By Phil Boeyen, ShareChat Business News Editor
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Wednesday 29th August 2001 |
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The properties trust has announced a tax-paid surplus of $8.6 million for the year ended June, up 7.7% on last year's result. Rental income rose 8.7% to $15.6 million.
"However, the net surplus after income tax was down 0.9% reflecting the fact that there was no unrealised return brought to account on investment properties under construction during the year ended June," the trust says.
During the year the CHP has reported moderate portfolio growth, up 5.1% to $213.2 million, with net asset backing rising 2 cents to $1.12 per unit.
The trust says the unit price was negatively impacted during the year by the lower level of distributions arising from the delays to the commencement of the Ascot Clinics and Waitemata Private projects.
"It is the manager's view that no value is being built into the unit price to reflect the growth potential inherent in the work-in-progress projects."
During the year two new additions in Whangarei and on the Hibiscus Coast were added to the portfolio while a Remuera property was sold.
Work-in-progress includes leasing for the Waitemata Private project and for Epworth Eastern hospital in Melbourne, while a decision has been made to sell the two Brighton hospital properties in the Australian portfolio.
The trust says it is in an improved position going into the 2002 financial year.
"The commencement of the work-in-progress projects will see the realisation of a number of years of planning, consultation and negotiation by the manager and will confirm the trust's position as a significant stake holder in the New Zealand health care sector.
"Most importantly, unit holders should be rewarded for their patience with strengthening income returns. While there is still much to be accomplished, the outlook for the trust and its unit holders is positive."
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