Investa Office Fund (“IOF” or the “Fund”) today announces its results for the full year to 30 June 2013. The Fund reports 56% growth in net profit to $158.7 million, compared to the previous corresponding period (pcp) of $101.9 million.
After adjusting for fair value adjustments and other non-operating items, the Fund’s Operating earnings were up 7% to $137.5 million following full year contributions from acquisitions and re-development lease up.
Key highlights for the 12 month period include:
- Operating earnings per unit up 11% to 22.4 cents, slightly ahead of upgraded guidance;
- Distribution up 1% to 17.75 cents, 0.25 cents higher than pcp which included a 1.9 cent special distribution (distributions were up 14%, excluding the special distribution);
- Conservative level of gearing maintained, with look-through gearing (debt to total assets) of 26.3%. Following the post balance date acquisition of 99 Walker Street, North Sydney, gearing increased to 29.4%; and
- NTA per unit of $3.23, an increase of 3% after valuation uplifts averaging 5% were booked on 52% of the Australian portfolio.
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