ANZO profits nearly flat on strong rental gains
AMP NZ Office Trust (ANZO), the country's largest listed investor in premium commercial office property, said today that profits for the full year to June 30, 2005, were up only marginally despite a rise in property income (total rental revenues less direct property expenses) of 32.8 per cent, to $64.0 million.
Wednesday, August 10th 2005, 7:29AM
by The Landlord
Profit after tax and before revaluations was $34.5 million, up 0.6 per cent on 2004's $34.3 million, the company said.ANZO executive manager Robert Lang said unit-holders would receive a total distribution for the full year of 7.3 cents per unit, representing an income yield of 8.2 per cent on the average unit price throughout the financial year.
Along with the appreciation in unit price, this distribution provided investors with a total return of 22.7 per cent for the year, he said.
Mr Lang said positive market conditions had resulted in an $82 million or 10.8 per cent gain in the total gross value of ANZO's investment portfolio, which in turn had lifted net tangible assets 10.7 per cent to 100.4 cents per unit.
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