Below are some frequently asked questions regarding Investa Office Fund (IOF). If you are unable to find the answer to your query, or would like to obtain further information or make a suggestion for an FAQ please email Investor Relations.
Unitholder Information
If you have changed your name or address you need to contact Link Market Services, IOF’s registrar, advising of any changes to your registered details. Name changes will need to be made in writing, and require a copy of the legal documentation confirming the name change (i.e. a marriage certificate in the case of marriage).
Changes to your nominated bank account will need to be made in writing and with reference to the Security Holder Reference Number or Holder Identification Number signed by the unitholder/s. Please complete the relevant information online in your Link Market Services account (single holdings only), or by completing the form available here and mail/fax/email the completed form to Link Market Services.

Investa Office Fund (ASX:IOF) is listed on the Australian Securities Exchange (ASX) therefore to purchase or sell units in IOF it is necessary to contact your broker or visit the ASX website for a list of brokers.

Off market transfers can be performed by visiting Link Market Services and completing the relevant form and submitting as directed.

As IOF is listed on the ASX, you do not need a PDS to invest. You can simply buy or sell units in IOF by contacting your financial adviser, stockbroker or an online broker.
Advice of TFNs or ABNs can be made online by logging in to your Link Market Services account, or contacting Link Market Services directly. You may choose not to provide your TFN but if you DO NOT provide your TFN, ABN or exemption IOF is required to deduct tax from your distribution at the highest marginal rate plus the Medicare levy.
For a history of your unit holdings please login to your Link Market Services account. Alternatively you can request a replacement statement (fees may apply) by contacting Link Market Services.
As IOF is listed on the ASX, the unit price will change throughout the trading day.  To calculate the value of your units in IOF, simply multiply the number of units you hold by the current unit price.  Your number of units can be found on your latest statement or via your Link Market Services account and the current unit price is available from the ASX website (ASX:IOF). Recent prices are also available in most major metropolitan newspapers.

Investa Office Fund is a stapled security consisting of units in both Prime Credit Property Trust (“PCP”) and Armstrong Jones Office Fund (“AJO”).

The sale (or acquisition) of units in IOF represents the sale (or acquisition) of seperate interests in each of the two entities. For capital gains tax purposes, the acquisition costs and disposal proceeds need to be apportioned to each of the two entities, using a reasonable basis of apportionment.

One possible method of apportionment is on the basis of the net assets (excluding minority interest) of the individual entities comprising IOF. Please view Net Asset Splits for the cost base details.

If you believe you are receiving duplicate communications please speak to Link Market Services and they will be able to assist you with your query. Please note that if you have acquired units on more than one occasion your holding may have been recorded on the unit register with slightly different details. As a result two or more accounts may have been set up for you. However sometimes we need to maintain more than one account, for example, if you hold units in your own name and also in joint names with your partner.

For all individual unitholder queries please contact Link Market Services Limited.

For analysts and institutional investors please contact IOF’s Investor Relations team.

Distributions
IOF pays distributions at the end of February and August of each year. In December 2011 IOF changed the distribution payment frequency from quarterly to half yearly.
Estimated tax components of distributions will be provided at the end of February and August each year. These estimated components should be used for non-resident withholding tax purposes only. For Australian resident unitholders, the full year tax components of distributions will be provided in the Annual Taxation Statement which will be sent to unitholders at the end of August. Alternatively you can login to your Link Market Services account in order to view your most recent Annual Taxation Statement.
A taxation statement for the tax year to 30 June is mailed to all unitholders who have held an investment in IOF during that tax year.  The taxation statements are mailed towards the end of August following completion of the financial statements in mid-August of each year. The taxation statement summarises the distributions paid during the year and includes information required to complete your annual tax return. To view and download your tax statement, you can login to your Link Market Services account or alternatively you may contact Link Market Services.

If you have not received a distribution payment that you believe should have been paid, please contact Link Market Services.

IMPORTANT CHANGES TO PAYMENT OF DISTRIBUTIONS
 
The fund has streamlined the way it pays distributions and, effective from the 2013 final distribution payment (expected to be paid in August 2013), payments to unitholders with registered addresses in Australia will only be made by direct credit to their bank account. Unitholders with registered addresses outside of Australia will receive payment in the same form as they have previously nominated.  
The benefits of having your distribution paid by direct credit into your nominated account include:

  • there is no delay in waiting for your cheque in the mail – your funds are deposited on the date of payment and are available for immediate use;
  • direct credit is a more secure method of receiving distribution payments; and
  • you can elect to have your distributions paid either directly to your own bank account or any nominated account in Australia.

You will continue to receive a distribution statement in the form nominated by you (electronic or paper) for your tax records.
 
