31 December 2010 - Campus Living Villages

half year
report
31 December 2010

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
campus
living
villages
fund
Directors’ Report ............................................................................................................................................................. 2
Consolidated Statement of Comprehensive Income .................................................................................... 4
Consolidated Cash Flow Statement ...................................................................................................................... 5
Consolidated Balance Sheet ...................................................................................................................................... 6
Consolidated Statement of Changes in Equity ................................................................................................ 7
Notes to the Consolidated Financial Statements .......................................................................................... 8
Directors’ Declaration ................................................................................................................................................. 12
Corporate Directory ..................................................................................................................................................... 13
Campus Living Land Trust (USA)
ARSN: 122 414 073
Interim report for the half year ended
31 December 2010
The financial report was authorised for issue by the
directors on 10 March 2011. The directors have the power to
amend and reissue the financial report.
Campus Living Villages Fund is domiciled in Australia. The
registered office of Campus Living Funds Management
Limited, the responsible entity, is:
Campus Living Funds Management Limited
Pier 8/9 Walsh Bay, 23 Hickson Road
Sydney NSW 2000, Australia
Ph: +61 2 9037 7100
1

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
DIRECTORS’ REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
_______________________________________________________________________________________
Introduction
The directors of Campus Living Funds Management
Limited (“CLFM”) as the Responsible Entity (“RE”) of the
Campus Living Villages Fund (“Fund”) present their report
on the consolidated entity consisting of Campus Living
Land Trust (USA)(“CLLT (USA)”), other trusts within the
stapled group and its subsidiaries for the half year ended
31 December 2010.
_______________________________________________________________________________________
Fund structure and formation
The Fund is a stapled arrangement of four trusts and their
controlled subsidiaries (“consolidated entity”) which was
established on 9 January 2007. The four trusts are CLLT
(USA) which is the parent entity, Campus Living Finance
Trust (“CLFT”), Campus Living Australia Trust (“CLAT”) and
Campus Living Overseas Trust (“CLOT”). The units of the
four trusts forming the Fund can only be purchased or sold
in their current stapled arrangement.
_______________________________________________________________________________________
Directors
The following persons are the only directors of CLFM and
were in office for the whole period reported, unless
otherwise stated below and continued to be in office until
the date of this report:
Professor John Niland AC
Luca Belgiorno-Nettis (appointed 29 November 2010)
Professor Stephen Burdon
Walter Carpenter
Nicholas James
Gayle Tollifson
_______________________________________________________________________________________
Principal activities
The principal business activities of the Fund are to provide
accommodation to students through owned and managed
facilities and project management and development of
new facilities, some of which will be owned by the Fund.
These businesses are located in the United States of
America, Australia, New Zealand and the United Kingdom.
_______________________________________________________________________________________
Distributions
The Fund declared the following distributions during the
half year:
2010 half year
Nil
2009 half year
28 September 2009 $1,000,204 (0.2964 cents per unit)
18 December 2009 $999,743 (0.2418 cents per unit)
______________________________________________________________________________________
Review of operations
The Fund was awarded a £40m contract to design, build,
operate and finance an 852 bed ensuite student
accommodation facility at the University of Bedfordshire’s
Luton campus in the UK and manage 853 study bedrooms
of the University’s facility. Construction of phase 1 is on
track to be completed before the start of the new
semester in September 2011.
The refinancing of debt in the US business is a priority of
the business and the status of each debt facility is included
later in the Directors’ report. The Fund Manager is raising
equity through a discounted rights issue to existing
investors and is looking to raise A$160m of which A$115m
will be used to de-gear the business and A$25m for
committed projects. Equity called during the year was used
to repay the equity bridge facility and cash back bank
guarantees and letters of credit for established projects.
In November 2010, the Board approved the listing for sale
of Studio Green – FSUW. The US business has contracted
with CB Richard Ellis to market the property. The Manager
expects that the proceeds from this sale, together with the
US business’ existing cash-backed US$2 million letter of
credit, will allow the US business to be released from all
debts in respect of this property.
In December 2010, the State Fire Marshal’s office
conducted a fire safety inspection at Chisholm Hall (San
Antonio). The main outcome of this inspection was the
recommendation that the US business install a supervised
automatic sprinkler system at an estimated cost of
US$500,000. In February 2011, the Manager approved this
installation and the necessary expenditure.
Operations in Australia, New Zealand and the United
Kingdom are generally on track and performance
approximates budget. Resources within the business have
been redeployed to utilise the skills where required in the
global business. The performance in the United States has
been affected by low occupancy at some locations due to
lower enrolment at the university and greater competition
at off campus locations. Significant effort has been made
in the leasing activities to increase the overall occupancy.
The Fund recorded a loss before tax of $10.6 million which
results in operating cash flow generated of $0.2 million
after adding back working capital movements and noncash
items of depreciation, amortisation and fair value
adjustments:
$ million
Loss before taxation (10.6)
Depreciation and amortisation of assets 18.1
Amortisation of borrowing costs 1.1
Fair value adjustments on derivatives (12.6)
Working capital movements 4.2
Operating cash flow generated 0.2
_______________________________________________________________________________________
Rounding of amounts
The consolidated entity is of a kind referred to in Class
Order 98/100, issued by the Australian Securities and
2

