Revenue was up 62.7% in FY15 on the pcp, largely as a result of significantly improved rental income of $22m, up 58.6% on the pcp and slightly above our forecast rental income of $21.3m. The Fund reported an increase in the book value of properties of $40.8m, a 28.8% increase on the previous year book value uplift. The valuation uplift and the improved rental income assisted the Fund in generating a profit before tax of $25.4m, a 121% uplift on the pcp and a small net profit of $63,986, after the $3.9m loss reported in FY14. The Fund continues to have a negative operating cashflow, with the Fund currently spending more on renovating properties than the rental income being generated. Valuation: IIR have revised their base case value for URF up to $2.41 per unit. The Fund currently has 33% of its portfolio (based on value) in the renovation phase. As such, we do not see the Fund making a significant number of acquisitions over 2016. For a more detailed insight, see the IIR report attached.