This one is from GPT, NTA at 71c2009 Half Year Results27 August...

This one is from GPT, NTA at 71c



2009 Half Year Results
27 August 2009
- On track to deliver 2009 guidance -
- Delivering on strategy to reinvigorate GPT -
KEY POINTS
• Operating income for the six months to 30 June 2009 of $183 million and cash distribution of
2.5 cents per security
• On track to deliver guidance of $365 million realised operating income for 20091
• Materially strengthened balance sheet through $1.7 billion capital raising in May 2009 with
22.2% headline gearing and look-through gearing of 30.5%2
• $4.4 billion headroom in relation to headline gearing covenant
• Strong liquidity position with near term refinancing risk removed
• Net tangible assets per security (NTA) $0.71 cents (includes impact of $1.7 billion capital raising)
• Significant progress on asset divestments ($740 million announced asset sales)
• Majority of Joint Venture with Babcock & Brown (European assets) divested via In Specie
Dividend
• Refined strategy focused on high quality Australian real estate (now represents 90% of
investments)
• A-IFRS loss for the six months to 30 June 2009 of $1,195.5 million, primarily as a result of
non-cash adjustments:
– $567.2 million net reduction in Australian core asset valuations
– $216.5 million net reduction in the value of non core investments
– $1,085.7 million write off in the value of the Joint Venture with Babcock & Brown
– Partially offset by gain on financial instruments of $606.6 million
• Improvement in credit ratings (Standard & Poor’s BBB to BBB+; Moody’s Baa3 to Baa2)