Only skimmed through it on Wednesday and been on the road since Thursday.
Will have some further comments early this week
Its all good. Occupancy rates stabilising in the US. Strong rental/NOI growth in Australia. Great underlying profit by SuperLLC for the Dec 09 HY. Its ICRs actually higher for the Dec09 HY compared to Dec08 HY thanks to the decrease in LIBOR/financing costs. Have a look at the app 4d report. Mind you as discussed a million times already, SuperLLC contributes 0c equity to CER at this point in time.
The current value of CER is justified if only REITs 1 and 5 were taken into account. The underlying profits these two immaterial sub trusts make more than justifies the current value of CER. Its all in the App 4d report.
Anyway I will return shortly.
CER is like a big brown bear that has been hibernating for a much longer time than expected due to winter dragging on well into Spring. When it awakes, it will be angry and nobody will be able to stop it!
Cheers
CER Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
