supplemental report as at 27 jan 2009

Hey all

Im out of my bunker which I have made my home for the last week and am finally enjoying the hot Melbourne sun!

I have completed a supplemental report for CER's US portfolio as at 27 Jan 2009.

Its very similar to how it is set out in the supplemental report except there are quite a few more columns of calculations.

If you would like a copy of the spreadsheet I have prepared, please provide me with your email address and I'll send you the spreadsheet upon my return from lunch.

I have gone through every single US property. Not one has been left out.

In summary:

CER US income forecast to drop by US$21m per annum

This spreadsheet does not include in the ABR, leases that will not be renewed as at 27 Jan.
Circuit city stores for example are closing down and were not included in the tenants details on the website.
Most circuit City stores are still operating until 31 March 2009. Rental income will still be generated from these stores until this time

Therefore this is why revenue as at 31 Dec will be higher than indicated on here. The weighted average occupancy rate across its centres has been higher than 89% (I calculated as at 27 Jan 09) from 30 June 2008 to 27 Jan 09.

Spreadsheet does not take into base rent escalations and/or possible rent relief. Assumption is this has a nil effect and therefore has not been factored into calculations

The Shoppes at Cinnaminson had 0 GLA at 30.06.08. This now has 237893sqft occupied space. This is a new development

Liberty Plaza has a new Walmart lease pending.

Properties highlighed in yellow could not be found on the centro properties website. I have asked investor services for more information.
Assuming they have not been sold, this will increase the ABR indicated on the spreadsheet. In the meantime, I have given them a nil ABR figure

Texas properties have held very well. Alot of their centres are in texas and they have performed much better than the rest of the US. Texas is perhaps the only state in the US thats not in a recession.
http://www.bizjournals.com/sanantonio/stories/2009/01/19/daily35.html

I havent looked at Australian properties but most are trading at 100% occupancy. Given Aust rental income is correlated with sales turnover, you would expect to see this increase rental income for the HY 31 Dec 08. Aust retailers had a strong second half of year and Christmas period.

Overall the US properties have been very resilient and are operating well. The non discretionary nature of its business will definitely help CER going forward.

Cheers