By Chris Hutching
Friday 14th May 2004 |
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The profit includes revaluation gains of $10.1 million that are required to be posted as part of a company's after-tax result even if the properties are retained in the company's portfolio.
The revaluation gain lifts net asset backing per share from 90c to $1 and earnings per share from 10.5c to 19.8c.
Urbus chairman Denis Thom said it was a strong result and the dividend payout ration would be increased from 80% to 90% of operating profit.
Shareholders will receive a gross final dividend of 4.5c a share, taking the gross full year dividend 9c a share, the same as last year.
Urbus plans to invest up to 10% of its portfolio in development projects.
The portfolio of 56 properties was re-valued at balance date at $405.2 million, a $10.1 million revaluation gain.
The company also sold four Wellington properties for $720,000.
The growth in the portfolio has been achieved in line with a determined effort to implement the sector and geographic mix strategy.
The sector mix is now 34% industrial (32% last year), 45% retail (40%) and 21% office (28%).
The target is industrial and retail at 40% each and office at 20%. The portfolio is now 67% weighted towards Auckland.
A key strategy is to improve the liquidity of the portfolio, with 50% of the properties valued at $10 million or less. Currently, this stands at 51%.
The portfolio's average weighted lease term is 4.4 years and the percentage of over rented property now stands at just 0.8%, down from 3.8% last year.
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