Vital Healthcare Property Trust's manager said first-half net profit rose 22.2 per cent and normalised distributable income was up 14.6 per cent as the value of its properties increased, rents rose and interest costs fell.
Vital's net profit for the six months ended December rose to $57.2 million from $46.8m in the same six months a year earlier.
The value of its properties rose by $42.6m, up 2.3 per cent from June last year, to $1.93 billion pushing net tangible assets per unit up to $2.36 from $2.24 in December 2018.
The units closed down 1 cent at $2.91 on the NZX today, 38 per cent higher than a year ago.
Distributions per unit held steady at 4.375 cents compared with the first half a year earlier. The first quarter's distribution has already been paid and the second quarter's payout of 2.1875 cents per unit will be paid on March 26 to those on the register at March 12.