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Australia Property
Trust Talk: 59th Edition
Chart of the Week: Pressure on Retail Assets
Mounting
4.1
4.8
5.5 5.5
6.0
6.2 6.3
6.7
7.4
4.3
4.7
5.7
6.2
5.6 5.7
6.2
5.2
6.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
MGR MG LG SGP Average BG WDC CFX GPT
A$ Net Operating Income per A$100 of MAT
2008 2007
Source: Shopping Centre News, Morgan Stanley Research, Note: BG= Big Guns, LG = Little Guns and MG = Mini Guns
Chart of the Week: Our Chart of the Week shows the
average rent (NOI) per A$100 of Moving Average
Turnover (MAT) for the retail assets of the five A-REITs
under coverage. Interestingly, as Australian retail
spending began to slow throughout 2008, we note that
the owners of comparably larger centres, such as WDC,
CFX and GPT, have actually driven more NOI per
A$100 of MAT, while for owners of smaller shopping
centres such as MGR and SGP, the NOI per A$100 of
MAT measure has actually declined since 2007. With
the retail environment only just beginning to weaken
materially, 2009 is bound to present significant
challenges for retail landlords who seek to manage
tenant expectations of lower occupancy and rental
costs.
Week Ahead: Preview to Stockland’s Market Update –
Thursday April 23rd, 2009.
This week in Australia: GPT announces sale of
A$143m in interest in GWOF and GWSCF. Brisbane
office fundamentals show downward trends. MGR puts
Como Centre up for sale.
Internationally: GGP files for bankruptcy. UK to
outperform Continental Europe. Renhe Commercial
Holdings Co. Ltd initiation at OW. Agile Property’s core
earnings fall short of expectations. Refinancing climate
for Japan Office Investment Corp. remains tough, but
the firm has bought itself time.
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