AMP NZ Office Trust increases distributions to investorsOctober 26, 2004 AMP NZ Office Trust (ANZO) will pay higher distributions to its investors for the three months to September 30, 2004, the first quarter of its 2005 financial year. ANZO executive manager Robert Lang said unit-holders would receive a distribution of 1.80 cents per unit, up 2.9 percent from ANZO’s previous quarterly distribution. The record date is November 9 and payment will be made on November 16. Mr Lang said ANZO’s surplus after direct expenses, which increased by 25.8 percent to $14.74 million (September 2003: $11.72 million) was underpinned by growth in rentals, aggressive management of expenses and the acquisition of three new properties. This is the first time ANZO has announced September quarter results, following a change to quarterly reporting earlier this year. Mr Lang said year-on-year comparisons with the September 2003 quarter were difficult because since last year, ANZO has bought three new buildings, returned surplus equity capital to investors, raised additional debt and issued 95.2m mandatory convertible notes (MCNs). Earnings per unit (before amortisation of issue costs relating to the MCNs) was 1.81 cents, compared with 1.82 for the previous corresponding quarter. Net Surplus for the quarter was $7.4m (September 2003: $9.08m). Mr Lang added that ANZO’s performance in the second half of the 2005 financial year will reflect an increased contribution from Pastoral House as the benefits from its refurbishment are fully realised. This project continues to progress as planned and negotiations with prospective tenants are in their final stages with an announcement regarding the new tenant(s) expected soon. In addition, the full impact of new leases in the portfolio is expected to flow through to earnings. Highlights during the September quarter included:
About ANZOAMP NZ Office Trust (ANZO) is a unit trust listed on the New Zealand Exchange which invests predominantly in prime and A-Grade CBD office properties in major New Zealand cities. ANZO currently owns 10 New Zealand office buildings with a total value of more than $760 million – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, IAG House and Quay Tower; and Wellington’s State Insurance Tower, Mobil on the Park, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace and Pastoral House. ANZO is managed by AMP Ronin Management Limited. Media enquiries: |