AMP NZ Office Trust's (ANZO's) earnings per unit continue to grow as a result of strong portfolio performance and favourable market conditions.
Wednesday, February 2nd 2005, 11:33PM
by The Landlord
ANZO's executive manager Robert Lang said earnings per unit for the six months to December 31, 2004 were 3.82 cents, a 10.4% gain on the previous year.
Lang said unit-holders would receive a distribution of 1.80 cents per unit for the second quarter. This takes the total distributions paid to investors for the six months to 3.6 cents per unit, up 2.85% in comparison to the same period last financial year. The record date is February 15 and payment will be made on February 22.
He confirmed the upward revised distribution target for the full year ending June 2005 of 7.3 cents per unit, representing a 4.3% increase on the previous year.
Commenting on ANZO's interim result, Lang said year-on-year comparisons reflected the series of positive initiatives announced during the past 12 months, including acquisitions and changes to ANZO's capital structure. The net surplus for the six months was $16.46 million, a decrease of 4.8%, largely due to additional interest and one-off capital raising costs. Unit holders have benefited by an increase in earnings per unit of 10.4%
