Anzo delivers healthy balance sheet

AMP NZ Office Trust (ANZO) said higher rental revenues and lower interest costs helped it achieve a 19.9 per cent increase in distributable profit for the quarter.

Unitholders will receive a gross first-quarter distribution of 1.764c per unit.

New Zealand's largest listed investor in prime commercial office property is holding a unitholder meeting in Wellington today.

Rental revenues for the three months to September rose 6.8 per cent to $34.99 million. This included one-off payments arising from the high volume of rent reviews in the previous year.

ANZO's interest costs for the first quarter reduced by $2.13m or 32.8 per cent to $4.37m.

The property investor raised $201.3m in a rights issue earlier this year, which reduced debt.

Asset management fees for the quarter fell 15.5 per cent, due to reduced portfolio values.

- NZPA