Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Calan Healthcare Increases Unitholder Distribution

Calan Healthcare Increases Unitholder Distribution

Statement based on the addresses delivered by the Chairman, Bruce Davidson, and Chief Executive, Miles Wentworth, at today annual meeting of Calan Healthcare Properties Trust held in Tauranga.

Calan Healthcare Properties Trust is to increase its pre-tax distribution for the next 12 months to 8.6 cents, an increase of 7.5%.

The Chairman, Bruce Davidson, told Unit Holders at today’s annual meeting in Tauranga, that the increase would take effect from the December 2004 quarter.

He said the level of increase was now “warranted” and “sustainable”.

Calan has maintained the distribution at 8 cents a share even though this had “not been fully supported by the financial performance”. It has done this for “continuity of distribution” during the construction of its latest asset in Melbourne, Epworth Eastern, “ in the knowledge that additional returns will be achieved when it comes on stream”.

Chief Executive Miles Wentworth told unit holders that the recent sale by the Trust of more than $15 million worth of non income producing assets “immediately improved pretax earnings by $970,000, increasing pretax profit by 10%”.

Mr Wentworth said that the Trust now owned only two non income yielding assets, valued at $9.6 million, and was working on initiatives to convert them into income producing.

He said that the Trust’s flagship Epworth Eastern Hospital was due to open in April 2005 and was contracted to yield a return to the Trust of 9.5% on the project cost, estimated at $A42 million. The project is 100% prelet.

The Trust’s other flagship hospital is the Ascot Hospital in Auckland, valued at $66 million.

Calan’s total property portfolio is currently valued at $220 million, with 67% of that being properties in New Zealand and the remainder in Australia.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news