Better half for Calan but not unitholders

Friday 27 February 2004

Investor and developer Calan Healthcare Properties Trust has lifted its performance, but its unitholders will not get any more money.

By The Landlord

Calan made an unaudited net profit of $4.6 million for the six months to December 31, up 22.2 per cent from $3.7 million the previous year.

A second-quarter gross dividend of 2c per unit was declared last month and gives an unchanged first-half distribution of 4c a unit.

Calan's unitholders complained about the health of the trust at the November annual general meeting, grilling chairman Bruce Davidson and chief executive Miles Wentworth over the unit price, questioning confidence in the business, the conditional sale of a property alongside North Shore Hospital in Auckland to Metlifecare for $12.82 million and the future of a Melbourne development.

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