You need to provide details of your nominated bank account to our share registrar, Link Market Services. If your banking instructions are not received by the record date for the 2013 final distribution (expected to be paid in August 2013), your distribution payment will be retained by Investa Office Fund until your banking instructions are received after which the full amount will be paid into your nominated bank account.

Currently the Distribution Reinvestment Plan (DRP) for IOF is inactive. Should this change, an ASX announcement will be made to the market and participation forms will be sent to unitholders.

The record date is the date on which IOF’s unit register is closed off to identify the unitholders who may be entitled to a distribution and to calculate any entitlement to IOF’s current distribution.  All change of address notifications, direct credit instructions, TFN/ABN, exemption notification instruction or election forms must be notified in advance so that they are incorporated into the unit register by 5.00pm on the record date to apply for IOF’s current distribution.

The ex-distribution date is the date on which units change from being quoted ‘cum’ (i.e.  with the distribution attached) to ‘ex’ distribution (i.e. without the distribution entitlement).  Units are usually quoted ex-distribution four business days before IOF’s record date.  Units sold ex-distribution entitle the seller (the previous owner) to receive the last declared distribution prior to the sale, rather than the purchaser. The unit price may fall on the ex-distribution date, with the fall in price being similar to the amount of the distribution to be paid.

Dividends are paid to shareholders by companies out of their profits.

Distributions are paid to unitholders by trusts, such as IOF. Distributions are usually made up of income (i.e. rental income) and may also include a capital payment.

Unitholder meetings and communications

The management of IOF encourages all unitholders to attend Unitholder Meetings and utilise the opportunity to have their questions addressed.

Unitholder Meetings provide an opportunity for unitholders to meet with the Board of Investa Listed Funds Management Limited (Board), the Responsible Entity of the trusts which comprise IOF, to gain an understanding of the performance of IOF and become directly involved in any decisions requiring unitholder support. During the meeting, unitholders may be asked to vote on important issues and are given the opportunity to put questions to members of the Board and the IOF management team.

The Annual Unitholder Meeting for IOF is scheduled for October or November of each year. All unitholders will be sent a Notice of Meeting approximately one month in advance to advise them of the agenda and venue for the meeting.  Details of the location will also be made available on the website closer to the time.

Additional Unitholder Meetings may occur at other times during the year for extraordinary items and unitholders will be advised in writing of the details.

No. You will be sent a form with the Notice of Meeting, called a proxy form, which allows you to submit your vote via the post or alternatively online. If you are not attending the Unitholder Meeting you will be asked to complete the proxy form by a specified date before the meeting.

Alternatively you can appoint another party, your proxy, to attend the Unitholder Meeting on your behalf. Your proxy can vote at the meeting but cannot ask questions unless allowed by the Chairman.

IOF announces results for the half year ending 31 December in February and full year ending 30 June in August of each year. You can view the upcoming results announcement dates and the previous financial results as well as the webcasts on the website.
The Annual Report and Half-Year Report are available online in PDF format to all investors. To receive an email notifications when the next report is available please contact Link Market Services to ensure you are enlisted to receive email notifications for the Annual and Half-Year Report. You may also elect to receive a printed copy via post.
Investa is globally recognised for its sustainability initiatives. As part of this, and in order to reduce IOF’s carbon footprint and costs to the fund, our focus is to minimize printed reports and therefore encourage the uptake and use of online versions.
Please notify Link Market Services via phone, email, or alternatively individual unitholders can update their details online by logging into their Link Market Services account.
To receive unitholder information electronically you can update your preference by logging into your Link Market Services account at www.linkmarketservices.com.au, or alternatively you can contact Link Market Services by phone or email.
Unit Consolidation

IOF completed a 4 to 1 unit consolidation on the 26th of April 2012. This resulted in 2.46 billion units on issue consolidating to 614 million units on issue, with a corresponding increase in the unit price by four times the pre-consolidation unit price.

Please refer to the ASX announcement regarding the unit consolidation for further information.

IOF completed a 4 to 1 unit consolidation on the 26th of April 2012. This resulted in 2.46 billion units on issue consolidating to 614 million units on issue, with a corresponding increase in the unit price by four times the pre-consolidation unit price. The consolidation affected all unitholders uniformly and did not materially affect any unitholder’s percentage interest in IOF.

At this time the number of units held by unitholders reduced while at the same time there was an associated increase in unit price. As a result there was no change to the underlying value of any unitholder’s aggregate unitholding in IOF.

Please refer to the ASX announcements regarding the unit consolidation for further information.

Like most Australian Real Estate Investment Trusts (A-REITs), IOF undertook capital raisings during the Global Financial Crisis (GFC) which greatly increased the number of units on issue (IOF had approximately 1.2 billion units on issue pre-GFC).

