Financial
Investa generated a net profit after tax of A$663.5 million for the year to 30 June, up 99% on the previous corresponding period.
The Investment Portfolio contributed $631.4 million to EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation), an increase of 24% on the prior corresponding period. The result reflected an increase in property portfolio valuations of $366.1 million demonstrating the quality of the portfolio and strong leasing activity in key office markets.
When revaluations are excluded, Internal Funds contributed 80% of the Group EBITDA.
Net Tangible Assets per security increased to $2.10, up 16% on the prior corresponding period.
Our two principal external funds, IDOF and ICPF, became independently accredited Sustainable Responsible Investment (SRI) funds during the year – the first property funds to achieve this status anywhere in the world. The accreditation will help attract an inflow of funds under responsible investment mandates. Continued growth in the External Funds business resulted in an EBITDA contribution of $11.7 million compared to $6.7 million previously, an increase of 75%.
A $36.0 million earnings contribution from Investa Commercial Developments more than offset the impact of continued weak market conditions faced by Clarendon Residential. Overall, the development activities contributed $70.0 million to Group earnings, up 21% on the prior corresponding period.
Leasing activity during the year resulted in 155,000 square metres of leases being executed and a further 34,000 square metres of space being subject to heads of agreement. As a result, the portfolio's weighted average lease expiry is now 5.3 years and occupancy rate is 97.9% – the highest ever.
| INVESTA PROPERTY GROUP |
2002/03 |
2003/04 |
2004/05 |
2005/06 |
2006/07 |
|
| Total assets |
$2.6b |
$4.5b |
$4.8b |
$5.9b |
$6.3b |
| Net tangible asset backing |
$1.81 |
$1.78 |
$1.79 |
$1.81 |
$2.10 |
| Assets under management |
$3.2b |
$5.1b |
$5.5b |
$6.7b |
$7.3b |
| External funds under management |
$0.74b |
$0.85b |
$1.2b |
$1.6b |
$2.0b |
| Employees |
132 |
190 |
247 |
733 |
656 |
| Portfolio occupancy rate |
97.7% |
96.2% |
96.6% |
97.6% |
97.9% |
| Average remaining lease term |
5.1 yrs |
4.4 yrs |
5.3 yrs |
5.5 yrs |
5.3 yrs |
More extensive and detailed financial information can be accessed via Investa's website.
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