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

Thursday 22nd August 2013

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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.

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