ING Medical Properties payout holds at 2008 levels

ING Medical Properties Trust is on track for its 2010 payout projections, with investors due to receive a pre-Christmas payment of 2.12 cents a share when the first quarter distribution is issued.

This is identical to its payment for the same period last year, despite the trust’s profits having fallen 2.3% since then.

Its full year cash distribution for last year was 8.5 cents per share and it predicts the same for this year.

The trust, which owns medical facilities, surgical and specialised healthcare buildings throughout the country, announced its cash distribution for the first quarter of the 2010 financial year yesterday.

For the period 1 July to 30 September, unit holders will be paid an excluded distribution of 1.58 cents a share. It will be issued on 22 December.

The balance of the 2.12 cent payout, which will cost the trust a total of $3.02 million, is 0.76 cents a share of fully imputed distribution with an added 0.23 cents imputation credits.

Its shareholders have been concerned lately about ANZ National Bank’s $2.6 billion takeover bid which will see it own parent company ING New Zealand 100%.

The deal is still conditional, so shareholders are in limbo as to what impact the Australian-owned bank’s ownership will have on their returns and costs such as possible rebranding.

ING Medical Properties Trust assets worth $295.3 million include Ascot Central, Eastmed St Heliers and Apollo Health and Wellness Centre. Its portfolio value declined by $7.1 million in the 2009 financial year following building revaluations.

At press time, the trust’s shares were static at an asking price of $1.2 per unit.