This article is from the Australian Property Journal archive
ALE Property Group has revalued 87 properties resulting in a 0.65% decline to $713.85 million as a result of capitalisation rates rising from 6.48% to 6.60%.
This is a decrease of $12.83 million or 1.77% over the half-year since December 31 2009 and a decrease of $4.66 million or 0.65% over the year since June 30 2009.
Valuation Analysis
|
The following table provides a state by state analysis of the changes in value between June 30 2009 and June 30 2010: State |
Number |
Current Net Rent (a) $m |
Weighted Average Cap Rate |
Total Value at Jun 10 (b) $m |
Change Since 30 Jun 09 $m |
Average Value $m |
|
QLD |
32 |
$13.11 |
6.68% |
$196.14 |
$(10.32) |
$6.13 |
|
NSW |
10 |
$6.71 |
6.65% |
$100.90 |
$1.17 |
$10.09 |
|
SA |
7 |
$1.98 |
6.68% |
$29.68 |
$(1.90) |
$4.24 |
|
WA |
4 |
$1.66 |
6.60% |
$25.17 |
$(0.66) |
$6.29 |
|
VIC |
34 |
$23.64 |
6.53% |
$361.96 |
$7.05 |
$10.65 |
|
Total |
87 |
$47.10 |
6.60% |
$713.85 |
$(4.66) |
$8.21 |
ALE’s net assets per security at December 31 2009 was $2.40, including the mark to market values of derivatives.
Based on the above revaluations, ALE expects its Net Assets per Security since December 31 2009 to have decreased by around $0.09 cents per security as at June 30 2010.
Australian Property Journal