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
DIRECTORS’ REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
Investments Commission, relating to the ''rounding off'' of
amounts in the directors' report. Amounts in the directors'
report have been rounded off in accordance with that Class
Order to the nearest thousand dollars, or in certain cases,
to the nearest dollar.
_______________________________________________________________________________________
Auditor
PricewaterhouseCoopers continues in office in accordance
with section 327 of the Corporations Act 2001.
_______________________________________________________________________________________
Going concern – debt refinancing
The current portion of borrowings included in the
consolidated balance sheet at 31 December 2010 includes
US$299 million (A$295 million) of borrowings that are due
for repayment within twelve months of the balance
sheet date. In addition to this, there is NZ$6.5 million
(A$4.9 million) and A$1.5 million that is due to be repaid in
March 2011 and April 2011 respectively to lower the loan
value ratios to underlying debt facility agreement
requirements.
Century 16 portfolio - US$201 million (A$199 million)
The original Century 16 portfolio is financed by US$201
million (A$198 million) of borrowings from the Royal Bank
of Scotland (RBS), and is due for repayment in April 2011. In
addition to this, US$98 million (A$96 million) of debt
relating to the Illini Towers and Delaware assets are due
for repayment in July 2011.
The RBS borrowings are held by a syndicate of banks of
which RBS is both a participant and the Agent. The Fund is
in the process of refinancing the RBS debt through a
private placement of debt in the United States. The Fund
has received an intention to rate letter from Fitch (BBBinvestment
grade) and has launched the offer of loan notes
to potential investors. The underlying offer by a US
subsidiary (CCHM Property Holdings LP) is for US$120
million fixed rate notes that are amortising over twenty
one years with a weighted average life period of eleven
years. CCHM Property Holdings LP is targeting receipt of
signed commitments from potential investors provided
the issue price remains the same on 15 March 2011 and
receipt of signed loan note agreements are targeted by 3
April 2011.
A$160million of equity, of which A$115 million is expected
to pay down the borrowings (after refinancing proceeds)
noted above and A$25 million will be used to fund
committed projects.
The existence of a net current liability position suggests a
material uncertainty which may cast doubt on the Fund’s
ability to continue as a going concern and therefore its
ability to realise its assets in the normal course of business
and at the amounts disclosed in the financial statements.
The financial statements have been prepared on a going
concern basis as it is the Directors’ expectation, based on
the information available, that the current borrowings will
be repaid through a combination of debt refinancing and
using a portion of the equity that will be raised from the
rights issue.
Matters subsequent to the end of the financial period
An earthquake on 22 February 2011 in Christchurch caused
minimal physical damage to the buildings at the University
of Canterbury Village. The business impact of the
earthquake is yet to be determined.
This report is made in accordance with a resolution of
directors.
John Niland
Chairman
Nicholas James
Director
Sydney
10 March 2011
Delaware and Illini - US$98 million (A$96 million)
The Fund is in the process of refinancing the Delaware and
Illini borrowings due for repayment in July 2011 and is
investigating several options to obtain financing that will
yield the most favourable outcome.
Equity raising from rights issues – A$160 million
The Fund is raising equity from existing investors through a
rights issue. An offer document will be issued on 11 March
2011 with the offer close date set at 28 March 2011. Funds
under the rights issue will be called during the month of
April 2011 pending close of the private placement debt in
the United States. This rights issue is expected to raise
3

