One of Australia's largest listed office landlords, Dexus Property Group, has swung into a full-year net loss of $1.46bn after writing down the value of its portfolio.
The company slashed the value of its properties by $1.5bn.
Dexus, which had a net profit of $438.3m a year ago, said operating earnings for the year ended June 30 climbed 5.7 per cent to $526.3m, from $498m a year ago.
Chief executive Victor Hoog Antink said the economic downturn had resulted in a slight decline in the company's occupancy and retention rates, but Dexus was well positioned for the future.
'We expect conditions to continue to be challenging in the coming year,' he said.