“There has been much talk in the last six months about declines in commercial property values. Although capitalisation rates have increased, this has mostly been off-set by rising rents in our portfolio and the total value of our assets has not materially changed,” said Mr Quinn. Commercial Property Valuations • 65% of commercial properties were independently valued in FY08 • The capitalisation rates supporting book values of those properties not revalued in the June half year were reviewed and signed off by independent valuers in June 2008 • The weighted average capitalisation rate increased from 6.4% to 6.7% • Revaluations comprised net upward valuations of $462 million in the first half and net downward valuations of $122 million in the second half • The net upward revaluation for the year of $340 million was almost exclusively due to rental growth Retail: operating profit increased to $260.1 million
GPT Price at posting:
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