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
A$’000
December 2010 December 2009
Revenue 80,041 75,035
Other income 118 -
Unrealised interest rate swap gains 12,633 4,705
Employee benefit expense (17,640) (14,574)
Impairment of assets (6,142) -
Depreciation and amortisation (18,068) (16,116)
Borrowing costs expense (26,154) (24,947)
Other expenses (34,413) (30,817)
Foreign exchange differences on cash (1,036) -
Equity accounted profits 39 278
Loss before taxation (10,622) (6,436)
Income tax expense (427) (2,935)
Loss for the half year (11,049) (9,371)
Allocation of loss for the half year
Stapled security holders (11,127) (9,700)
Non-controlling interests 78 329
Loss for the half year (11,049) (9,371)
Other comprehensive income
Changes in the fair value of cash flow hedges (1,996) -
Exchange differences arising on translation of foreign operations (17,838) (9,836)
Other comprehensive income for the half-year (19,834) (9,836)
Loss for the half year (11,049) (9,371)
Total comprehensive income for the half year (30,883) (19,207)
Allocation of total comprehensive inome for the half year
Stapled security holders (30,959) (19,357)
Non-controlling interests 76 150
Total comprehensive income for the half year (30,883) (19,207)
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
4

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
A$’000
December 2010 December 2009
Cash flows from operating activities
Receipts from customers 78,326 77,726
Payments to suppliers and employees (52,173) (46,117)
Interest received 638 412
Interest paid (26,552) (23,938)
Dividends received 61 -
Income taxes paid (97) -
Net cash flow generated from current period 203 8,083
Payment of prior year responsible entity fees (4,783) (1,800)
Net cash flow from operating activities (4,580) 6,283
Cash flows from investing activities
Capital expenditure (38,989) (117,696)
Net cash outflow from investing activities (38,989) (117,696)
Cash flows from financing activities
Proceeds from issue of equity 33,268 96,186
Equity raising costs - (28)
Proceeds net of repayments of borrowings 7,380 22,333
Net advances (to)/from related parties 6,273 -
Distributions to unit holders¹ (10,100) (3,904)
Net cash inflow from financing activities 36,821 114,587
Net (decrease)/increase in cash and cash equivalents (6,748) 3,174
Effects of exchange rate changes on cash and cash equivalents
(5,364) (2,756)
Cash and cash equivalents at the beginning of the half year
75,213 50,138
Cash and cash equivalents at the end of the half year 63,101 50,556
1
The distribution paid this period was $10.1 million (June 2010 distribution). The distributions paid in the prior period were $2.9 million (June
2009 distribution) and $1.0 million (September 2009 distribution).
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
5

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
CONOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2010
A$’000
December 2010 June 2010
Current Assets
Cash and cash equivalents 63,101 75,213
Trade and other receivables 10,855 9,715
Inventory 67 57
Other current assets 2,303 3,472
Total Current Assets 76,326 88,457
Non-Current Assets
Receivables 21 -
Other financial assets 338 338
Equity accounted investments 1,698 2,054
Derivative financial instruments 56 56
Property, plant and equipment 949,623 1,032,430
Intangible assets 39,854 43,735
Deferred taxation assets 704 952
Other non-current assets 3,039 1,765
Total Non-Current Assets 995,333 1,081,330
TOTAL ASSETS 1,071,659 1,169,787
Current Liabilities
Trade and other payables 34,975 53,022
Provisions 975 1,010
Income tax liability 685 487
Derivative financial instruments 1,342 -
Related party borrowings 6,273 -
Borrowings 304,363 228,761
Total Current Liabilities 348,613 283,280
Non-Current Liabilities
Provisions 1,115 1,203
Borrowings 476,106 627,704
Derivative financial instruments 16,906 30,391
Deferred taxation liabilities 11,728 12,357
Total Non-Current Liabilities 505,855 671,655
TOTAL LIABILITIES 854,468 954,935
Net Assets 217,191 214,852
Equity
Parent entity equity
Issued capital 195,453 178,739
Accumulated losses (75,915) (65,054)
Reserves (14,766) 150
Total Parent Entity Interest 104,772 113,835
Other entities in stapled group
Issued capital 184,149 167,595
Accumulated losses (72,013) (71,747)
Reserves (4,624) 292
Total Equity of Other Stapled Entities 107,512 96,140
Non-controlling interest 4,907 4,877
TOTAL EQUITY 217,191 214,852
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.
6

