KEY POINTS:
A tamer and less outspoken bunch of unit-holders felt the pulse of the listed ING Medical Properties Trust in Auckland yesterday and were happier with the result.
The trust's annual meeting at Greenlane was a much calmer affair than last year, when investors attacked the board over many
problems including draconian corporate governance.
Yesterday, the unit-holders were less heated when they put their questions to the managers.
An investor questioned why the trust's annual meeting was held so long after its June balance date.
Chairman Bill Thurston said the board would consider this point. He cited the length of time auditors took with the accounts. Another unit-holder questioned the lack of experience of the trust's senior management team, telling Thurston some of them had only 15 months' experience.
Thurston assured the meeting the management board had confidence in the team.
A chart showing that the trust had outperformed the NZX-50 index and NZX gross property index on its five-year cumulative return was also questioned, as was the board's approach to the environment after it distributed a 76-page annual report.
At last year's meeting, unit-holders accused the board of medieval corporate behaviour and acting in ING's interests instead of investors, who criticised lack of information and consultation, questioned a Greenlane carpark transaction and criticised a boardroom coup which axed anti-ING directors without investors being able to defend them.
Thurston said issues had been addressed by the managers communicating more with investors, running a national roadshow, revamping the website and sending out newsletters.
This year's meeting heard how the board expected to keep next year's investor payouts at 8.5c a unit, the same as this year. The trust, one of the smallest listed property vehicles, owns 16 properties valued at $298.7 million in Auckland, Australia, Hawkes Bay and Whangarei.
The properties are rented to surgical, medical, community care and health support businesses and organisations. Trust managers expect more privately insured people to get sick, need their tenants and indirectly boost business by visiting their buildings.
HEALTHY ASSETS
The trust's real estate includes:
* Ascot Hospital, Greenlane $79m.
* Epworth in Melbourne $30m.
* Eastmed in St Heliers $8.5m.