The Fund continues to perform well and has been benefiting greatly by the fall in the AUD:USD.
The unit price is now knocking on the door of $1.20 per unit, which is a tremendous result given we’re barely out of the acquisition phase.
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2. Property Profiles Updated
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If you’re interested in casting your eyes over the Fund’s property portfolio then head to the link below as I’ve just finished updating the website.
https://www.passiveincomefund.com/property-profiles-page/
More detailed financial information on each property is available by following the links.
You might also like to read a short Florida property market update that you can access here:
https://www.passiveincomefund.com/florida-economic-report/
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3. What’s Happening Behind The Scenes
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My team have been working very hard completing a mixture of compliance and statutory reporting obligations.
FATCA in particular has been a handful, but we are nearly through it – just in time for our 31 December Australian half-year end and US full year end.
I’ve been working hard on refinance options and also mapping the portfolio’s performance in order to get more accurate earnings budgets / projections.
Unfortunately, we had to terminate Tommy Senatore as Vice President of Ozinus Realty LLC (i.e. the US REIT) after questions of probity surfaced.
I went to the US for five weeks to complete a thorough investigation, and although serious allegations concerning his private rental management business surfaced, I did not find any issues of fraud or theft concerning the Fund.
That said, his position became untenable. In his place we have appointed Mr. Michael Mauer – a US CPA who has been working with us for over a year completing various due diligence assignments with distinction.
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4. When Will The Fund Be Reopening?
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I’m asked this question a lot, and the best answer I can give at the moment is some time in March 2015. There are a number of legal hurdles to jump to update the PDS before we reopen, and this will consume quite a lot of resources.
If you want to increase your holding in the meantime then one potential option is to swap your distribution payment from cash to reinvestment. Doing so will see you allocated with units instead of cash in respect to our upcoming 4 cent per unit December distribution.
If you’d like to change your distribution payment option then please email taf@passiveincomefund.com and she’ll send you the relevant form.
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5. When Can I Redeem?
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As explained in the PDS, our first redemption window will be in the second half of next year. Full details will be provided well in advance of the process you’ll need to follow.
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And Finally…
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As this will be my last update before Christmas, on behalf of all the team here, I wish you all the best for a joyous and peaceful holiday season.
Sincerely,
– Steve McKnight
