By NZPA
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Wednesday 23rd November 2005 |
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The increase reflects significant progress made in growing to achieve the benefits of size, scale and diversity, the Trust said.
Trading revenue was $24.6 million, compared to $14.9m in the corresponding period, and other revenues totalled $1.3m, against $3.3m.
Total operating revenue for the half-year was $26m, compared to $18.2m in 1984.
The Trust will pay a gross interim dividend of 2.49 cpu on December 9 for the September quarter, with imputation credits of 0.22 cpu.
As of September 30, the Trust comprised 96 properties with a total asset value of $809.7m - an increase of $458.4m from 31 March 2005.
During the last six months, the Trust has completed a takeover of Urbus Properties Limited to form the second-largest listed property vehicle in New Zealand by market capitalisation.
The Trust also acquired three properties for a combined $29m - a new bulk retail development in Hamilton, and a commercial office property and bulk retail asset in Wellington.
Four additional properties were sold for $24.1m - an average of 17.8% above book value.
The Trust also said it is looking to acquire strategic land holdings through partnerships with developers to provide it with a source of new developments, while minimising exposure to development and leasing risk.
To assist future growth, a placement of units to institutional investors successfully raised $35m on 18 November.
The Trust said it also intends to implement a unit purchase plan of $5000 per unitholder to allow all unitholders to participate in capital raising and growth initiatives.
Also during the six-month period, 51 new leasings were completed, contributing $7.3m of annual rental and accounting for 52,863 sq m of space.
Occupancy rates remained at a record level of 99% and 38 rental reviews were completed, contributing a further $768,000 of annual rental - an average increase of 6.0 percent.
A further $285,000 of rental increases have been achieved from new leases to sitting tenants that incorporated a rental review.
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