Medical property investor Vital Healthcare Property Trust has reported a solid full year earnings, reflecting a strong lift in the value of its portfolio of healthcare properties.
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Key numbers for the year ended June compared to a year ago:
- Net profit $303.5m vs $278.4m
- Revenue $123.0 vs $109.7m
- Distribution 9.625 cents per unit (cpu) vs 8.8cpu
- Revaluation gain $244.2m vs $235.4m
- Portfolio $3.3b vs $2.6b
Vital Healthcare manager NorthWest Healthcare Properties Management said net property income rose 12 percent in FY22 reflecting the contributions from rental growth, acquisitions and developments.
It expected to deliver further growth in earnings and distributions in the current fiscal year, with a guidance of 9.75cpu.
"Vital's $3.3 billion property portfolio is high quality and high acuity, with a currentweighted average lease expiry of 17.6 years - the longest of any property group on the NZX," fund manager Aaron Hockly said.
"Over FY22 Vital committed to undertake an additional $146m of new developments including the expansion of Ormiston Hospital in Auckland, Grace Hospital in Tauranga and further additions to Wakefield Hospital in Wellington and Playford Health Hub in Adelaide."
Vital's $1.8b pipeline of potential developments in Australia and New Zealand included further development at its healthcare precinct in Auckland's Remuera where it owns Ascot Hospital and Ascot Central.