17 Oct DNZ Quarterly Portfolio Update – Second Quarter FY12
DNZ Quarterly Portfolio Update – Second Quarter FY12 17/10/2011
This announcement from DNZ Property Fund Limited (DNZ) is to update the market on the Company’s transactional activity and property portfolio statistics. This update covers the second quarter of the 2012 financial year, being 1 July to 30 September 2011.
Portfolio Overview
| As at 31 March 2011 | As at 30 September 2011 | |
|---|---|---|
| Properties | 50 | 48 |
| Tenants | 283 | 261 |
| Net Lettable Area (sqm) | 371,481 | 360,683 |
| Net Contract Rental ($) | 56,024,258 | 53,922,571 |
| Weighted Average Lease Term (WALT) (years) | 4.32 | 4.51 |
| Occupancy Rate (by area) (%) 50 | 97.9 | 98.3 |
Note: The above table does not include t he purchase of three Foodstuffs supermarkets which settled on 4 October 2011. If these three properties, with 18 year leases, were included, the Company’s WALT (as at 30 September 2011 above) would increase to 5.23 years.
Paul Duffy, Chief Executive of DNZ, said “It has been a satisfying and active second quarter evidenced by DNZ’s occupancy rate being further increased to 98.3% and the portfolio’s WALT lengthened to 4.51 years as at 30 September 2011.”
Lease Transactions
The DNZ management team completed 63 lease transactions during the quarter that included:
Major Lease Transactions Completed
| Tenant | Commencement | Area m² | Term |
|---|---|---|---|
| Carter Holt Harvey | December 2012 | 3,340 | 6 years |
| healthAlliance | April 2012 | 2,141 | 3 years |
| Armourguard | December 2011 | 1,182 | 3 years |
| Gibson Sheat | August 2012 | 789 | 9 years |
| Beiersdorf | October 2011 | 352 | 5 years |
Acquisitions and Divestments
The sale of the two properties at 129 Hurstmere Road, Auckland, and 99-105 Customhouse Quay, Wellington, were settled during the quarter.
Summary
Mr Duffy concluded by saying “The management team has been extremely active during the quarter, successfully completing 63 lease transactions over a total net lettable area of 53,976m². It is also pleasing to note that DNZ’s remaining expiries in FY12 have been significantly reduced from 13% at the beginning of the financial year to under 3% as at 30 September 2011.”
DNZ will release its interim result for the 6 months to 30 September 2011 in mid-November.
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: [email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in the main urban areas throughout New Zealand.
As at 30 September 2011, DNZ Property Fund owned 48 properties with 261 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 98.3% over a net lettable area of 360,683m².
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.