AMP NZ Office Trust posts $16.46m half-year profit

The country's largest office property investor AMP New Zealand Office Trust (Anzo) today posted a half year profit of $16.46 million, down from $17.3m for the same period a year ago.

The trust said the decrease was largely due to additional interest and one-off capital raising costs.

Anzo's executive manager Robert Lang said earnings per unit for the six months to December 31 were 3.82 cents, up 10.4 per cent on the previous corresponding period.

Anzo unit holders would receive a distribution of 1.8 cents per unit for the second quarter, taking total distributions for the six month period to 3.6 cpu.

Mr Lang also confirmed the trust was targeting an increased June year distribution of 7.3 cpu -- an increase of 4.3 per cent on last year.

Mr Lang said today's result reflected a series of acquisitions and changes to the trust's capital structure.

The trust's rental revenue for the six months was $43.19 million, a 34.2 per cent increase.

Excluding the effect of three acquisitions over the period, rental revenue showed a like-for-like increase of 4.8 per cent.

During the six months, the trust settled the acquisition of Wellington's State Insurance Tower and Mobil on the Park.

In addition it began a $23 million Wellington redevelopment of the No 3 The Terrace site and completed its $7.5 million refurbishment of No 1 The Terrace.

Anzo owns some of the country's most high profile office buildings, mainly in Auckland and Wellington, and its portfolio is valued at more than $766 million.

Anzo units were unchanged at 93c this morning.

- NZPA