By Chris Hutching
Friday 31st May 2002 |
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Trust general manager Lloyd Cundy announced a net surplus of $14.9 million after revaluations for the year ended March 2002, up 15% on last year's $12.9 million after-tax profit. Income was $25.4 million compared to last year's $22.3 million.
The result also reflected favourable rent reviews and a full year of revenue from Panasonic House, which was bought in July 2000. Perhaps most importantly for unitholders was the steady quarterly dividend equating to a dividend yield for the year of 10.55%.
Colonial Property Trust has come into favour recently with units trading at $1.07 this week ­ ahead of the net tangible asset backing of 99.29c a unit. The units have traded at a premium since the middle of last year after previously trading at a discount.
As well as buying the Millennium Centre last August 2001, the trust signed an unconditional sale contract for the Sovereign Centre in Wellington in February for $16.85 million, which may reduce the higher debt of around 40% incurred from the Millennium purchase.
The portfolio is valued at $252 million, compared with $207 million last reporting period, reflecting the Millennium buy. The trust's buildings are virtually fully tenanted.
The Colonial First State Property Trust gave a total pre-tax return of 14.4% for the year to 31 March 2002 compared with a 14.1% gross return achieved by the NZSE Property Share Index and a 7.8% gross return achieved by the NZSE 40. "The New Zealand listed property market looks set to continue benefiting from vulnerable sharemarkets and a relatively low interest rate environment in 2002," Mr Cundy said.
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