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AMP Office builds surplus

Wednesday 20th August 2003

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AMP NZ Office Trust (ANZO) has reported a higher net surplus of $55.87 million, an 81% increase from the previous year.

The surplus is a combination of a $21.6 million gain in net asset values to $577.35 million and a profit before revaluations $34.27 million.

Executive manager Robert Lang said ANZO's assets had responded to strong investor demand for high-quality properties, with a 3.86% lift in values. ANZO had achieved record leasing levels, extending the portfolio Weighted Average Lease Term (WALT) from 6.07 to 7.11 years. Costs had also been successfully managed.

Lang says shareholders will receive a final dividend of 3.48 cents per unit, bringing the full-year distribution to 6.73 cpu.

While lower than the previous year, the distribution is higher than forecast reflecting leasing success, better performance in rent reviews and cost savings in the second half of the year.

ANZO's financial statements include the first full year's revenue and expenses associated with the PricewaterhouseCoopers Tower in Auckland.

Total operating revenue, including the PwC Tower, was $59.85 million, an increase of 22.3%. Excluding the PwC Tower contribution, total operating revenue slipped by 3.6%.

Portfolio direct expenses including the PwC Tower were $12.54 million or $1.19 million higher than in 2002. Excluding the PwC Tower, direct expenses for the core portfolio showed a reduction of 2.10% as a result of ANZO's continued focus on cost containment and operational efficiencies.

During the year, ANZO changed its accounting policy regarding gains and losses on revaluation to bring it more into line with current international accounting standards. An unrealised revaluation gain was brought to account in deriving the net surplus for the period.

Net tangible asset backing increased from $0.855 to $0.898 cents per unit.

ANZO is a unit trust listed on the New Zealand Exchange, which invests predominantly in prime CBD office properties in major New Zealand cities. It owns seven of New Zealand's premium office buildings - Auckland's PricewaterhouseCoopers Tower, ANZ Centre, IAG House and Quay Tower; and Wellington's HP Tower, 125 The Terrace and No. 1 The Terrace.

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