my revised nta take is now 1.32, page-25

Apprentice,

CER rolled over CMBS facilities in the amount of $370m in Dec last year. Refer to annual report pg 61 and supplemental report and have a look at debt that was due in Dec last year.

As at 30 June last year, CER had $1.13b in non current liabilities (refer to page 61 of annual report)

Some of these liabilities will be due later this year.

Do you know what the value of the assets that $1.13b in debt is secured against?

$651m is secured against $1b worth of properties. Actually some of that debt was secured against the NZ properties that were sold last year. (pg 62 of annual report)

So the value of this facility would be around $600m.

The $481m of commercial mortgage backed securities has been used as security against another $1b worth of property. (pg 62 of annual report)

Yes Australian properties values have fallen a bit but I am not concerned at all about these facilities being rolled over. The LVR is comfortable but more importantly the income that is being ggenerated from these assets outweighs interest expense by a considerable margin.