ING Medical declares preliminary result of Trust’s annual property revaluation
The Board of ING Medical Properties Limited, the manager of ING Medical Properties Trust, today announced the preliminary results of the Trust's annual property revaluations.
The Trust's portfolio value has decreased by 2.2% or NZD$6.5m over the past 12 months to 30 June 2009. Importantly, whilst a small decline in the overall portfolio value, the result reflects the resilience of the Trust's portfolio of quality medical properties, despite the recessionary environment.
The valuations remain subject to formal confirmation from the external auditors as part of the Trust's annual audit for the year ending 30 June 2009.
Over the last 12 months the Trust has experienced improved occupancy levels, high lease renewal rates, and continued rental growth due to a majority of the Trust's tenants having annual CPI-linked rent review mechanisms, all of which have been supported by a market leading portfolio weighted average lease term of 9 years.
ING Medical Properties Trust is New Zealand's only NZX listed specialist medical and healthcare property entity.
The Trust has a portfolio of 16 properties with 112 tenants in New Zealand and Australia and a total portfolio value of NZD$300m, including Ascot Hospital in Auckland and Epworth Eastern Hospital in Box Hill, Melbourne.
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