payable to the Investment Manager. The fee has been capitalised to the acquisition costs of investment property. Debt Advisory feeFort Street Capital Pty Ltd, a related party of the Responsible Entity, receives a debt arranging fee for assistance in arranging new debt facility for the Group. For the period ended 31 December 2018, $273,000, exclusive of GST, was paid or payable by the Group. The fee has been capitalised to the costs of borrowings. 9. Capital commitments As at reporting date, the Group had no commitments. 10. Contingent liability The directors of the Responsible Entity are not aware of any potential liabilities or claims against the Group as at the end of the reporting period. 11. Events after the reporting period No matter or circumstance has arisen since 31 December 2018 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

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Fort Street Real Estate Capital Fund IVDirectors' declaration31 December 2018

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The directors of the Responsible Entity declare that, in the directors' opinion:

● the attached financial statements and notes comply with the Corporations Act 2001, including compliance with the Accounting Standards;

● the attached financial statements and notes give a true and fair view of the Group's financial position as at 31 December 2018 and of its performance for the financial half-year ended on that date; and

● there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors of the Responsible Entity made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

___________________________Alex MacLachlanChairman of Walsh & Company Investments Limited, Responsible Entity

13 March 2019

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Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

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Deloitte Touche Tohmatsu

ABN 74 490 121 060

Grosvenor Place

225 George Street

Sydney, NSW, 2000 Australia

Phone: +61 2 9322 7000

www.deloitte.com.au

Independent Auditor’s Review Report to the Unitholders of

Fort Street Real Estate Capital Fund IV

We have reviewed the accompanying half-year financial report of Fort Street Real Estate Capital Fund IV (‘the Fund’), which comprises the condensed consolidated statement of financial position as at 31 December 2018, and the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of cash flows and the condensed consolidated statement of changes in equity for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the consolidated

entity comprising the Fund and the entities it controlled at the end of the half-year or from time to time during the half-year. Directors’ Responsibility for the Half-Year Financial Report The directors of the Responsible Entity of the Fund are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2018 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of the Fund, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Auditor’s Independence Declaration In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Responsible Entity of the Fund, would be on the same terms if given to the directors as at the time of this auditor’s review report.

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Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Fort Street Real Estate Capital Fund IV is not in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2018 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. DELOITTE TOUCHE TOHMATSU

Michael Kaplan Partner Chartered Accountants Sydney, 13 March 2019

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Fort Street Real Estate Capital Fund IVDirectory31 December 2018

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Fort Street Real Estate Capital Fund IV Fund ManagerLevel 15, 100 Pacific HighwayNORTH SYDNEY NSW 2060T: 1300 454 801F: 1300 883 159E: [email protected]

Walsh & Company Asset Management Pty Limited(ACN 159 902 708) (AFSL 450 257)Level 15, 100 Pacific HighwayNORTH SYDNEY NSW 2060T: 1300 454 801F: 1300 883 159E: [email protected]

Responsible Entity Auditor

Walsh & Company Investments Limited (ACN 152 367 649) (AFSL 410 433)Level 15, 100 Pacific HighwayNORTH SYDNEY NSW 2060T: 1300 454 801F: 1300 883 159E: [email protected]

Deloitte Touche TohmatsuGrosvenor Place, 225 George Street SYDNEY NSW 2000 T: +61 2 9322 7000 F: +61 2 9322 7001deloitte.com.au

Directors Unit Registry

Alex MacLachlanWarwick KeneallyMike Adams

Secretaries

Hannah ChanCaroline Purtell

Boardroom Pty LimitedLevel 12, 225 George Street SYDNEY NSW 2000 T: 1300 737 760 (Australia) T: +61 2 9290 9600 (International) F: 1300 653 459boardroomlimited.com.au

Investment Manager & Property Manager

Fort Street Real Estate Capital Pty Limited(ACN 164 101 731)Level 11, 1 O’Connell Street SYDNEY NSW 2000T: +61 2 8241 1300F: +61 2 8241 1333

E: [email protected]

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