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

 

Property Trust Records $11.5m Revaluation Gain

1 July 2005

National Property Trust Records $11.5m Revaluation Gain

The National Property Trust is pleased to announce that as a result of the revaluation of its properties as at 31 May 2005 the portfolio has increased by $20.5 million.

The net gain after adjustments for capital expenditure is approximately $11.5 million. The revaluations are subject to final audit.

A revaluation increase of $3 million for the AA Building, Auckland has underpinned the positive gains this year. Other significant contributions to the increase came from Print Place and Torrens House in Christchurch, Baldwin Centre/AMI Plaza in Wellington, Gill St New Plymouth and Ocean Boulevard in Napier.

As a result of the revaluation gain and acquisitions during the year the property portfolio has increased from $229 million last year to $262 million as at 31 May 2005.

The audited result for the year ended 31 May will be released on 29 July 2005.

The total gross distribution for the year will be 8.4 cents per unit.

The corresponding lift in NTA is expected to be approximately 5 cents per unit after all end of year adjustments. The NTA at year end is projected to be approximately $1.04 per unit, compared to 98.9 cents at our half year ended 30 November 2004.

The revaluation gain reflects the continued solid performance achieved over the past five years. The performance is reflected in the average annual return of distributions and capital growth over the last five years of 13.4 cents per unit.

Dividend Distribution Projection

For the year ending 31 May 2006 the projected distribution has been reassessed at 8.3 to 8.5 cents per unit. This is 0.2 cents per unit lower than previously advised mainly due to the effect of additional interest costs and the impact of project delays.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>