my revised nta calc arrives at 1.711, page-5

Gentlemen. The market has clearly stated that NTA is meaningless. There is an unprecendented lack of capital to purchase assets of this scale, transactions have evaporated, and asset value for property around the globe is currently unknown.

For a property trust like CER I believe operating income (change in cash and cash equivalents) is a more relevant measure of value. However, with tenants struggling to remain in business and vacancies expected to increase, even operating income is difficult to forecast.

It is my understanding that operating income - reported at $31,386,000 for the 07/08 FY - is the figure that determined the $0.014 distribution. Is that correct? This is the figure we need to follow carefully in the future.

I also understand that past distributions of around $0.13 per annum were leveraged from changes in NTA and did not reflect true operating income.

Essentially, "distributable income" of $0.1325 and NTA $1.27 are basically irrelevant!!

I would like to get your opinions on the importance of these metrics.

Cheers