Property company, Argosy, has reported a full-year portfolio revaluation loss of $111.7 million for the 12 months to Mar 31 2024.
This marks a 5.4% decrease on the company's book value.
The revaluation loss was primarily driven by a softening of overall cap rates, which averaged 6.21%, a decrease of 37 basis points.
The industrial sector saw a decline of $51.2m or 4.8%, while the office portfolio decreased by $49.9m or 6.1%.
The large format retail sector also saw a decline of $10.6m or 5.1%.
Argosy's adjusted net tangible assets per share would be approximately $1.45, compared to $1.58 as of Mar 31 2023.
The company's valuations as of Mar 31 2024 are still subject to audit and will be confirmed in the financial results to be announced on May 22 2024.
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