Vital Healthcare Property Trust increased net profit after tax by 16.2% to $52.9 million ($45.5 million) for the December half, although revenue from ordinary activities fell 15.1% to $43.2 million ($50.8 million).
Revaluations made the difference, up from $13.1 million a year ago to $42.8 million.
Basic & diluted earnings/unit were 12.22c (10.97c).
- Portfolio lease term increased to 18.6 years (from 17.7 years at 30 June 2017), while retaining occupancy at 99.3%
- Same property net operating income increased 3.5%
- Net distributable income of $22.8 million (5.26c/unit)
- Adjusted funds from operations/unit (AFFO/unit) 5.40c, generating a payout ratio of 79%
- Cap rate firmed to 5.85% (from 6.03% at 30 June 2017), generating an interim gain of $42.8 million
- NTA/unit of $2.19, up 7% from 30 June 2017
- Finance costs declined 57basis points to 4.09%, gearing at 36.8%
- Acquisition of Acurity NZ hospital portfolio, Eden Rehabilitation Hospital & The Hills Clinic in Australia for $NZ187 million
- Development pipeline (6 projects) of $144 million over the next 4 years
- Management integration in Australia & New Zealand further strengthening the platform.
Vital financial reports
Attribution: Company release.