stockland looks ok...

met guidance $672 m

and property values were unmoved

things not as bad as they seem

see below

v
v
v

“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