Interest rate rise 'Devaluation Whack' for the big eight: Part 1 Base Data
Quote:
Originally Posted by
LaserEyeKiwi
Not that Kiwi will show a net profit anyway in the upcoming half year report given the portfolio devaluation.
I am interested in how property devaluations have hit the big eight listed property companies over their most recent reporting year. The only one of the 'big eight' not to report a significant devaluation is Precinct properties. But that is merely because it has a later reporting date than the others of 30th June 2023. Not all of the big eight property companies are created equal, in terms of the size and composition of their portfolios. For analysis purposes, my preference is to present the devaluation data 'as is', rather than attempt any clever (that turns out to be not so clever) equalising adjustment process.
|
FY Balance Date |
FY Property Write-down (A) |
EOFY Property Book Value (B) |
Percentage Writedown (B)/(B+A) |
Weighted Average Lease Expiry |
Incremental 'FY'O'FY' One Year Government Stock Rate movement |
|
Goodman |
31/03/2023 |
-$238m |
$4,791m |
-4.73% |
6.4 years |
+1.59pp |
|
Vital Healthcare |
30/06/2023 |
-$216m |
$3,339.2m |
-6.47% |
Not Available |
+1.88pp |
|
Property for Industry |
31/12/2022 |
-$56.7m |
$2,117.2m |
-2.61% |
5.1 years |
+2.80pp |
|
Precinct Properties |
30/06/2022 |
Not Applicable |
$2,731.6m |
Not Applicable |
7.4 years |
+1.61pp |
|
Argosy Properties |
31/03/2023 |
-$148.6m |
$2,184.9m |
-6.29% |
5.4 years |
+1.59pp |
|
Investore |
31/03/2023 |
-$185.2m |
$1,070.5m |
-14.8% |
8.1 years |
+1.59pp |
|
Stride (SPL only) |
31/03/2023 |
-$118.5m |
$1,254.1m |
-8.63% |
5.5 years |
+1.59pp |
|
Kiwi Property Group |
31/03/2023 |
-$317.8m |
$3,063.8m |
-8.87% |
4.4 years |
+1.59pp |
|
Lots of data above. So what is the significance of it all? My clock has ticked past the 9:30pm witching hour aka my 'stupid hour' after which I am likely to post nonsense. So I am going to leave my commentary until tomorrow. Sleep well.
SNOOPY