AMP NZ Office Trust increases payout despite flat profit
Thursday 5 August 2004
AMP NZ Office Trust said today it was increasing its payout by 16.9% per unit despite posting a flat June year net profit of $34.1 million ($34.2m in 2003). The listed office property investor said earnings per unit were 8.0, while the distribution per unit rose 4% to 7.0 cents.
By The LandlordOperating profit rose 2% to $48.2m. The company is projecting a full-year distribution for the 2005 year of 7.2 cents per unit, representing an income return to investors of 8.7% at the current unit price.
Executive manager Robert Lang said the distribution represented an annual yield of 8.5% on the average unit price during the financial year.
Read More - Opens in a new window
Commenting is closed
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.