Multiplex Acumen Property Fund has reported a record net profit of $32.2 million for the year to June 30, 2006 – an increase of 81.2% when compared to the previous corresponding period.
After adjusting for the effects of AIFRS and equity accounting, the fund’s underlying net profit of $22.8 million was up 22.7% on the pcp driven by 35.0% growth in income from distributions to $16.5 million.
Meanwhile, the fund’s underlying earnings per unit of 12.16 cents are 18.1% above distributions per unit for the year of 10.30 cents and underlying undistributed income (excluding unrealised gains on the investment portfolio) of $10.4 million was up 47.4% on the pcp.
“We’re pleased to report enhanced levels of diversification as well as 3.6% growth in Fund distributions,” Multiplex Funds Management’s divisional director Rob Rayner said.
As of June 30, 2006, total funds under management total $305.8 million across a property investment portfolio of 43 separate property securities, 20 managers, three asset classes, five property sectors, ten geographic areas and over 1,400 properties, generating a weighted average lease term to expiry of 6.5 years.
Rayner said the fund’s NTA growth is a strong endorsement of the fund’s business model and investment strategy, since the bulk of the uplift was driven by a significant increase in NTA in the fund’s largest investment, the Multiplex New Zealand Property Fund, following independent revaluations of its properties. On a like-on-like investment basis, the Fund’s NTA increased 8.4% on the pcp.
Looking ahead, Rayner said the fund’s high quality unlisted property investment portfolio is well positioned.
“The growth outlook for the unlisted property funds market continues to be very positive, as evidenced by a number of listed property security fund managers looking to recycle capital and expand their unlisted property funds management operations,” he added.
By Kathryn O’Meara
