July Monthly Newsletter

The Atlas High Income Property Fund declined slightly by -0.6% which was an acceptable outcome where lockdowns in Melbourne and Sydney caused the large retail trusts to fall by between -5% and -6% over July.
While lockdowns impact the economy and thus the earnings of property trusts and infrastructure assets, 2020 showed that not
all assets’ owners are uniformly negatively impacted. Indeed, many companies held in the portfolio saw minimal to no impact
on their profits from the lockdowns last year. Consequently, the lockdowns in July 2021 did not result in broad-based panic
selling of real estate assets on the ASX that we saw in February and March last year.

o to Monthly Newsletters for a more detailed discussion of the listed property market and the fund’s strategy going into 2022.