Performance
Key results to 31 December 2010
- Half year operating earnings of $64.1 million equating to 13.0 cents per unit (cpu)
- Interim distribution of 9.25 cents per unit, (estimated 100% tax deferred)
- Net tangible assets (NTA) of $3.96 per unit
- Balance sheet gearing1 of 33.3%
- Look-through cash of $218 million
- Occupancy in Australia of 95%, United States of 82% and global occupancy of 87%
- WALE of 5.1 years, comprising 4.4 years in Australia and 5.8 years in the United States
- Portfolio value of $3.63 billion
- 66 leases agreed over 12% of the portfolio
1 Net of cash.
Key financial results for the half year ended 31 December 2010
| 31 December 2010 | 30 June 2010 | |
| Operational | ||
|
Number of properties |
33 |
37 |
|
Average capitalisation rate |
7.75% |
7.8% |
|
Occupancy |
87% |
88%1 |
|
Like-for-like NOI growth |
(1%) |
1% |
| Weighted average lease expiry |
5.1 years |
4.7 years |
|
Financial |
||
|
Net property income |
$129.9m |
$310m |
|
Operating earnings |
$64.1m |
$146m |
|
Operating earnings per unit |
13.0c |
3.03c |
|
Distributions per unit |
9.25c |
1.85c |
|
Total assets (look-through) |
$4,074m |
$4,550m |
|
Cash and deposits (Look-though) |
$218m |
$340m |
|
Total debt (look-through)2 |
$1,904m |
$2,277m |
|
Balance sheet gearing (net of cash) |
33.3% |
33.5% |
|
Look-through gearing (net of cash) |
42.6% |
44.9% |
|
Net tangible assets (NTA) $ per unit |
3.96 |
42.4 |
| Units on issue (m)3 |
493m |
487m |
All amounts referred to are in Australian dollars unless otherwise stated.
1 Excluding AT&T vacancy 91%
2 Net of borrowing costs
3 Prior period comparative information has been restated to a post unit-consolidation basis