VHP
29/06/2012 13:38
GENERAL
REL: 1338 HRS Vital Healthcare Property Trust
GENERAL: VHP: VHP Adjustment to Managed Investment Trust tax rate
Adjustment to Managed Investment Trust tax rate
Vital Healthcare Management Limited (the Manager), the manager of Vital
Healthcare Property Trust (the Trust) today announced that it has been
advised that the Australian Parliament has passed through the Senate an
increase to the Managed Investment Trust tax rate from 7.5% to 15%, effective
from 1 July 2012.
The change from 7.5% to 15% will only be applicable to the Trust's assets
that have been acquired since December 2010, including the Australian assets
that were described in the Simplified Disclosure Prospectus issued in
November 2010.
In isolation, the increase will have an impact on the Trust's overall tax
liability. However, when taking other factors into account including but not
limited to; development returns, rental growth, interest rate environment,
benefits of tax depreciation allowances on buildings in Australia and other
initiatives, it is expected that the overall effect on earnings will be
largely mitigated.
The Trust will still continue to benefit from a relatively lower tax rate of
15% (relative to higher tax rates in the order of 28% - 30% in other
jurisdictions) notwithstanding the imposition of this increase.
The Board of the Manager confirms its previously stated position in relation
to full year guidance for a net distributable income of 7.7 cents per unit
for the 12 months to 30 June 2012.
Guidance for 2013 will be given as part of the Trust's year end results to be
announced in August.
- ENDS -
ENQUIRIES
David Carr, Chief Executive Officer
Vital Healthcare Management Ltd, Telephone 09 357 1818, Email
[email protected]
Stuart Harrison, Chief Financial Officer
Vital Healthcare Management Ltd, Telephone 09 362 2332, Email
[email protected]
About Vital Healthcare Property Trust
With a portfolio value of over NZ$550m, Vital Healthcare Property Trust
(NZSX: VHP) is New Zealand's largest listed entity investing in medical and
healthcare properties in Australasia. With an expert understanding of the
needs of healthcare tenants on both sides of the Tasman, we actively select,
develop and manage quality properties to meet the growing demand for medical
and healthcare services. Our 124 tenants, in 25 properties, provide essential
healthcare services to thousands of patients while also undertaking The
Manager of Vital Healthcare Property Trust, Vital Healthcare Management
Limited is owned by NorthWest Value Partners Inc., a private real estate
investment firm based in Canada with a healthcare real estate interests in
Canada, Australia, New Zealand, Brazil and Germany.
End CA:00224454 For:VHP Type:GENERAL Time:2012-06-29 13:39:00
