VHP
29/06/2015 15:30
GENERAL
PRICE SENSITIVE
REL: 1530 HRS Vital Healthcare Property Trust
GENERAL: VHP: Vital announces preliminary portfolio revaluation increase
Vital Healthcare Management Limited (the 'Manager'), the manager of Vital
Healthcare Property Trust ('Vital') today announced a preliminary unaudited
portfolio revaluation increase of approximately $83m for the year ending 30
June 2015.
Australian assets underpin strong portfolio revaluation uplift
The overall gain of approximately $83m reflects a 12% increase on Vital's
preliminary 30 June 2015 book value, with the composition being approximately
$77m* from the Australian portfolio and $6m from New Zealand.
David Carr, Chief Executive of the Manager said "The core driver of the
result was at properties where the Manager had successfully executed on
value-add developments and hospital repositioning activity. This was
supported by stable and consistent rent growth, full occupancy, long-dated
leases and sector wide firming of capitalisation rates as investors
increasingly recognise the strong characteristics of the asset class."
The weighted average market capitalisation rate for the portfolio is now
approximately 8.0%, firming approximately 100 basis points from 30 June 2014.
The valuations were undertaken by eight independent valuers and are
preliminary at this stage. They remain subject to Vital's 30 June 2015 year
end audit and finalisation of exchange rate. These will be confirmed in the
financial results, expected to be announced on 12 August 2015.
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* A$69m translated at a FX spot rate of 0.8944 as at mid-day 29 June 2015.
- ENDS -
ENQUIRIES
David Carr, Chief Executive Officer
Vital Healthcare Management Ltd, Telephone 09 973 7301,
Email [email protected]
Stuart Harrison, Chief Financial Officer
Vital Healthcare Management Ltd, Telephone 09 973 7302,
Email [email protected]
End CA:00266333 For:VHP Type:GENERAL Time:2015-06-29 15:30:49
