CNP 0.00% 4.0¢ cnpr group

westfield us valuations down thirty five pcent, page-3

  1. 1,190 Posts.
    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.
 
watchlist Created with Sketch. Add CNP (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.