Thursday 23rd February 2012
|Text too small?|
Vital Healthcare Property Trust, the health clinic investor whose management contract was sold to a Canadian group last year, returned to first-half profit as acquisitions in Australia boosted rental income and it avoided the previous year’s valuation cuts.
Profit was $5.2 million in the six months ended Dec. 31, from a loss of $3.6 million a year earlier, Vital said in a statement. Gross rental income jumped 81 percent to $24.4 million, reflecting the contribution from its share of the Mayo private Hospital in New South Wales, Australia.
In December, Australia & New Zealand Banking Group’s OnePath unit sold the management rights for Vital to Canada’s NorthWest Value Partners for $11.5 million, trumping the proposed price to internalise the contract. NorthWest holds about 19.8 percent of Vital, just shy of the 20 percent cap that would require it to make a formal takeover.
Vital will pay a second-quarter distribution of 1.925 cents a unit to unitholders and confirmed is guidance for full-year distributable income of 7.7 cents a unit.
No comments yet
Vital Healthcare to spend A$29.9 million redeveloping and expanding NSW hospitals
Vital Healthcare posts 21 percent rise in profit, expects similar distributions in 2014
NorthWest may lift Vital Healthcare stake up to 24.99 percent in $39.2M rights issue
Vital Healthcare flags rights issue next month, suspends distribution reinvestment plan
Canada's NorthWest looks to boost stake in Vital Healthcare to 25 percent
Vital Healthcare 1H distributable profit rises 44 percent as building projects lift income
Vital Healthcare sells Point Chevalier property for $5.25M
Vital Healthcare portfolio value drops about 1.1 percent
Vital Healthcare pays A$12.3m for Sydney hospital
Vital Healthcare pays A$13m for Mayo hospital in Australia