Investa Office Fund (“IOF” or the “Fund”) today announces its results for the half year to 31 December 2014. Net Profit has increased 78% to $99.5 million, compared to the previous corresponding period (pcp) of $56.0 million. After adjusting for fair value movements and other non-operating items, Funds from Operations (FFO) increased 3% to $87.3 million, boosted by $329 million of acquisitions in 2014.
Key highlights for the period include:
- Funds From Operations up 3% to 14.2 cents per unit;
- Distribution per unit up 3% to 9.55 cents;
- Net Tangible Assets increased 2% to $3.42 after 11 assets were revalued at 31 December 2014;
- Maintained a low weighted average cost of debt of 4.2% and a long weighted average maturity profile of 5.4 years;
- Exchanged contracts for the sale of Bastion Tower, Belgium, IOF’s final offshore asset for €54.9 million, delivering on IOF’s strategy of becoming 100% Australian focused; and
- Settled the sale of 628 Bourke Street, Melbourne at a 14% premium to book value.
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