AMP Office bounces back
Listed AMP Office posts healthy profit
Listed AMP NZ Office has posted an after-tax annual profit of $45 million compared with last year’s $10.4 million.
The result for the year ending June 2012 included an unrealised gain on the value of properties (a $36 million devaluation last year), and deferred tax of $6.3 million ($4.4 million).
Net operating income was $51.3 ($61.1 million)
Highlights of the year include bringing property and facilities management was brought in-house; leasing 16% of the portfolio; reinvesting proceeds of the Wellington Chews Lane sale into Bowen Campus; a new $125 million debt facility expiring 2017.
Chief executive, Scott Pritchard, says that while 2012 income had been expected to be a cyclical low, he was very pleased with the result.
“We have known for some time that the 2012 results would be impacted by the combination of vacancy from Westpac and BNZ leaving the portfolio, the impact of selling Chews Lane and the interruption to income from the ANZ Centre redevelopment. At the beginning of the year total occupancy fell to 89%. To have built that back to 94% is a terrific result for our team.”
Mr Pritchard said the company had leased 110,000sq m over the past two years, an increase of 50% over the previous corresponding period.
Drivers included improved market conditions in Auckland, and a continued flight to quality in Wellington.
The biggest influence on the profit was the positive revaluation of the portfolio.
Shareholders will receive a fourth-quarter dividend of 1.26c per share plus imputation credits of 0.1495c per share, consistent with the previous dividend.
The outlook for 2013 is similar.
Chris Hutching
Wed, 15 Aug 2012
Wed, 15 Aug 2012
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AMP Office bounces back
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