DNZ Quarterly Portfolio Update – Third Quarter FY14

DNZ Quarterly Portfolio Update – Third Quarter FY14

DNZ Quarterly Portfolio Update – Third Quarter FY14 28/01/2014

FY14 Lease Expiries Reduced, Occupancy Continues 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 2013 to 31 December 2013 of the 2014 financial year.

 
Peter Alexander, DNZ Chief Executive Officer, said “It is pleasing to have finished the third quarter of the financial year with DNZ’s portfolio’s occupancy remaining at over 99%. It is also satisfying to have this high occupancy rate supported by a portfolio WALT of 5.5 years as at 31 December 2013 and FY14 lease expiries reduced to 1.5%.”

“The highlight for the quarter was the completion of the new Hydraulink Fluid Connectors Limited 2,919m2 warehouse and office facility at O’Rorke Road in Penrose, Auckland, and the commencement of the 12 year lease with Hydraulink, which has two yearly rent reviews to market.”

Portfolio Overview

as at 31 Mar 2013as at 31 Sep 2013as at 31 Dec 2013
Properties484747
Tenants258293297
Net Lettable Area (sqm) 354,502365,912369,407
Net Contract Rental per annum ($) 57,157,986 61,852,87262,347,103
Weighted Average Lease Term (WALT) (years) 5.25.65.5
Occupancy Rate (by area) (%) 99.699.499.4

Lease Transactions

The 56 lease transactions that were completed during the quarter included:

  • 44 rent reviews over 46,068m2 for a total annual rental of $8.4 million
  • 12 new lettings and lease renewals over 17,218m2 for a total annual rental of $1.7 million

 


 
For Further Information Please Contact:
Peter Alexander, Chief Executive Officer, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: peter.alexander@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 $770.6 million (as at 30 September 2013) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 31 December 2013, DNZ Property Fund owned 47 properties with 297 tenants, a weighted average lease term of 5.5 years and an occupancy rate of 99.4% over a net lettable area of 369,407m².

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 $117.4 million (as at 30 September 2013) commercial property portfolio.

DNZ’s top 10 tenants as at 30 September 2013: Bunnings, Progressive Enterprises (Countdown), NZ Government, Foodstuffs (PAK’nSAVE & New World), ASB, Fletcher Building, The Warehouse, Westpac, Meridian Energy and Lion. These 10 tenants represent 52% of the Company’s total contract rental.

DNZ Sells Christchurch Office Building
DNZ Completes New Hydraulink Fluid Connectors Facility