results out

Summary of FY09 Result and Operating Highlights

• Net profit after tax (NPAT) from ordinary operations of $17.0 million
• Statutory loss of $(304.9) million including non operating items:
o Realised losses of $(51.5) million
o Non cash unrealised asset and intangible impairments of $(274.0)
million
• Operating highlights include:
• Debt reduction:
o Net debt reduced to $338 million, down from $837 million 18
months ago
• Development and construction:
o Settlements of $310 million
• Retirement:
o $53 million of retirement first time and resales
o Resale values were 6.5% above book value
• Funds management:
o Fund asset sales of $212 million
o Refinanced $292 million of fund debt facilities
• Property investment:
o Fund tenant occupancy increased to 96% over the past 6 months
o Weighted average lease expiry steady at 3.7 years