Key Terms

The Unit Price, or Net Asset Value (NAV), represents the net value of the Trust’s assets minus its liabilities, divided by the total number of units on issue, typically calculated annually, at 30 June. Because these figures are calculated as at a specific date, it is important to note they can change quickly as asset valuations can be materially affected by things such as leasing performance or changes in interest rates.

For example, if an asset has a vacancy at the date the unit price is calculated, no income will be attributed to that tenancy which negatively impacts the value of the asset (and therefore, the unit price).  The filling of that vacancy, through securing a new lease, will result in increased income for the asset and improve its valuation, thereby having a positive impact on the unit price (assuming all other factors remained the same).