'There is no material impact on Arena's portfolio valuation or...

'There is no material impact on Arena's portfolio valuation or Net Asset Value per security from half year 2023.'

Out of a total of 271 properties, 47 were independently valued with the remaing assets subject to Directors' valuation. Valuation program provides for each property to be independently valued at least once every three years with more frequent independent revaluations of properties where changes in market conditions necessitate. This begs the question 'have market conditions changed' and what would asset valuations be if more were independently valued (previous year 51 independently valued).

Last reported NAV $3.42 (HY23). Currently trading at a premium of 11%, it could be argued Arena is overpriced. Along with the market it has been moving sideways:



Average annual like-for-like rent increase of 6.8% compared to 6.45% for HY23. With over 94% of annual rent
reviews subject to an increase of the higher of an agreed fixed increase or CPI, CPI or market review over the next five years, they appear well placed.