Disposals - 04 Sep 2008
ING Industrial Fund (IIF) has announced the disposal of Acacia Park (60 Gay Street, Acacia Ridge, Queensland) for a total consideration of $26.0 million at a 6.6% passing yield on the net sale price.

Recent Developments - 01 Sep 2008
Rubicon America Trust (RAT) security price slid significantly today following confirmation of the termination of the sale agreement for GSA I Portfolio. At 11.50 am RAT was trading at 5.9¢, down 29% on the day.

Results - 29 Aug 2008
Tishman Speyer Office Fund (TSO) has reported net loss after tax of A$112.03 million for the year to 30 June 2008 (down 142.5% on the pcp). Excluding revaluations of investment properties and financial instruments as well as deferred tax expense as non-cash A-IFRS items, PIR estimates net operating profit of the Fund at A$32.22 million or 9.98¢ per unit.

Results - 29 Aug 2008
Centro Properties Group (CNP) has reported a loss of $2,055 million from ordinary activities after tax for the financial year ended 30 June 2008. Centro in presenting its results has confirmed that the report and the corresponding financial statements have been prepared on a fully consolidated basis due to the Group moving to more than 50% ownership of the Centro Direct Property Fund (DPF) and Centro Direct Property Fund International (DPFI).

Capital Management - 29 Aug 2008
Rubicon America Trust (RAT) security price has increased by 16.9% today following confirmation from management that it has entered into an agreement with the noteholders of the US REIT for the amendment of US$169 million note facility and that the Trust is currently negotiating a term sheet to amend US$100 million RFA II note facility with the noteholders.

Capital Management - 29 Aug 2008
Rubicon Europe Trust Group (REU) has today announced the status of its renegotiation of key debt facilities. The Group has confirmed that it agreed a term sheet with a majority of Noteholders for the €50 million (A$85 million) RFE II notes to amend the facility and is currently renegotiating the terms of the loan warehouse facility with Credit Suisse (CS).

Results - 29 Aug 2008
Centro Retail Trust (CER) has announced its results for financial year ended 30 June 2008. Revenue from operating activities has increased by 68.7% to $216 million compared to the pcp primarily due to CER’s merger with Centro Shopping America Trust. However, reported NPAT during FY08 declined by more than 100% to -$867.7 million

Results - 27 Aug 2008
The Westfield Group (WDC) has announced its half year results, reporting an operational earnings of $928 million (+14.7% compared to the pcp) for the six months ended 30 June 2008. Reported NPAT was $1,285 million, down 34.9% when compared the June 2007.

Results - 27 Aug 2008
THG’s FY08 operating revenue increased 41% to $390 million when compared to the pcp, driven mainly by a 388% increase in development division earnings. Property valuation losses during the year have resulted in reported NPAT declining by 57% to $27.3 million when compared to FY07 NPAT of $63.3 million. Although the Group recorded revaluation gains of $78.2 million on hotel properties, according to the accounting standards changes in hotel valuations form part of the balance sheet and cannot form part of the Group’s income statement. However, excluding abnormal items, the Group’s results are solid, with net profit after tax increasing by 73.6% to $28.9 million (FY07:$16.4 million). Reported EPS was 4.52¢ (June 2007: 10.47¢). Excluding non-cash AIFRS items, EPS of 4.79¢ is obtained, representing a 32.1% increase over the June 2007 figure. The Group’s FY08 distributions remained unchanged at 7.0¢.

Capital Management - 25 Aug 2008
Centro Properties Group (CNP) has announced that the Group needs more time to finalise its recapitalisation plans and aims to obtain longer term debt extensions from the lenders beyond the current 15 December 2008 deadline.