mcs update, page-3

Below are the 15 properties that make up the Californian Retail prtofio or Centro Watt REIT. CER's ABR for each property as at 31 Dec 08 is also shown:


Mira Mesa Mall 3374678
Esplanade 3000871
Gateway Plaza 1559964
Puente 2182439
Ocean View 1757601
Felicita 524762
University Mall 778162
Santa Paula 689350
Gateway Plaza Vallejo 2349861
Vallejo Corners 796323
Lompoc Shopping 826943
San Bernardino Center 454059
Pacioma 773622
California Oaks Center 868119

Total estimated ABR 19,936,754.00



Debt:

CMBS - JPMC 69.1 1/05/2011 4.34% 3.00
CMBS - JPMC 65.7 1/05/2014 4.85% 3.19

Total approximate interest bill 6.19



It should be noted that CER's proportionate interest in Centro Watt REIT is $438m vs debt of $208m (Refer to Appendix 4d report). LVR is quite low

CER has a 48.5% interest in this REIT.

Although NOI is lower than ABR (genrally about 10% lower), ICR for this REIT is comfortably above 2.

At the moment, these profits are being used to pay down debt within other areas of CER.

When CER mentioned that they intend to eventually reinstate a dividend using available cashflow, it may very well eventuate from the profits within this REIT.

Anyway its all good :-)

Cheers