• Completed 3-year extension to FY28 of existing debt facility at reduced interest cost
• Leased all remaining vacant space at 38 Sydney Avenue, Forrest ACT
• Disposed of remaining non-core assets, reducing gearing to 33.6%

360 Capital REIT (ASX:TOT) has announced its financial results and operational update for the half-year ended 31 December 2024. Key highlights include a 3-year extension to FY28 of its existing debt facility at a reduced interest cost, the leasing of all remaining vacant space at 38 Sydney Avenue, Forrest ACT, and the disposal of its remaining non-core assets, reducing the REIT's gearing to 33.6%. The REIT's property portfolio comprises three modern assets in Melbourne, Canberra, and Brisbane, with a weighted average lease expiry (WALE) of 6.9 years and an average age of 4.2 years. The portfolio is 93.3% occupied, with the only remaining vacancy being Level 2 at 510 Church Street, Cremorne VIC. The REIT has also announced a reduction in its fee structure and the approval of a new Investment Management Agreement. Management is focused on leasing the remaining vacancy at 510 Church Street and exploring growth opportunities to increase the REIT's relevance and close the trading discount to its net tangible assets.

The Fund's FY25 forecast distribution remains unchanged at 3.0cps, to be paid in equal quarterly instalments and fully franked.

The REIT is starting to see opportunities to grow and make TOT more relevant, with a medium-term objective to be included in the S&P/ASX300 A-REIT Index. The manager is focused on creating/restoring value for TOT Securityholders.