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Augusta properties gain $3.7m

NZ NewswireNZ Newswire 14/04/2016 Tina Morrison

Augusta Capital, the listed property investor and fund manager, will post a revaluation gain of $3.7 million for the six months through March.

The revaluation gain for property owned directly by Augusta represents a 4.4 per cent increase, the Auckland-based company said in a statement.

The increase in valuation combined with static rentals has seen the company's average rental yield decline to 7.06 per cent from 7.34 per cent.

On an annual basis, the company's properties have increased by $7.5m, its portfolio occupancy has risen to 97 per cent from 94 per cent and its average lease term increased to 6.3 years from 5.9 years, it said.

Augusta will release its annual earnings for the year through March on May 19.

Its shares increased 1.4 per cent to $1.06, and have increased 4.5 per cent this year.

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