CG malls europe - Commerz Real

Adjusted 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 7.5% 1) 7.7% 1,2) 9.9% 1) 7.9%
Management costs -1.4% 1) -2.0% 1) -2.7% 1) -2.4%
Net income 6.1% 5.7% 7.2% 5.5%
Reappraisals -7.3% 3) -6.4% -18.7% -8.6%
Real estate result -1.2% -0.6% -11.5% -3.1%
Foreign income taxes -0.2% 3,4) -0.2% 3) 0.0% -0.2%
Result before loan expenditures -1.4% -0.8% -11.5% -3.2%
Loan expenditures -3.1% 2) -3.9% 2) -4.2% -3.5%
Result after loan expenditures 5) -4.5% -4.7% -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 8.6% -10.2% -26.6% -13.1%
Result after loan expenditures
without reappraisals 6) 5.4% 3.6% 5.1% 3.7%
Income return 7) 5.8% 4.2% 6.0% 4.2%
Distributable result 8) 5.5% 3.9% 5.3% 3.8%
Average fixed equity (2009) 139,702,913 56,775,784 25,307,075 232,016,005
Result after loan expenditures -10.7% -12.8% -48.1% -16.4%
Result after loan expenditures
without reappraisals 6.7% 4.6% 9.2% 4.6%
Income return 7.2% 5.3% 10.8% 5.2%
Distributable result 6.7% 5.0% 9.6% 4.8%
1) All objects: not including service and management charges paid by tenants
2) Interest of intra-group loan (EUR 1,728,594.96) enlarges loan expenditures in Almada and reduces it in Montijo as well the
(interest-)income in Montijo
3) Almada: Withholding Tax (EUR 355,935.58 in 2009); Montijo: Withholding Tax (EUR 255,339.48 in 2009)
4) Almada Cda.: Income tax on profit distribution to CGM Lux 3 (EUR 255,709.02 in 2009)
5) Result after loan expenditure is the Fund-GAAP profit/loss for the period
6) Result after loan expenditure without reappraisals is the Fund-GAAP profit/loss for the period without changes in the values
of the properties
7) Income return is the result after loan expenditure without reappraisals and without results form investment phase (accruals
for loans from hausInvest fund, amortisation of key money from hausInvest fund in Portugal and pursuit costs in Spain)
8) Distributable result is the income return without amortisation of finance fees in Spain plus cash-flows of key money but
without accruals for key money
Manager‘s Report on the Fund
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