ING Property Trust posts $11M profit

Trust chairman Michael Smith said the increased profit reflected the "significant progress being made in repositioning the Trust, through growing and improving its asset base".

The trust also declared a gross interim dividend of 2.68 cents per unit including imputation credits of 0.61 cents per unit for the three months to September.

The trust's total operating revenue for the September half year was $18.3m from $3m for the same period last year.

Smith said the trust's ongoing "acquisition and rationalisation programme" had contributed strongly to its performance since the beginning of the financial year.

In August this year Ing Property Trust - formerly the Paramount Property Trust - signalled it planned to buy more properties.

Managing director Andy Evans told the trust's annual meeting its was targeting "large portfolios or company acquisitions".

He said the trust, which bought the Citibank building in Auckland from Trans Tasman Properties, was also examining changes to its existing portfolio, including altering the use of some buildings, making applications for zoning changes and making additions to properties so it could add value to the buildings.

As at September 30 the trust comprised 46 properties with a total asset value of $333.3m, up $25.1m on six months earlier.

Smith also said previously announced merger discussions were continuing with Urbus Properties.

ING shares were unchanged at $1.15 in mid afternoon trade today having been as low as 90c and as high as $1.19 in the last year.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

ING Property replaces difficult retail site
ING Property Trust announces re-appointment of independent director
ING Property sees challenging year ahead
ING trusts getting name change
ING Property says $96.8m depreciation hit won't hurt pay-out
ING Property Trust loss narrows, breaches covenant on Manawatu JV
ING Medical takes swipe at proposed tax tweaks
ING Property posts 1st half loss of $5.6 mln as property market remains strained
ING Property sells three properties for $10.4 million
ING Property Trust planned asset sales progressing