Vital Healthcare posts 21 percent rise in profit, expects similar distributions in 2014

Thursday 22nd August 2013

Vital Healthcare Property Trust, New Zealand's largest listed medical and healthcare property investor, posted a 21 percent increase in profit before one-time items as it benefited from increased rents on the back of new developments and acquisitions.

Net distributable income, the earnings measure it uses for distributions to unitholders, rose to $28.2 million in the year ended June 30, from $23.3 million the year earlier, the Auckland-based company said in a statement. Revenue increased 21 percent to $57.9 million as rental income rose 18 percent to $59.9 million.

Vital Healthcare will make a fourth-quarter distribution of 2.125 cents a unit on Sept. 25, taking the full-year payment to 7.9 cents, at the top end of its guidance of 7.7 cents to 7.9 cents a unit. The company also expects to distribute 7.9 cents per unit in 2014, it said.

The value of Vital's property portfolio rose 9.1 percent to $618.7 million from the year earlier while the weighted average lease term (WALT) slipped to 11.8 years from 11.9 years.

Units of Vital Healthcare gained 0.4 percent to $1.41.

BusinessDesk.co.nz

Comments from our readers

No comments yet