Rent boosts AMP Office Trust profit distribution

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AMP NZ Office Trust (ANZO) said higher rental revenues and lower interest costs helped it achieve a 19.9 percent increase in distributable profit for the quarter.

AMP NZ Office Trust (ANZO) said higher rental revenues and lower interest costs helped it achieve a 19.9 percent increase in distributable profit for the quarter.

Unitholders will receive a gross first-quarter distribution of 1.764c per unit.

New Zealand's largest listed investor in prime commercial office property is holding a unitholder meeting in Wellington today.

Rental revenues for the three months to September rose 6.8 percent to $34.99 million. This included one-off payments arising from the high volume of rent reviews in the previous year.

ANZO's interest costs for the first quarter reduced by $2.13m or 32.8 percent to $4.37m.

The property investor raised $201.3m in a rights issue earlier this year, which reduced debt.

Asset management fees for the quarter fell 15.5 percent, due to reduced portfolio values.

NZPA