AUSTRALIA's first listed data-centre REIT, Asia Pacific Data Centre Group, has announced an interim profit of $5.87 million.
The trust listed in May last year and this is its first half-year result.
APDC paid a total distribution of 4.50 cents per security for the period.
The APDC portfolio of three data centres is leased to a national tenant, NEXTDC Limited (NEXTDC) (ASX: NXT). The rentals for all three of APDC’s data centres were the subject of a CPI review and a 2.2% increase in rentals was effective from 21 December 2013.
The portfolio has a carrying value of $140 million as at 31 December 2013. An independent valuation of P1 as at 15 January 2014 valued APDC’s interest in the data centre land and buildings at $30,000,000. This represents a 4.2% increase on the acquisition price. Consequently there was a small increase in net tangible assets from $1.01 to $1.02.
“APDC has achieved all the acquisition, funding, profit and distribution milestones outlined in the prospectus and product disclosure statement dated 3 December 2012. We are pleased to see the revaluation of P1 post-completion and CPI growth in the annual rental income from all the properties,” APDC CEO Francina Turner said.
Property Review
