westfield us valuations down thirty five pcent, page-3

I haven't combed through the entire Westfield report, we're too busy with GPT.

From what I have seen, 35% is not the case.

If you look at p31 of their Appendix 4E released today, they break out each property in the US. The values have dropped from US$16.365bn to US$16.22bn. There are obviously some impacts from FX rates on top of this. From a rough calculation, this would be consistent with them saying on p13 of the accompanying presentation that cap rates in the US have softened 0.1%. This does seem like a very small drop and may need some more research.

P27 seems to indicate that their Aus portfolio has actually increased in value.

As I said, I haven't been through the whole thing and this is just a quick glance. Either way though, I'd be interested to hear where the 'report' got 35% from as I don't believe it is anywhere near accurate.

From the numbers we have done based on drops in DPF and DPFI, we've come out at a ~6% drop in Centro asset values in the US, some of which will be offset by rental rises anyway. Friday will tell us for sure.