Babcock And Brown Japan Property Trust Financial Analysis

2479 words - 10 pages

IntroductionDue to the Organizational Finance assignment question, I am pleased to present the Babcock and Brown Japan property trust the year ended 31 June 2006 annual report and the first financial report covering period from 31st January 2005 to 30th of June 2005.Company backgroundBabcock & Brown Japan Property Trust is a listed property trust which invests in the real estate market of Japan. Its portfolio comprises interests in office, retail and residential properties.The Trust was established on 31 January 2005 and became a registered scheme under the Corporations Act 2001 on 17 February 2005. The Trust listed on the Australian Stock Exchange on 4 April 2005.The Trust currently holds interests in a portfolio comprising 35 office, retail and residential properties. The Responsible Entity of the Trust is Babcock & Brown Japan Property Management Limited (a subsidiary of Babcock & Brown). Asset management services in Japan are generally undertaken by Babcock & Brown Co., Ltd. (also a subsidiary of Babcock & Brown).The Board of the Responsible Entity is responsible for protecting the rights and interests of all investors and is accountable to investors for the overall governance and management of the Trust. As at 31 August 2006, the Trust had 3,201 Unit holders and a market capitalization of approximately $907 million.Corporate goals (i.e. Investment Policy)The Investment Policy of the Trust is designed to maintain and enhance Unit holder returns. The main elements of this policy are:•Acquire interest in properties which:oare expected to provide sustainable earnings; offer opportunities to create Unit holder value including through redevelopment, repositioning and applying more pro-active and cost-effective asset management; oroAre development projects where the risks associated with such projects can be reasonably mitigated through joint ventures, pre-commitments from tenants or other measures•Hold interests in property in the form of:oTrust Beneficiary Interest;oownership of legal title;olessee under a long-term lease;oinvestment through one or more contractual relationships which hold assets in the form of Trust Beneficiary Interest, ownership of legal title or as lessee under a long-term lease; oroOwnership directly or indirectly of shares in a special purpose vehicle.•Properties are to be acquired at no more than fair market value as determined by an independent qualified Japanese property appraiser.•All acquisitions shall be subject to due diligence on the properties, consistent with prudent Japanese market practice, in particular to ensure that each property has no material:ocompliance or statutory problems;ounmitigated environmental problems;oissues related to title or survey; andoLegal impediments which may prevent ownership being transferred.•The Responsible Entity will review its Investment Policy from time to time and may amend its policyFinancial reviewThe Trust achieved a net operating...

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