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Tax cost base information

Cost base of Industria REIT securities acquired in the Initial Public Offer (IPO)

If you acquired Industria REIT securities as part of the Institutional Offer, Broker Firm Offer or the Priority Offer, the cost base per stapled security acquired is $2.00. For capital gains tax purposes this cost base is required to be apportioned between each entity comprising Industria REIT on a reasonable basis. One possible method of apportionment is on the basis of the relative Net Tangible Assets of the individual entities comprising Industria REIT at IPO. This is set out below:

Entity Allocation
($ per security)
Industria Trust No.1 1.3564739410
Industria Trust No.2 0.1618314471
Industria Trust No.3 0.1052153504
Industria Trust No.4 0.1014358420
Industria Company No.1 Limited 0.2750434196
2.0000000000

Cost base of Industria REIT securities for Australand Wholesale Property Fund 6 (AWPF6) investors who elected to retain securities

If you were an AWPF6 investor that elected to retain some or all of your securities, the establishment steps to create Industria REIT will mean that you are required to allocate your existing cost base of AWPF6 across each entity comprising Industria REIT. This is illustrated via the following steps:

Step 1 – Return of capital and subscription for new securities

AWPF6 investors that elected to retain some or all of their securities received a return of capital from Industria Trust No.1 (formerly Australand Wholesale Property Trust No.6 (AWPT6)) and Industria Trust No.2 (formerly Australand Wholesale Property Trust No.6A (AWPT6A)) which was then compulsorily applied to subscribe for new units in Industria Trust No.3 and Industria Trust No.4 and new shares in Industria Company No.1 Limited. This step is set out below:

Entity Return of capital per AWPT6 Unit
($ per security)
Return of capital per AWPT6A Unit
($ per security)
Compulsory acquisition of Industria REIT securities
($ per security)
Industria Trust No.1 (formerly AWPT6) -0.2115541042
Industria Trust No.2 (formerly AWPT6A) -0.0252390450
Industria Trust No.3 (formerly WDPP) 0.0517221358
Industria Trust No.4 (formerly BTPC) 0.0498641917
Industria Company No.1 Limited (formerly ADHPL) 0.1352068216
-0.2115541042 -0.0252390450 0.2367931492

As a result of the above step you may have realised a capital gain on the formation of Industria REIT if the aggregate of the capital return made (refer above) exceeded the reduced tax cost base of your investment in AWPT6 and AWPT6A units. Your reduced tax cost base is determined as the acquisition price paid for AWPT6 and AWPT6A units, less any tax deferred distributions or capital returns previously paid. We recommend that you contact your accountant or taxation adviser on this matter.

Step 2 – Subdivision of Units in the Trusts and Shares in Industria Company No.1 Limited

Following the completion of Step 1 above, a number of unit and share subdivision and consolidation steps occurred such that AWPF6 investors ultimately received 0.4915835539 units (rounded up) in Industria REIT for every AWPF6 security an investor elected to retain. As an example, if you elected to ‘roll over’ 10,000 AWPF6 securities you will have received 4,916 Industria REIT stapled securities.

As a result of the completion of the subdivision and consolidation steps described above, the resultant tax cost base will need to be reallocated proportionately across the revised number of units and shares in Industria REIT. This can be determined by dividing the tax cost base of each Trust or Company calculated after the completion of Step 1 by 0.4915835539.

Illustrative example

The above steps 1 and 2 are set out in the following illustrative example:

Assumptions
Initial holding (stapled AWPF6 securities all converted to Industria REIT securities) 10,000
Inudstria REIT securities owned post conversion 4,916
Acqusition value (per stapled AWPF6 security) $1.0000

Tax Cost Base assumptions AWPT6 AWPT6A
Assumed relative NTA allocation on acquisition date A $0.9000 $0.1000
Assumed tax deferred distributions and returns of capital received B $0.2037 $0.0258
Assumed reduced tax cost base C = A-B $0.6963 $0.0742

Illustrative Tax Cost Base calculation AWPT6 (renamed to Industria Trust No.1) AWPT6A (renamed to Industria Trust No.2) Industria Trust No.3 Industria Trust No.4 Industria Company No.1 Limited
Acquisition $0.9000 $0.1000 - - -
Assumed tax deferred distributions received ($0.2037) ($0.0258) - - -
$0.6963 $0.0742 - - -
Step 1: Returns of Capital and subscription for new securities ($0.2116) ($0.0252) $0.0517 $0.0499 $0.1352
D $0.4848 $0.0489 $0.0517 $0.0499 $0.1352
Step 2: Unit and share subdivision / consolidation - division factor E 0.4915835539 0.4915835539 0.4915835539 0.4915835539 0.4915835539
F = D/E $0.9862 $0.0995 $0.1052 $0.1014 $0.2750

Cost base apportionment for CGT purposes - based on net tangible assets of the individual entities as at 30 June 2014

Entity Allocation per security
Industria Trust No.1 65.92%
Industria Trust No.2 7.93%
Industria Trust No.3 7.31%
Industria Trust No.4 3.99%
Industria Company No.1 Limited 14.85%
100.00%

Cost base apportionment for CGT purposes - based on net tangible assets of the individual entities as at 30 June 2015

Entity Allocation per security
Industria Trust No.1 66.16%
Industria Trust No.2 7.13%
Industria Trust No.3 6.53%
Industria Trust No.4 4.66%
Industria Company No.1 Limited 15.52%
100.00%

Cost base apportionment for CGT purposes - based on net tangible assets of the individual entities as at 30 June 2016

Entity Allocation per security
Industria Trust No.1 67.27%
Industria Trust No.2 7.37%
Industria Trust No.3 7.20%
Industria Trust No.4 3.67%
Industria Company No.1 Limited 14.49%
100.00%

Cost base apportionment for CGT purposes - based on net tangible assets of the individual entities as at 30 June 2017

Entity Allocation per security
Industria Trust No.1 70.57%
Industria Trust No.2 7.10%
Industria Trust No.3 4.52%
Industria Trust No.4 3.40%
Industria Company No.1 Limited 14.41%
100.00%

The above information is designed to assist you in completing your tax return when you dispose of your Industria REIT stapled securities. As each security holder’s particular circumstances is different, we recommend you seek professional advice in relation to the taxation implications of your investment. Whilst every care has been taken in the preparation of this information, APN Funds Management reserves the right to make amendments or corrections to the information set out above.