AMP Office Trust ups profit

Fairfax Media

DOING WELL: In a challenging economic environment the country's largest listed prime commercial property owner today reported a 7.2 percent increase in operating profit before current tax to $14.91 million in the first quarter.

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AMP NZ Office Trust, the landlord of 15 large office buildings, is still managing to put up rents and lease virtually all the space in the buildings.

In a challenging economic environment the country's largest listed prime commercial property owner today reported a 7.2 percent increase in operating profit before current tax to $14.91 million in the first quarter.

Its net distribution for the first quarter of 1.839c per unit plus imputation credits of 0.257 cents per unit, is 3 percent higher than the previous corresponding period on a net basis and 5 percent on a gross basis.

The trust's portfolio is 98.6 percent occupied with an average lease term to 4.85 years.

Rental income in the three months to September was up 13.3 percent and more than 50 percent of the portfolio is subject to upward rent reviews in the current year.

The record date for the first-quarter distribution is November 6 and payment is November 13.

Buddle Findlay has committed to nine to ten year leases on three floors of the State Insurance Tower in Wellington. The trust will progressively refurbish the space, and is also upgrading the building's foyer and lifts.

NZPA