Colonial Property ahead of forecasts

The company has announced a net surplus of $10.94 million for the for the nine months to the end of December. At the half-year to the end of September the net surplus was $7.16 million.

Trust GM Lloyd Cundy says the result reflects the Trust's strong cash flow and the addition of Panasonic House in Wellington to the Trust's portfolio in June last year.

"Panasonic House is well tenanted and provides opportunity for ongoing rental and capital growth."

"It's a good fit with the Trust's philosophy of investing in fringe CBD properties that provide large efficient floor plates".

The Trust's NTA has increased from 96.13 cents per unit at the end of September last year to 96.40 at the end of December.

In March the Trust it will pay its third interim distribution for the current financial year of 2.67 cents per unit, equating to an annualised gross of 10.69 cents per unit compared with a prospectus forecast of 10.4 cents per unit.

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