Abacus Property Group
(ASX:ABP) says the valuation of its portfolio declined 11 per cent or $93 million over the half to $782 million at June 30 2009.
The property group says that 68 per cent of its portfolio of properties were independently valued at June, and properties not independently valued at June were last valued independently in December 2008.
Abacus says the decline in the value of its portfolio was offset by a $24 million improvement in the mark to market value of the group’s interest rate hedging swap book, with the liability reduced from $61 million to $37 million over the half year to June 30.
The company says as a result of these revaluations the group’s gearing at the end of fiscal 2009 is approximately 27 per cent, while the group’s covenant gearing is approximately 32 per cent compared with a 45 per cent covenant.
Abacus Property Group’s 2008 net profit fell from its 2007 high of $120.4 million.
