This article is from the Australian Property Journal archive
MARINER America Property Income Trust has reported a loss in half year profits, brought by unrealised "mark-to-market" value adjustments for currency hedging swaps.
MRA has announced a net loss after tax of $3.64 million for the half year to December 2007, down 124% compared to the previous corresponding period.
Meanwhile, total rental revenue for the portfolio was up 42% to $16.9 million for the period with the portfolio 98% occupied.
MRA total gearing was reduced during the period by 8% to 53.0% with loans fixed for their terms, and all debt payments and income receipts are hedged for currency risk. All debt is fixed rate with a minimum term of 2.5 years and maximum of 9.5 year with an average term of 4.5 years.
The trust has no investments in financial instruments other than those associated with hedging the cashflows of the portfolio.
As at December 2007, total assets grew by 28% to $423 million million invested in seven properties in five states. Total portfolio NLA is 131,143 sqm.
MRA is paying distributions in line with PDS forecasts for the 2008 year. For the half year to December 2007 MRA paid distributions of 4.65 cents per unit.
Australian Property Journal
