19 May 2010

Further loss for ING Property Trust

1:44 pm on 19 May 2010

ING Property Trust has recorded a loss for the second consecutive year.

The investor says a fall in the value of its properties shaved $83 million off its portfolio, contributing to a loss of $53.9 million in the year to March, an increase of 15% on the previous year.

Excluding revaluations, gross earnings fell by nearly 13% to $67.7 million because it collected less rent after selling 15 properties during the year.

The general manager at the Trust, Peter Mence, says it met its 35% debt gearing target, but the devaluation pushed that up to 40%.

The Trust has been selling properties to reduce debt and strengthen its financial position.