IOF undertook the unit consolidation for the following reasons beneficial to unitholders:

  • Reduced unit price volatility: a 1 cent movement in the unit price pre-consolidation represented approximately a 1.6% unit price movement. Post consolidation, a 1 cent movement in the unit price represents approximately a 0.4% unit price movement;
  • Improved market perception: the large number of IOF units on issue resulted in a lower per-unit market price on the ASX. Following the consolidation, a higher absolute unit price broadens the appeal of IOF to a greater number of investors;
  • Broadened the investor universe: certain institutional investors have mandate restrictions on investing in stock with a price below AUD1.00. The unit consolidation opens potential investment in IOF to these investors; and
  • Alignment with other A-REITs: since the GFC, a number of A-REITs have engaged in a consolidation of their securities. The unit consolidation better aligns the number of IOF units on issue with IOF’s peers in the A-REIT sector.

Set out below is a summary of the general Australian tax implications of the consolidation that may apply to certain relevant unitholders. However, you should seek personal tax advice regarding your individual tax position as IOF does not accept any responsibility for any tax consequences resulting from the consolidation.

  • Having regard to current taxation rulings, pronouncements and other materials issued or made public by the Australian Taxation Office regarding other similar arrangements, the unit consolidation should not result in a capital gains tax event for unitholders as it does not involve any disposal of your investment;
  • There should be no effect on the total cost base of your IOF units. The cost base of each consolidated IOF unit should be equal to the aggregate of the cost bases of the pre-consolidated IOF units that were merged into that new IOF unit; and
  • Further, the consolidation of IOF units should not affect the date of acquisition of any IOF units for tax purposes. Where you have acquired pre-consolidated IOF units on different dates, then you should treat a corresponding proportion of the consolidated IOF units as having been acquired on each of those acquisition dates.
Units held by other people

Please contact Link Market Services, and they will guide you through what you need to do. You will be asked to provide the Security Holder Reference Number (SRN) or Holder Identification Number (HIN).

In terms of managing the affairs of a deceased estate, regulations vary from state to state. Please speak to a probate lawyer to administer the deceased estate to ensure all documents are filed correctly and processed efficiently.

Unit transfers depend on your individual situation. If you have a HIN, you will need to contact your sponsoring broker who will arrange the transfer on your behalf.

If you hold an SRN and wish to transfer your shares to another person you will need to complete an Off-market Transfer Form and lodge it with Link Market Services.  Transfers must be validly completed and signed and must meet the issuer’s conditions of transfer.

Useful terms and other information

Holder Identification Numbers (HINs) identify CHESS Sponsored holdings (also referred to as Broker Sponsored holdings). Some HINs start with the letter ‘X’ while others have no alphabetic prefix ie. X00054321 or 00054321.

Securityholder Reference Numbers (SRNs) identify Issuer Sponsored holdings and begin with the letter ‘I’ ie. I00054321.

Your HIN or SRN appears on your original holding statement as well as subsequent statements and payment distribution advices.

NB. Your SRNs and/or HINs identify you as the owner of your units and should be stored securely.

A real estate investment trust (REIT) is an investment vehicle which pools the money of many investors, so that they may share in the returns of a wide spread of property investments.  When investors buy units in IOF, they are effectively acquiring a share of the ownership of these assets.  The returns from these assets largely comprise the rental income paid by the tenants.  These returns are distributed to unitholders by a periodic distribution payment which for IOF is on a half-yearly basis.
A trust is ‘listed’ when its units are quoted (or listed) on a recognised securities exchange – IOF is listed on the Australian Securities Exchange (ASX). As the units in IOF are listed on the ASX and actively traded each day, their value will rise and fall according to market conditions. This is different from unlisted unit trusts, where the investment manager calculates the unit price periodically.  Units in listed trusts can be bought or sold on the ASX via a financial advisor, stockbroker or online broker.

Stapled securities are created when the securities of two or more entities are contractually bound together so that they cannot be traded separately.

In the case of IOF, a stapled security in IOF comprises a unit in Armstrong Jones Office Fund stapled to a unit in Prime Credit Property Trust. For further information on this please click here to read the history of IOF.

Contact details

For all indivual unitholder queries please contact:
 

Link Market Services Limited

Locked Bag A14
Sydney South NSW 1235

Phone: Freecall +61 1300 851 394
Fax: +61 2 9287 0303
Email: investa@linkmarketservices.com.au
Website: www.linkmarketservices.com.au

For analysts and institutional investors please contact IOF’s Investor Relations team:
 

Investa Office Fund

Level 6
Deutsche Bank Place
126 Phillip Street
Sydney NSW 2000

Phone: Freecall 1300 130 231 (within Australia) or +61 2 8226 9497 (outside Australia)
Fax: +61 2 9844 9300
Email: investorrelations@investa.com.au