$a vs $us, page-2

In addition to this you have Valuations appreciating due to the aussie dollar being lower. Shopping centres in the US will be worth a lot more in Australian dollars as the Australian dollar drops

December 2009 portfolio value based on a AUD/USD spot rate of 0.8977,
US Portfolio Value
US$4.5bn
In Aussie dollars 5.0 billion at dec 31

At current rate of .8177
US portfolio 4.5bn
In Aussie dollars 5.5 billion

This would add an extra 500 million to NTA minus any hedging or an extra 22.4 cents per share to NTA/share

This calculation is rough and does not take into account any recent sales in the US and does not include any hedging against any exchange rates. We would need some experts in the hedging area to determine the effect the hedges would have on NTA.