DNZ lifts contracted rentals, extends lease term

BUSINESSDESK: DNZ Property Fund says leasing transactions in the March quarter have increased its contracted annual rentals by 0.6% and lifted its weighted average lease term to 5.6 years at June 30 from 5.4 years three months earlier.

In its June quarter portfolio update, chief executive Paul Duffy says management completed 33 lease transactions in the three months, increasing net contracted annual rentals to $58.6 million from $58.2 million.

Of the transactions, 17 were rent reviews over 60,086sq m for a total annual rental of $7.3 million and seven were lease renewals over 13,960sq m for a total annual rental of $3.4 million.

The major renewal was the Countdown store in Fenton St, Rotorua, which has been extended to August 2015 and covers 5172sq m. 

There were nine new lettings covering 23,891sq m for a total annual rental of $2.1 million.

Major new tenants are NZ Merchant at 20 Rockridge Ave in Penrose, Auckland, beginning in October this year for 4.5 years covering 10,239sq m, and Value Tyres at 62 Columbia Ave, Christchurch, beginning in August this year for 10 years and covering 12,665sq m. 

“Leasing activity by the DNZ management team during the first quarter of the financial year has halved the portfolio lease expiry to 4.7% of the porfolio contract rental in full-year 2012 and reduced full-year 2014 to 7.7%.”

DNZ shares are unchanged at $1.46, down from their record $1.50 in May. The shares have been trending higher from the year low at $1.17 in August last year.

Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.6764 0.0028 0.42%
AUD 0.9394 0.0016 0.17%
EUR 0.6063 0.0020 0.33%
GBP 0.4585 -0.0018 -0.39%
HKD 5.2520 0.0189 0.36%
JPY 74.5180 0.4360 0.59%


Commodity Price Change Time
Gold Index 1229.2 -21.600 2016-05-24T00:
Oil Brent 49.2 -0.620 2016-05-24T00:
Oil Nymex 48.6 0.530 2016-05-24T00:
Silver Index 16.2 -0.170 2016-05-24T00:


Symbol Open High Last %
NZX 50 6873.8 6924.7 6872.7 0.51%
NASDAQ 4877.2 4905.4 4861.1 0.70%
DAX 10143.4 10233.1 10057.3 1.47%
DJI 17735.1 17891.7 17706.0 0.82%
FTSE 6219.3 6270.2 6219.3 0.70%
HKSE 20156.8 20379.7 19830.4 2.71%
NI225 16764.3 16806.0 16498.8 1.57%