Macquarie Office Trust exceeds targets
Real estate fundamentals have enabled the Macquarie Office Trust to exceed its full-year earnings targets despite the current challenges in global financial markets, according to its chief executive, Adrian Taylor.
The trust’s profit for the year ended June 30, 2008, was $208.7 million, with distributable earnings per unit of 13.68 cents.
Taylor attributed this result to robust leasing activity, which included 96 per cent occupancy, property income growth of 4.5 per cent and an average lease expiry of 5.2 years.
However, going forward, the trust plans to implement a more prudent strategy to better align itself with global real estate investment trust activity.
Specifically, it plans to revise its policies concerning US capital hedging and distribution payouts.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
