DNZ Quarterly Portfolio Update – Second Quarter FY13

DNZ Quarterly Portfolio Update – Second Quarter FY13

DNZ Quarterly Portfolio Update – Second Quarter FY13 17/10/2012

FY13 Lease Expiry Reduced to 1.6%, Occupancy up at 99%

 
This DNZ Property Fund Limited (“DNZ”) announcement is to update the market on the Company’s transactional activity and property portfolio statistics. This update covers the second quarter, being 1 July 2012 to 30 September 2012, of the 2013 financial year.

Paul Duffy, DNZ Chief Executive, said, “It has been another productive quarter with the DNZ management team completing 72 lease transactions. Occupancy now sits at 99%, with the Weighted Average Lease Term (WALT) of the portfolio extended to 5.7 years.”

“DNZ management has achieved some excellent results, particularly in DNZ’s Wellington office portfolio, with new long term leases to quality tenants. With there being no major expiries remaining in the current financial year, and with FY14 expiries reduced to just 5.4% of the Portfolio Contract Rental, this makes the second quarter performance by DNZ management extremely satisfying.”
 

Portfolio Overview
as at 31 March 2012 as at 30 September 2012
Properties 5151
Tenants 252259
Net Lettable Area (sqm) 379,965 377,350
Net Contract Rental ($) 58,202,504 377,350
Weighted Average Lease Term (WALT) (years) 5.4 5.7
Occupancy Rate (by area) (%) 98.7 99.0
Lease Transactions

DNZ management completed 72 lease transactions during the quarter that included:

  • 37 rent reviews over 71,258m² for a total annual rental of $12.3 million
  • 13 lease renewals over 3,392m² for a total annual rental of $1.0 million
  • 22 new lettings completed over 7,114m² for a total annual rental of $1.5 million

Major new letting transactions:
Maritime New Zealand, Level 3, 1 Grey Street, Wellington, commencing May 2013 for 9 years.
Powerco, Level 4, 1 Grey Street, Wellington, commencing May 2013 for 7 years.
Qual IT, Level 3, 22 The Terrace, Wellington, commencing December 2012 for 9 years.
 


 
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: paul.duffy@dnzproperty.com

Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: jennifer.whooley@dnzproperty.com

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 2012, DNZ Property Fund owned 51 properties with 259 tenants, a weighted average lease term (WALT) of 5.7 years and an occupancy rate of 99.0% over a net lettable area of 377,350m².

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 $105m property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.

DNZ’s top 10 tenants as at 30 September 2012: Bunnings, Progressive Enterprises (Countdown), NZ Government, Fletcher Building, Foodstuffs (PAK’nSAVE & New World), ASB, Meridian Energy, Mitre 10, Lion and Westpac. These 10 tenants represent 51% of the Company’s total contract rental.

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