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
A$’000
Consolidated entity
Attributable to stapled security holders
Issued capital
Accumulated
losses
Reserves
Non-controlling
interest
Total equity
Balance at 1 July 2010 346,334 (136,801) 442 4,877 214,852
Exchange differences - - (17,836) (2) (17,838)
Cash flow hedges net of tax - - (1,996) - (1,996)
Share of profit to non-controlling interests - (78) - 78 -
Loss for the half-year - (11,049) - - (11,049)
Total Comprehensive Income for the half-year - (11,127) (19,832) 76 (30,883)
Issue of capital ¹ 33,268 - - - 33,268
Equity raising costs - - - - -
Distributions ² - - - (46) (46)
Balance at 31 December 2010 379,602 (147,928) (19,390) 4,907 217,191
1
Equity calls made on investors during the half year ended 31 December 2010 totalling $33.3 million were used to repay the equity bridge
facility and cash back letters of credit and bank guarantees for established projects.
2
The Fund declared no distributions during the half year ended 31 December 2010.
Consolidated entity
Attributable to stapled security holders
Accumulated
Non-controlling
Issued capital
losses
Reserves
interest
Total equity
Balance at 1 July 2009 265,101 (102,622) 4,012 4,869 171,360
Exchange differences - - (9,657) (179) (9,836)
Share of profit to non-controlling interests - (329) - 329 -
Loss for the half-year - (9,371) - - (9,371)
Total Comprehensive Income for the half-year - (9,700) (9,657) 150 (19,207)
Issue of capital ¹ 96,186 - - - 96,186
Equity raising costs ³ (28) - - - (28)
Distributions ² (2,000) - - (139) (2,139)
Balance at 31 December 2009 359,259 (112,322) (5,645) 4,880 246,172
1
Equity calls were made on investors during the half year ended 31 December 2009 totalling $96.2 million for the acquisition of the Cottages of
Lubbock in the USA and payments into the EBF for repositioning and refurbishment in the USA and UK, residual equity for USA acquisitions
from the June 2008 financial year, practical completion for Canberra and UNSW, ECU funding and equity raising costs and support services
for capital projects paid to the RE.
2
The Fund declared the following distributions during the six months ended 31 December 2009:
Declaration date Payment date Amount Cents per unit
28 September 2009 6 November 2009 $1,000,204 0.2964
18 December 2009 5 February 2010 $999,743 0.2418
3
The Fund paid equity issue costs to the RE for the IM. This transaction and the payment of the costs have been approved by the Independent
Directors of the RE.
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
7

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
NOTES TO THE CONOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
_______________________________________________________________________________________
1. Basis of the preparation of the report
This general purpose financial report for the half year
ended 31 December 2010 has been prepared in accordance
with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Act 2001.
This half year financial report does not include all the notes
of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report for the year ended 30 June 2010.
The accounting policies adopted are consistent with those
of the previous financial year.
The Campus Living Villages Fund (“The Fund”) was formed
on 9 January 2007 through a stapling arrangement of four
trusts Campus Living Land Trust (USA) (“CLLT (USA)”)
which is the parent entity, Campus Living Finance Trust ,
Campus Living Australia Trust and Campus Living
Overseas Trust. The units of the four trusts forming the
Fund can only be purchased or sold in their current stapled
arrangement.
Australian Accounting Standards Board Interpretation
1002: Post-Date-of-Transition Stapling Arrangements
(“AASB 1002”) provides guidance on stapling arrangements
relative to other Australian Accounting Standards. In
particular, it requires one of the stapled entities to be
identified as the parent entity of the stapled structure
when preparing the consolidated financial report.
Management has identified CLLT (USA) as the parent
entity in the consolidated financial report.
The consolidated financial statements incorporate the
assets and liabilities of all subsidiaries of CLLT (USA) as at
31 December 2010 and the results of all subsidiaries for the
half year then ended. CLLT (USA) and its subsidiaries
together are referred to in this financial report as the
consolidated entity.
The consolidated entity is a kind referred to in Class order
98/100, issued by the Australian Securities and
Investments Commission, relating to the “rounding off” of
amounts in the finance report. Amounts in the financial
report have been rounded off in accordance with that Class
Order to the nearest thousand dollars, or in certain cases,
the nearest dollar.
8

