20 Aug 2008

Commercial rents drive Trust profit

8:05 am on 20 August 2008

New Zealand's largest listed commercial property investor expects rental growth to again fuel earnings in the current financial year.

AMP New Zealand Office Trust posted a profit of $52.18 million for the year to June, an increase of 27% on the previous year.

Rental income rose 12% to top $120 million, which the Trust says reflects recent acquisitions as well as higher rents and longer occupancy rates.

Chief executive Robert Lang says the value of its property portfolio increased by $118. 4 million during the year, mainly due to rent growth.