CG malls europe - Commerz Real

24
The following list shows the performance key figures basing on Funds-GAAP for the
whole year 2009.
Fund GAAP Return Figures for 2009
Real estate return figures
Almada Montijo León Total
Current market value
(Nov. 2009) 333,597,000 154,481,000 77,740,000 565,818,000
Gross income 9.2% 9.9% 13.6% 10.0%
Management costs -3.1% -4.2% -6.4% -4.5%
Net income 6.1% 5.7% 7.2% 5.5%
Reappraisals -7.3% -6.4% -18.7% -8.6%
Real estate result -1.2% -0.6% -11.5% -3.1%
Foreign income taxes 0.0% 0.0% -0.0% -0.2%
Result before loan expenditures -1.2% -0.6% -11.5% -3.2%
Loan expenditures -2.6% -5.0% -4.2% -3.5%
Result after loan expenditures -3.8% -5.7% -15.7% -6.7%
Equity return figures
Initial equity invested
(Oct. 2007) 172,692,717 71,284,051 45,814,876 290,000,000
Result after loan expenditures -7.3% -12.2% -26.6% -13.1%
Average fixed equity (2009) 139,702,913 56,775,784 25,307,075 232,016,005
Result after loan expenditures -9.0% -15.4% -48.1% -16.4%
6.2 Adjusted Return Figures
In the following schedule, the performance key figures are adjusted to reflect a more realistic
point of view when presenting the real estate performance of the shopping center.
The scheme does not include the service charges.