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Net Asset Backing Valuations

Net Asset Backing Valuations

The following table shows the provisional Net Asset Backing (NAB) valuations for each Centro MCS syndicate as at 31 December 2011. The provisional NABs are based on draft property valuations and forecast unaudited financial results to 31 December 2011. 

For all Australian syndicates the change in the syndicate NAB from June 2011 to December 2011 predominantly reflects the change in the underlying property valuations of the syndicate magnified by the syndicate’s gearing ratio. The higher the gearing, the greater the amplification of the valuation change on the provisional NAB. 

For the New Zealand syndicate the change in the syndicate NAB from June 2011 to December 2011 also reflects the impact of foreign exchange rate movements over the six month period.

For the US syndicates, the US syndicate assets have been sold and the large majority of the sale proceeds were distributed to US syndicate investors on 21 July 2011.  The remaining sale proceeds are now forecast to be distributed to US syndicate investors in January 2012.

(1) As advised in our letter dated 9 December 2011 and distribution statement dated 23 December 2011 all syndicate assets have now been sold.  The remaining $0.03 sale proceeds are forecast to be paid at the end of January 2012 ($0.01) and October 2012 ($0.02) following completion of the syndicate wind up. 
(2) NAB not disclosed at this time due to ongoing sale process.
(3) As advised in our letter dated 17 January 2012 (following the sales of Centro Newcomb and Centro Albion Park and capital returns to investors), the remaining NAB is forecast to be $0.60.
(4) As advised in our letter dated 20 January 2012 (following the sales of Centro Gladstone and Centro Warners Bay and capital returns to investors), the remaining NAB is forecast to be $0.07 as at 31 January 2012.
(5) As advised in our letter dated 27 January 2012 (following the sale of Perth City Central and capital return to investors), the remaining NAB is forecast to be $0.87.
(6) As advised in our letter dated 30 June 2011, the US syndicate assets have been sold and the large majority of the sale proceeds were distributed to investors on 21 July 2011.  The remaining sale proceeds are forecast to be retained until January 2012 and will be distributed to US syndicate investors following completion of the US syndicate audits.

Please refer to the NAB policy contained at the following link:

Centro MCS - NAB Valuation Policy

Disclaimer
The estimate of net asset backing provided in this document is not a promise, warranty or guarantee that the amount could be realised, whether on the sale of a unit in the investment or on a winding up or other realisation of all of the assets and liabilities of the investment. The estimate has been arrived at by the Directors in good faith and taking into consideration all those matters which the Directors consider should be taken into account for the purposes of making an estimate of the sort here made. The Directors make no other representation and give no other warranty in relation to the estimate and expressly disclaim responsibility for any loss that may be occasioned by any person who claims to have relied upon the estimate for any purpose whatsoever.

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