Listed healthcare property vehicle ING Medical Properties is doing due diligence on a $197 million Australian company.

It is looking into Essential Healthcare Trust which like ING Medical Properties investments in New Zealand owns healthcare related buildings.

Last year it sold the North Gosford Private Hospital and is working on a development project with one of its major tenants Healthe Care Australia.

Following ANZ National Bank’s $2.6 billion takeover of ING NZ last year (soon to be known as OnePath), listed property trusts ING Property Trust and ING Medical Properties Trust have also had a name change.

ING Property Trust, which owns a $933 million portfolio of buildings, will now be known as Argosy Property Trust, and ING Medical Properties Trust will be rebranded to Vital Healthcare.

Argosy Property Trust’s new moniker is inspired by the lofty idea of ships coming together to operate in a fleet.

The ING Medical Properties Trust has reported a net profit after tax of $7.4 million for the year to June 30, a turnaround from its $2.2 million loss last year.

However, the current year’s tax expense includes an unrealised adjustment of $15.5 million to deferred tax as a consequence of the recent government tax changes disallowing depreciation on buildings.

The trust’s operating profit before tax increased 14% to $13.4 million due to an increase in portfolio occupancy and rental income, with overall portfolio occupancy levels improving 1.6% to 99.6%

The value of listed ING Medical Properties’ portfolio has risen by more than $10 million in the last year.

During the year to 30 June its portfolio value had improved by 3.6% up to a total of $292 million.

The valuation was performed by Colliers, CB Richard Ellis and Darroch independently.

Its weighted average capitalisation was 8.7%, and occupancy at 99.6%. Its gearing is forecast to go down from 34.17% to 32.98%.

The old adage of healthcare being a recession-proof sector has helped the ING Medical Properties Trust increase its half-year operating profit by 15.3%.

The trust today announced an unaudited interim operating profit before tax of $6.76 million for the six months to December 31 last year, up from $5.87 million in the same period in 2008.

The increase was mainly a result of a 4.9% increase in rental income to $12.36m and reduced interest rate expense due to lower rates.

ING Medical Properties Trust is on track for its 2010 payout projections, with investors due to receive a pre-Christmas payment of 2.12 cents a share when the first quarter distribution is issued.

This is identical to its payment for the same period last year, despite the trust’s profits having fallen 2.3% since then.

Its full year cash distribution for last year was 8.5 cents per share and it predicts the same for this year.