8.2m net loss appoints ceo

Sydney - Thursday - August 28: (RWE Australian Business News) -
Macquarie DDR Trust (ASX:MDT) incurred a net loss of $8.2m in the year
ended June 30, compared with a net profit of $185.25m for 2007.
Directors said the loss was primarily due to unfavourable
movement in income and unfavourable movement in derivatives.
Gains from derivative financial instruments decreased from
$11.3m to $3.4m due to unfavourable movement in interest rates.
Total income was a loss of $34.09m, against positive income of
$269.92m. This was primarily due to property valuation losses of $140.6m
compared with gains of $146.4m in the prior year.
In line with guidance provided in February, distributions for
the year totalled 9.25c, down from 10c.
Net tangible asset backing per unit after distribution was 91c,
down from $1.17.
Acting chief executive Mr Simon Jones said: "Over recent months
we have refinanced 23pc of upcoming expiry debt, improved debt
covenants, realised profits on capital hedge assets and developed a new
distribution policy to strengthen the trust's position.
"These measures put the trust on a stronger footing."

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The board also announced the appointment of Mr Luke Petherbridge
as chief executive officer.
Mr Petherbridge, who joined the trust as general manager in
April, replaces Mr Jones, effectively immediately.
Mr Jones will continue his involvement with the trust through
his role as co-head of Macquarie Real Estate Capital