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Business Description: Commonwealth Property Office Fund (CPA) is an office sector-specific A-REIT which invests in central business districts and major suburban markets in Australia. Commonwealth Managed Investments Limited acts as CPA’s Responsible Entity and Colonial First State Property Limited is the Manager.
Strategy Analysis: CPA invests in commercial office assets in markets throughout Australia. It aims to increase the value of its portfolio through a development and refurbishment program, with the possibility of opportunistic acquisitions. CPA expects key markets to stabilise and improve over coming years. A high proportion of leases with fixed reviews support rental growth with upside from improving occupancy. Exposure to Sydney and Melbourne is high and both markets face headwinds from weakening white collar employment growth. CPA has a development project in Brisbane while other projects in Sydney and Melbourne are on hold. Recent sales and equity issues have the trust in good financial health, allowing it to explore growth options if desired.
Commonwealth Property Office Fund reported NPAT down 59.3% to $55.3m for the half-year ended 31 December 2012. The net profit included a net loss from property valuations of $33.1m (compared to a $70.6m net gain for the pcp), and a net loss on the fair value of derivatives of $3.9m (compared to a net loss of $27.7m for the pcp). Revenues from ordinary activities were $170.2m, down 32.1% from the same period last year. Diluted EPS was 2.51 cents compared to 5.47 cents last year. Net operating cash flow was $92.5m compared to $93.8m last year. The interim dividend declared was 3.2 cents compared with 2.89 cents last year.
Handing over, what if you need someone else to make decisions for you? There are times in your life when you can't fulfil your financial obligations personally.
The Age 24/05/2013 |
The door has been opened to full deregulation of electricity prices in NSW after a report found there was a high degree of competition, with more than 60 per cent of households on unregulated contracts.
The Age 24/05/2013 |
James Hardie expects no big improvement in the housing market this year but says the sector has stabilised after interest rate cuts.
The Age 24/05/2013 |
Foster's owner SABMiller reported a 5 per cent drop in sales volumes in Australia over the past year but notched up 3 per cent growth in the fourth quarter, boosted in particular by the relaunch of Victoria Bitter.
The Age 24/05/2013 |
The ASX took more than three hours to tell stockbrokers and investors a computer failure had knocked out its critical market announcements feed in October last year, according to a new investigation into the incident.
The Age 24/05/2013 |
The Australian dollar plunged to its lowest level in a year, shedding over US2¢ in a session, as traders reacted to contradictory comments from the head of the US Federal Reserve on Thursday.
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