On my reading Tiger, UK holdings weigh much much in the scheme of things. The U.S and the Aussie assets are the ones to watch. Just a qtr point increase in the cap rates for both those countries and it will be a bad headline result.
Should still be a positive result, just materially lower compared to the 07 accounts, which were boosted by over $2b in revaluations.
They will probably hide it and quote in their Media release that operating earnings (excluidng Revals) lifted by 6%. It will be up to the analysts and others to look at the income statement where they will not be able to hide the headline figure there.
Even so, they could use this announcement to state things are slowing down in rents. Really I think they are not in a great position as the discretionary spend in retail malls is far higher compared to neighbourhood centres (retail strips).
Either way its going to be interesting days. The big rise in the dow overnight might just save the stock after going ex. We will see.
Add to My Watchlist
What is My Watchlist?