VITAL THIRD QUARTER UPDATE
11 May 2017
Vital unitholders will receive a third quarter distribution of 2.125 cpu (cents per unit) with 0.0628 cpu of imputation credits. The record date is 8 June 2017 and payment will be made on 22 June 2017. Vital's Distribution Reinvestment Plan (DRP) will remain available to investors for this distribution, with a 1% discount being applied when determining the strike price.
Distribution
Payment date 22 June 2017
Cash distribution per unit 2.125 cpu
Excluded distribution per unit 1.9635 cpu
Fully imputed distribution per unit 0.1615 cpu
Imputation credits 0.0628 cpu
DRP available Yes
DRP discount 1%
> The recently completed development at South Eastern Private Hospital, Victoria
Consolidated Statement of Comprehensive Income
For the period ended 31 March 2017
Unaudited 9 months Mar-17 $000s | Unaudited 9 months Mar-16 $000s | |
Gross property income from rentals | 71,278 | 51,564 |
Gross property income from expense recoveries | 5,755 | 5,185 |
Property expenses | (7,230) | (6,623) |
Net property income | 69,803 | 50,126 |
Other expenses | 14,351 | 9,665 |
Profit before finance income/(expense) and other gains/(losses) | 55,452 | 40,461 |
Finance income/(expense) | ||
Finance income | 81 | 53 |
Finance expense | (10,364) | (11,293) |
Fair value gain/(loss) on interest rate derivatives | 7,218 | (3,009) |
Other gains/(losses) | (3,065) | (14,249) |
Revaluation gain/(loss) on investment property | 45,392 | 51,017 |
Receipts under transaction hedging foreign exchange contracts | 978 | 38 |
Fair value gain/(loss) on foreign exchange derivatives | (2,176) | 647 |
Unrealised gain/(loss) on foreign exchange | 3,691 | 948 |
47,885 | 52,650 | |
Profit before income tax | 100,272 | 78,862 |
Taxation expense | (16,823) | (9,513) |
Profit for the year attributable to unitholders of the Trust | 83,449 | 69,348 |
Other comprehensive income | 21,720 | (6,801) |
Items that may be reclassified subsequently to profit and loss: | ||
Movement in foreign currency translation reserve | ||
Realised foreign exchange gains/(losses) on hedges | 9,692 | 9,015 |
Current taxation (expense)/credit | (2,714) | (2,524) |
Unrealised foreign exchange gains/(losses) on hedges | (11,368) | (50) |
Deferred taxation (expense)/credit | 3,183 | 14 |
Fair value gain/(loss) on net investment hedges | (4,172) | 1,997 |
Deferred taxation (expense)/credit | 1,168 | (559) |
Total other comprehensive income/(loss) after tax | 17,509 | 1,092 |
Total comprehensive income after tax | 100,958 | 70,440 |
Earnings per unit Basic and diluted earnings per unit (cents) | 19.92 | 20.14 |
Consolidated Statement of Financial Position
For the period ended 31 March 2017
Unaudited Mar-17 $000s | Audited Jun-16 $000s | |
Non-current assets | 1,217,598 | 951,879 |
Investment properties | ||
Derivative financialinstruments | 184 | - |
Other non-current assets | 347 | 358 |
Total non-current assets | 1,218,129 | 952,237 |
Current assets | 3,181 | 12,980 |
Cash and cash equivalents | ||
Trade and other receivables | 699 | 358 |
Other current assets | 6,099 | 3,113 |
Derivative financialinstruments | 4 | 9,486 |
Total current assets | 9,983 | 25,937 |
Total assets | 1,228,112 | 978,174 |
Unitholders' funds | 536,737 | 369,220 |
Units on issue | ||
Reserves | 664 | (17,118) |
Retained earnings | 227,573 | 171,617 |
Total unitholders' funds | 764,974 | 523,719 |
Non-current liabilities | 342,787 | 344,159 |
Borrowings | ||
Income in advance | 2,068 | 3,656 |
Derivative financialinstruments | 12,586 | 19,764 |
Deferred tax | 71,960 | 63,669 |
Total non-current liabilities | 429,401 | 431,248 |
Current liabilities | 10,157 | 9,629 |
Trade and other payables | ||
Income in advance | 2,433 | 3,569 |
Derivative financialinstruments | 4,247 | 41 |
Taxation payable | 16,900 | 9,968 |
Total current liabilities | 33,737 | 23,207 |
Total liabilities | 463,138 | 454,455 |
Total unitholders' funds and liabilities | 1,228,112 | 978,174 |
Same property net operating income
For the nine months ended 31 March 2017
Unaudited Mar-17 $000s | Unaudited Mar-16 $000s | Variance $000s | |
Same property revenue from investment properties1Same property operating costs | 71,143 (6,598) | 55,742 (6,623) | 15,401 25 |
Acquisitions | 64,545 | 49,119 | 15,426 |
5,258 | 1,006 | 4,252 | |
Net operating income | 69,803 | 50,125 | 19,678 |
1 Includes a one-off lease termination receipt of $13.8m as part of rent, make-good and other future obligations.
Investment properties
$000s | |
Balance - 30 June 2016 | 951,879 |
Acquisitions | 160,115 |
Development spend | 21,077 |
Fair value adjustment | 45,392 |
Foreign exchange translation difference | 39,135 |
Balance - 31 March 2017 | 1,217,598 |
Development progress
Development Development work being undertaken
Development
cost (A$m)
Spend to date (A$m)
Forecast completion
date
6.3 3.1 Oct-17
PalmBeach Currumbin (QLD) Relocation of consulting to new suites above front carpark
and conversion of some double rooms to singles.
9.5 3.8 Oct-17
SportsmedConsulting (SA) Stand-alone medical consulting building adjacent to the
main hospital.
9.4 3.6 Nov-17
TorontoPrivate (NSW) Ten new mental health beds, ten new rehabilitation beds, a
new gym, group therapy rooms and 36 new car parks.
Maitland Private (NSW) stage 1
Two new operating theatres and a new seven-chair day
chemotherapy unit. 13.6 4.2Oct-17
Lingard Private (NSW)
Three additional operating theatres, 26 surgical beds and a hydrotherapy pool. 57 car parks will be developed on an adjacent site.
23.8 1.7 Jun-18
Total 62.6 16.4
Vital Healthcare Property Trust published this content on 11 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 May 2017 07:46:18 UTC.
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