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Trust Tops Forecast

Colonial First State Property General Manager Lloyd Cundy announced today a net operating surplus before devaluation for the Trust of $14.551m for the year ended 31 March 2001, up $1.2m on the Prospectus forecast.

Unitholders will receive a final distribution of 2.67 cents per unit made up of 2.32 cents cash with a 0.35 cent imputation credit. Total distributions for the year to 31 March 2001 are equivalent to a return of 10.69 cents per unit on a $1 issue price.

Mr Cundy said the Trust was continuing to benefit from its investment strategy of focusing on superior fringe CBD office buildings in Auckland. The addition of Panasonic House in Wellington in July 2000 also boosted the Trust’s income. The Trust has maintained its virtually fully tenanted status.

Mr Cundy said on a like for like comparison, the portfolio valuation remained static during the year. The opening gross value was $196,260,000 and closing at $207,640,000. After allowing for disposal costs and capital expenditure during the year, the result was a valuation write-down of 0.78%, equating to $1,611,000.

Colonial First State Property Trust owns ten buildings in Auckland, three in Wellington and two in Christchurch. The portfolio is a diversified mix of commercial office, industrial and retail properties.

ENDS



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