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.
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