Revaluations, revaluations, revaluations – don’t you lov’em.
Well, at least DBREEF would love them after their half year net profits were lifted by some $359 million to $510 million – an increase of 52% on the corresponding period in 2005.
DBREEF chief executive Victor Hoog Antink declared the half year as a solid performance with all key financial and operational results having improved in the period.
The greatest contributor to the first half for DBREEF was of course its $3.9 billion office portfolio which increased some $286 million after revaluations with an increase in revenue of almost $125 million — up 46.6%.
Presently, DBREEF has some $900 million worth of office projects on the go including its prized
Overall, DBREEF now has $13.9 billion worth of properties under management an increase of 13% in the six months to 31 December 2006.
DBREEF’s retail portfolio delivered around $27.9 million representing 10.4 % to overall earnings. Moving Annual Turnover for the 12 months to 31 December 2006 was up 8% to $1.58 billion. Retail occupancy remains high at 99.7% and the average lease duration steady at 5.3 years.
Retail revaluations contributed $64 million – a modest increase of 7%.
The group’s $1.7billion industrial portfolio, which covers
Hoog added that during the half year our high quality portfolio has performed well and are working proactively to maximise its future potential.
“We are increasing our investments with $1 billion of acquisitions and commitments made in the year so far, and have created a development pipeline which will result in another $2.2 billion of property being available for the group in the future.”
Hoog confirmed DBREEF is on target to pay a full year distribution of 11.3 cents per stapled security, up from 11.0 cents at 30 June 2005.
DBREEF fell three cents on the good news to $1.80.
Australian Property Journal
