DNZ Quarterly Portfolio Update – Third Quarter FY13

DNZ Quarterly Portfolio Update – Third Quarter FY13

DNZ Quarterly Portfolio Update – Third Quarter FY13 21/01/2013

FY13 Lease Expiry only 1.1%, Occupancy at over 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 third quarter, being 1 October 2012 to 31 December 2012 of the 2013 financial year.

Paul Duffy, DNZ Chief Executive said “The 37 transactions completed during this quarter is a continuation of the momentum achieved during the first two quarters of the current financial year. DNZ’s lease expiry risk going forward has been greatly reduced, and the portfolio occupancy has also been further improved to an outstanding 99.2%.”
 

Portfolio Overview

as at 31 March 2012 as at 31 December 2012
Properties5147
Tenants 252 256
Net Lettable Area (sqm) 379,965 354,523
Net Contract Rental ($) 58,202,504 56,958,046
Weighted Average Lease Term (WALT) (years) 5.45.4
Occupancy Rate (by area) (%) 98.799.2

Lease Transactions

DNZ management completed 37 lease transactions during the quarter that included:

  • 28 rent reviews over 43,816m² for a total annual rental of $6.5 million
  • 4 lease renewals over 477m² for a total annual rental of $0.2 million
  • 5 new lettings completed over 1,725m² for a total annual rental of $0.4 million

 


 
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 31 December 2012, DNZ Property Fund owned 47 properties with 256 tenants, a weighted average lease term (WALT) of 5.4 years and an occupancy rate of 99.2% over a net lettable area of 354,523m².

DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ also holds management rights to Diversified NZ Property Fund Limited, a $105 million (as at 31 March 2012) commercial property portfolio.

DNZ’s top 10 tenants as at 31 December 2012: Bunnings, Fletcher Building, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), NZ Government, ASB, Westpac, Meridian Energy, Lion and Mitre 10. These 10 tenants represent 52% of the Company’s total contract rental.

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