AMP NZ Office Trust reports higher earnings and investor returnsAugust 3, 2004 AMP NZ Office Trust (ANZO), New Zealand’s largest listed office property investor, has reported gains in earnings and distributions to unit-holders for the most active year in its six-year history. ANZO’s earnings per unit for the full financial year to 30 June 2004 were 8.0 cents, 16.9 percent higher than the previous year, while the distribution per unit is up four percent to 7.0 cents. Executive manager Robert Lang said the distribution represents an attractive annual yield of 8.5 percent on the average unit price during the financial year. ANZO’s net surplus after taxation and before revaluations was $34.33 million – a slight increase on 2003. This reduced to $34.06 million after revaluations, property disposal costs and capital expenditure were taken into account. Mr Lang said: “Although occupancy in ANZO’s portfolio remained relatively stable during the year, growth in rents helped to offset cost increases in some areas.” Total assets increased by 33 percent to $766 million, due to three major property acquisitions and stronger property market fundamentals, which led to an $11.75 million gain in the value of ANZO’s existing properties. Mr Lang commented: “The 2004 financial year saw more activity than any other year since ANZO was listed in 1997, with approximately $214 million committed to new acquisitions, building refurbishments and developments.” ANZO’s portfolio grew from seven to 10 properties during the year following the purchase of three Wellington properties – Pastoral House, the State Insurance Tower and Mobil on the Park. Net tangible assets (NTA) per unit increased from $0.898 cents to $0.907 cents, a one percent gain. Mr Lang said ANZO’s existing assets had been managed efficiently, with more than 31,000 square metres of space leased, resulting in a portfolio occupancy rate of 95.6 percent and a weighted average lease term of 6.4 years. “The achievements of the 2004 financial year – including our new acquisitions and projects, the establishment of the distribution reserve account, the security of cashflows provided by our leasing successes, and capital management and treasury initiatives – form a solid foundation for future growth in investor returns. “The coming year will be one of consolidation – continuing to manage our assets well, bringing ANZO’s proven strategies to the new acquisitions and delivering on our refurbishment and redevelopment projects,” said Mr Lang. ANZO’s manager, AMP Ronin Management Limited, has projected a full-year distribution for the 2005 year of 7.2 cents per unit, representing an income return to investors of 8.7 percent at the current unit price ($0.83 cents). The projected 2005 distribution equates to year-on-year growth in distributions of 2.9 percent, with future distributions expected to grow at a minimum of 2.25 percent per annum. Other highlights of the 2004 financial year included:
Mr Lang said ANZO’s investors will receive a final dividend distribution of 1.75 cents per unit, bringing the full-year distribution to 7.00 cents per unit. The record date is 20 August 2004 and the application (payment) date is 27 August 2004. About ANZOANZO is a unit trust listed on the New Zealand Exchange, which invests predominantly in prime CBD office properties in major New Zealand cities. ANZO owns 10 New Zealand office buildings – 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. Media enquiries: |