Centro Retail Trust (“CER”) is an Australian Securities Exchange (“ASX”) Listed Property Trust managed by Centro Properties Group (“Centro”).
Listed in August 2005, CER offers investors an income return with exposure to quality Australian, New Zealand and US shopping centres. CER's portfolio is valued at $8.31 billion.
Centro Retail's investment philosophy is to provide investors with access to pure retail property ownership.
| Key CER Statistics |
Jun 08 |
Jun 07 |
| Total Property Assets |
$8.3b1 |
$5.3b2 |
| Number of Centres |
452 |
228 |
| Operating Distributable Profit for FY08 |
$256.0m |
$85.5m |
| FY08 Distributions Per Security (cents) |
1.40 |
12.70 |
| FY09 Forecast Distributions Per Security (cents) |
Undeclared |
n/a |
| FY08 Tax Advantaged |
24% |
100% |
| Net Tangible Assets Per Security |
$1.27 |
$1.90 |
| Look Through Gearing3 |
|
|
1 Based on an AUD/USD spot exchange rate of 0.9626
2 Based on applicable hedged rate
3 Reflects the ratio of net borrowings to total assets adjusted for relevant borrowings of equity accounted investments
The target gearing of CER is less than 60% (on balance sheet). In its management of CER, the Responsible Entity intends to focus on consistent growth in distributions by means of its intensive retail property and development management focus and capital management.
| Gearing Ratio |
Policy |
30 Jun 2008 |
31 Dec 2007 |
30 Jun 2007 |
| Look Through Gearing1 |
50 - 65% |
64.3% |
59.0% |
58.5% |
1Reflects the ratio of net borrowings to total assets adjusted for relevant borrowings of equity accounted investments