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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.

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