CER's share of the ABR as at 31 Dec 08 from supplemental is as follows:
Greenport - $728k Garden City Plaza - $886k Chestnut - $310k Ladera - $1m
ABR of 4 properties: approx $2.9m
Take away approx 10% to get NOI: $0.3m
NOI: $2.6m
Approx cap rate: $2.6m/$27.2m (CER's share of proceeds) = 9.5%
Most likely these properties were sold at an aggregate discount to book value, however it should still result in a reduction in CER's look through gearing ratio.
CER Price at posting:
9.3¢ Sentiment: Buy Disclosure: Held