Sydney - Friday - August 15: (RWE Aust Business News) - Babcock &
Brown Japan Property Trust (ASX:BJT) posted a net profit of $121.63
million for the year to June 30 2008, down 6 per cent compared with FY07.
Revenue was up 27pc to $233.24m.
The net operating profit after tax for the year was $68.9m, up
22pc.
A final distribution of 6.72c will be paid on 3rd September.
The strong result has been driven by a 32 per cent increase in
property income, following eight accretive property acquisitions and
rental increases negotiated across the portfolio.
"Against a backdrop of turbulent financial markets, BJT's
delivery of another strong result is particularly pleasing," said Eric
Lucas, managing director of Babcock & Brown Japan Property
Management.
Mr Lucas said: stock prices in the listed property trust sector
continue to experience significant downward pressure.
"BJT has demonstrated a strong track record of operational
performance, with a compound annual growth rate for DPU and NTA since IPO
of 14.3pc and 12.1pc respectively," he said.
"The significant premiums achieved on the three opportunistic
property sales this year further illustrate the strong asset management
skills of the Babcock & Brown Japan team and the embedded value within
the portfolio.
"Looking forward, we believe that BJT is well positioned to
continue to deliver unitholder value. We have no short term refinancing
risk, a well located, diversified property portfolio and an experienced
asset management team in Tokyo.
"Distribution guidance for the 2009 financial year of not less
than the 2008 financial year distribution of 13.05 cpu, reflects our
continued confidence in our portfolio and our platform."
BJT
babcock & brown japan property trust
