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Australian Unity Office Fund beats IPO targets, sets fiscal FY'18 forecast

Beating fiscal full-year 2017 targets set before it listed on the Australian bourse in June 2016, Australian Unity Office Fund also lifted its projections for the 2018 fiscal year.

In the 2017 financial year, funds from operations, or FFO, reached A$24.0 million and statutory net profit was A$60.6 million, compared to the respective A$23.1 million and A$18.0 million forecasts noted in the company's product disclosure statement for its IPO.

Looking into the 2018 financial year, and subject to no material changes in market conditions, Australian Unity Office Fund expects per-unit FFO to be in the range of 17.1 cents to 17.3 cents. Distribution in the year is anticipated to be 15.6 cents per unit.

As of Aug. 7, US$1 was equivalent to A$1.26.