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Vital’s strategy delivers strong year end result

22 August 2013

Vital’s strategy delivers strong year end result

Vital Healthcare Property Trust (‘Vital’) (NZSX: VHP), Australasia’s largest listed investor1 in medical and healthcare real estate, today announced its audited 2013 full-year result. Net profit after tax was $34.7 million (up $25.7 million) for the year ended 30 June 2013. It also confirmed that it will pay unitholders a full year cash distribution per unit of 7.9 cents for the year ended 30 June 2013. This is at the top of the guidance range given 12 months earlier of 7.7 to 7.9 cents per unit (‘cpu’).

Financial highlights

Final quarter cash distribution per unit (‘DPU’) of 2.125 cpu, taking full year distribution to 7.9 cpu;

Gross rental income of $59.9 million, up $9.1 million or 18 percent (FY2012: $50.7 million);

Operating profit before interest and tax of $46.7 million, up $5.8 million or 14 percent (FY2012: $40.9 million);

Net profit after tax of $34.7 million, up $25.7 million or 287 percent (FY2012: $9.0 million);

Net Distributable Income2 of $28.2 million, up $4.9 million or 21 percent (FY2012: $23.3 million);

Loan to value ratio (‘LVR’) of 42.4 percent (FY2012: 42.3 percent).


Operational and performance highlights

Total return for the 12 months to 30 June 2013 of 20.1 percent;

$41.7 million spent on earnings accretive quality hospital redevelopments;

Strong revaluation increase of $10.3 million, up 1.7 percent;

107 rent reviews completed, with average increase on rents reviewed of 1.9%;

Continued near full occupancy of 99.5 percent;

Weighted average lease term to expiry (‘WALT’) of 11.8 years;

Appointment of Australian Managing Director to leverage opportunities and drive growth.

Chairman of the Manager, Graeme Horsley said “In what has been another busy year we have maintained the Trust’s position as the market leader in healthcare real estate. The healthcare story continues to be one of rising demand on one hand, and constrained capacity on the other. The defensive characteristics of the healthcare industry remains a key factor in Vital’s strong operating and financial performance and our positive long term outlook. We have the ability and capacity to continue delivering on our strategy to provide secure, stable returns to investors over the long term”.

“As a result of the management team delivering another solid operational result, the Board has confirmed a final quarter cash distribution of 2.125 cpu. This increases the full year 2013 cash distribution per unit to 7.90 cents, which is at the top end of the forecast range previously guided by the Board”.

David Carr, the Chief Executive of the Manager echoed Mr Horsley’s comments. “The management team’s execution of the Board’s strategy has been key to our success. Our core portfolio of stabilised assets has been complemented with the combination of value enhancing developments and the strategic acquisition of Sportsmed-SA Hospital and Clinics in Adelaide, South Australia. Looking forward, the Trust has a strong platform to drive growth through added scale and diversification”.

Full market release: 22.08.13_Annual_results_release.pdf
Click here to read the presentation.
Click here to read the audited financial statements


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