• Q4 2024 represented the strongest quarterly result since the reimplementation of the sales programme, with $51.68 million in sales across 43 transactions
• Full year 2024 sales of $150.97 million across 104 transactions, in line with the $150 million target
• 2025 sales target range of $200 to $225 million

The fourth quarter of 2024 represented the strongest quarterly result since the reimplementation of the sales programme, with the Group closing on US$51.68 million in sales across 43 transactions, taking the full year sales to US$150.97 million across 104 transactions. Pleasingly, the result of the sales programme for 2024 is in line with the target of $150 million set at the beginning of the year. Looking forward to 2025, the RE has advised security holders that the sales target for the 2025 calendar year is in the range of US$200 to $225 million. As of 31 December 2024, the full sales pipeline as of the end of the quarter was US$156.30 million, which includes assets in the pipeline for sale, on the market or in attorney review and under contract. The Group completed its semi-annual portfolio appraisal process which reflected a decrement of -US$8.1 million, or -1.8%, for the six-month period ended 31 December 2024. Taking into account the appraisal result of the first half of the financial year, the Group recognised an overall decrement for the 2024 calendar year of -US$12.8 million, or -2.35%. The Group's unadjusted Funds From Operations (FFO) was a loss of A$27.2 million for the 2024 calendar year. Excluding disposal costs and one-off items, the adjusted FFO was a loss of A$8.4 million. The Group repaid US$31.6 million of the Global Atlantic Term Loan during the quarter. Subsequent to quarter-end, the Group announced the finalisation of its review of the US tax structure, with the classification of the US vehicle changing from a REIT to a C-Corp.

The RE has advised security holders that the sales target for the 2025 calendar year is in the range of US$200 to $225 million.