So property revaluation appears to be around 11 - 12% down. This is largely inline with Vicinity.
While the loss is large, I believe the market more or less adjusted to this when vicinity reported.
Rent collection appears to be recovering and the running yields based on current valuations don't look too bad.
The gearing ratio is getting up near 40% which is a bit of a concern, especially given the uncertain outlook. I would think a capital raise or asset sales will have to happen pretty soon.
Overall I think it's probably a pass mark to minor fail. Not sure how the market will react.
Ann: Half Year Results Announcement and Slide Presentation, page-4
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