Colonial First State’s Retail Property Trust posted a net loss of $225.7 million for the six months to December 31 last year, due primarily to a net loss in property and derivatives revaluations – compared to a net profit of $389.9 million in the previous corresponding period.
However, CFX fund manager Michael Gorman said the trust had defied heavy losses on global share markets to post an interim increase in net property income of 9.5 per cent.
Gordon said the CFX had “significantly outperformed” its peers in the Australian real estate investment trust sector in terms of investment performance to December 31 last year
This reflects the “intensive asset management of our portfolio of quality Australian shopping centres and active capital management, which maintained the trust’s low level of debt and strong balance sheet”.
Total distributable income grew by 13.3 per cent to $147 million in the first six months to December 31 last year, up from $129.7 million for the previous corresponding period.
Distributable income comprised a net loss of $225.7 million and a net transfer from reserves of $372.7 million.
The transfer included a net loss on investment property revaluations of $139 million and a net loss on derivatives valuations of $181 million.
