Highlights

 Taken from the 2008 Annual Report. 

Solid profit result in 2008

• Core operating profit before interest of $74.1m, up 3.3% on the previous year.

Weighted annual lease term

• A weighted average lease term of 4.7 years, providing strong rental security.

Annual distribution

• The Trust paid a gross dividend of 9.85 cents per unit for the 12 months to 31 March 2008.

Occupancy and tenant retention

• A strong focus by management on leasing saw the property portfolio maintain a near100% occupancy at year end and achieve an 85% tenant retention rate. 

Scale and diversification

• The Trust is the most diversified property vehicle listed on the New Zealand Stock Exchange, with a portfolio of 79 buildings valued at $1.2 billion. The Trust provides space solutions for over 330 tenants.

Property development

• Total development activity on low risk projects and existing property of $56m.

Property revaluations

• An increase of $43m in property values, driven by rental growth and transactional activity.

Active management

• Active portfolio management and the remoulding of the property portfolio continued to ensure investors benefited from sound financial returns across the entire portfolio.

Rental growth prospects

• At balance date, the portfolio is under rented by 6.7%, up from 4.5% in the previous year, improving the potential for rental growth in coming years as rental reviews are completed.