Vital Healthcare Property Trust said yesterday its net profit for the June year fell 6.6%.
Miles Wentworth, interim manager of the management company, NorthWest Healthcare Properties Management Ltd, said: “This decrease was primarily due to non-cash losses from interest rate derivatives ($36.3 million) & higher income tax due to a change in legislation, partially offset by property revaluation gains.
- Net property income up, 7.75% to $97.7 million ($90.7 million)
- Gross rental income, up 7.9% to $101.1 million
- Net profit, down 6.6% to $93.4 million ($100.1 million)
- Movement in foreign currency translation reserve, $38.4 million loss ($28.8 million gain)
- Total comprehensive income after tax, down 50.6% to $62.3 million ($126.2 million)
- Normalised net distributable income, up 3.8% to $51 million
- Investment properties, up 6.1% to $1.84 billion ($1.73 billion)
- Revaluation gain on investment property, up 21.2% to $103.6 million ($85.5 million)
- Fair value loss on interest rate derivatives, $36.3 million ($2.9 million)
- Net tangible assets/unit, $2.31 ($2.26)
- Basic & diluted earnings/unit, 21.07c (23.04c)
- Dividend 1875c/unit, imputation 0.6725c/unit.
Mr Wentworth said the portfolio had 99.4% occupancy and a weighted average lease term of 18.1 years.
The trust initiated $218 million of projects during the year, with a weighted average return on cost of 6.1%.
Attribution: Trust release.