Stockland has redefined the DMF on an accrual basis calculated under normal accrual accounting standards [only DMF earned within the period is accrued]. It says this is similar to straight lining property rent where income is accrued but the cash is received in the future. This resulted in a drop in accrued DMF income from $18 million in the First Half 2009 to $15 million in First Half 2010. Speculation is that this move will impact other operators plus add to the confusion of investors in the sector.
Ryman Healthcare CEO Richard Umbers quits
In February, the company cut its full year profit forecast to between NZ$265 million and NZ$285m on disappointing sales and margins