Vital Healthcare gets revaluation lift

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).

Highlights:

  • 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.

Link:
Vital financial reports

Attribution: Company release.

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