The value of listed ING Medical Properties' portfolio has risen by more than $10 million in the last year.During the year to 30 June its portfolio value had improved by 3.6% up to a total of $292 million.The valuation was performed by Colliers, CB Richard
The value of listed ING Medical Properties’ portfolio has risen by more than $10 million in the last year.
During the year to 30 June its portfolio value had improved by 3.6% up to a total of $292 million.
The valuation was performed by Colliers, CB Richard Ellis and Darroch independently.
Its weighted average capitalisation was 8.7%, and occupancy at 99.6%. Its gearing is forecast to go down from 34.17% to 32.98%.
Dropping depreciation allowances, one of the changes announced in the budget earlier this year, would affect the trust in the next financial year.
“For the Trust this will come into effect as from 1 July 2011 and will only relate to the New Zealand based building assets, further emphasising the Trust’s diversification with approximately 35% of its assets in Australia, which will not be subject to the change,” ING Medical Properties manager’s chief financial officer Stuart Harrison said.
“A consequence of the announcement has been a triggering of a deferred tax adjustment that will be required to be made in order to comply with International Financial Reporting Standards or IFRS. This will be a one-off adjustment which will increase the deferred tax liability relating to the removal of depreciation of building structures”.
The trust’s portfolio includes Auckland’s Ascot Hospital & Clinics, Pitman House in Pt Chevalier and the Napier Health Centre.
At press time its shares were trading at $1.21 a unit.
