Argosy Property Ltd has made a 3.6% portfolio revaluation gain in its March-year accounts, almost entirely the result of half-year increases.
The company said yesterday that $50.8 million of the $61.7 million gain had been booked in the first half, to last September.
Chief executive Peter Mence said that, since those desktop half-year valuations, the emergence of Covid-19 had changed the global economic environment: “Accordingly, for the 31 March 2020 valuations, independent valuers have made adjustments to rental & vacancy assumptions, particularly for properties which they consider to be the most affected by Covid-19.”
By location, Auckland was the largest contributor to the revaluation gain with $49.7 million, or 81% of the total.
By sector, industrial again provided the greatest contribution at $53.4 million, up 6.8%. The office portfolio increased $21.3 million, or 2.9%, and large format retail declined by $13 million, or 6.5%.
The valuations remain subject to audit and will be confirmed in the financial results to be announced on 20 May.
The unaudited revaluation gain will result in a 2c increase in net tangible asset backing, from $1.28 in September to $1.30 as at 31 March.
Attribution: Company release.