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
NOTES TO THE CONOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
__________________________________________________________________________________________________________________________________________________________________________________
2. Segment information
Geographically, the business is split into four main areas, being United States of America (“USA”), Australia (“AU”), New
Zealand (“NZ”) and the United Kingdom (“UK”). The Fund has property and management businesses in all geographical
locations.
December 2010 AU NZ US UK Group Eliminations Total
Revenue 31,518 6,150 39,653 2,138 100 - 79,559
Interest income 378 597 618 725 5,041 (6,722) 637
Operating expenses (14,984) (3,842) (27,793) (1,240) (4,011) - (51,870)
EBITDA 16,912 2,905 12,478 1,623 1,130 (6,722) 28,326
Borrowing costs (15,771) (1,906) (14,537) (1,246) 146 6,451 (26,863)
Depreciation,amortisation and impairment (7,421) (1,396) (15,811) (623) (11) (79) (25,341)
Profit on disposal of assets (1) - (158) (23) - - (182)
Fair value adjustments 9,444 63 4,057 693 (298) (521) 13,438
Interest rate swaps 8,271 63 4,116 184 - - 12,634
Foreign exhange movements 1,173 - (59) 509 (298) (521) 804
Profit/(loss) before tax 3,163 (334) (13,971) 424 967 (871) (10,622)
December 2009 AU NZ US UK Group Eliminations Total
Revenue 23,424 6,533 43,339 1,606 - - 74,902
Interest income 196 334 333 27 3,615 (4,093) 412
Operating expenses (11,893) (3,782) (24,771) (1,575) (3,382) - (45,403)
EBITDA 11,727 3,085 18,901 58 233 (4,093) 29,911
Borrowing costs (10,523) (1,517) (15,606) (703) (1,025) 5,436 (23,938)
Depreciation,amortisation and impairment (4,852) (1,385) (10,352) (535) - - (17,124)
Profit on disposal of assets - - - - - - -
Fair value adjustments 1,544 757 966 (1,978) - 3,426 4,715
Interest rate swaps 1,544 757 2,698 (293) - - 4,706
Foreign exhange movements - - (1,732) (1,685) - 3,426 9
Profit/(loss) before tax (2,104) 940 (6,091) (3,158) (792) 4,769 (6,436)
3. Contingent liabilities
The consolidated entity has provided $4.0 million (2009:$13.5 million) of letters of credit and guarantees. These items
relate to operator bonds, guarantees for debt service payments, guarantees for completion of refurbishments, and
guarantees to support a hedge contract and a letter of credit for a put option to acquire a minority interest in an existing
subsidiary.
The consolidated entity continues to work with external counsel to determine whether there is the ability to pursue Bovis
Lend Lease (BLL) for the costs associated with rectifying the building defect ($1mil), whether pursuant to a claim(s) in
contract, tort or under trade practices legislation. Based on analysis to date it is anticipated that any action against BLL,
who have referred the matter to their legal department, will need to be brought in the name of Macquarie University (MQ)
on the basis that CLV were not a party to the original building contract. Statute of limitation issues is also being
considered.
The US business manages a 918 bed student housing facility in Tempe, Arizona (“ASUT”) on behalf of the owners of ASUT.
In January 2011 CLV US received letters from the lawyers for the ASUT owners which assert that the relevant CLV US
management entity breached the terms of the management agreement by executing a long-term cable and internet
agreement (“Cable Agreement”) on behalf of the ASUT owners. The ASUT owners are demanding CLV US and the ASUT
asset manager (who represent the 30 tenant in common ASUT owners) take an assignment and assume the obligations
under the Cable Agreement and reimburse ASUT owners the difference between the cost under the Cable Agreement and
the Co-Owners previous cost of cable services amounting to approximately US$2 million over ten years. CLV US is of the
view that there has been no such breach (and has responded as such) given CLV US received written authorisation from
the ASUT asset manager (who represent the 30 tenant in common ASUT owners) prior to signing the Cable Agreement as
required under the management agreement. Nevertheless, CLV US has filed a notice of potential claim with its
professional liability insurer and is awaiting confirmation of coverage and acceptance of defence in this potential claim.
The consolidated entity has a pending litigation matter in Australia that is not expected to result in a significant loss as
assessed by external and internal legal counsel.
9

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
NOTES TO THE CONOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
4. Subsequent events
An earthquake on 22 February 2011 in Christchurch caused minimal physical damage to the buildings at the University of
Canterbury Village. The business impact of the earthquake is yet to be determined.
In February 2011 the University of Western Australia informed CLV that, as it expects to receive funding for its existing
halls under the National Rental Affordability Scheme, it has terminated a development agreement with CLV. The Manager
is advised that this agreement allows CLV to recover double its costs (up to a maximum $1.5 million) from the university in
the event of termination for convenience, however, the university may seek to challenge this. CLV and the university are
currently in negotiations as to the payment of these costs. Capitalised costs as at 31 December 2011 total $750,000.
The directors have not identified any further matters since 31 December 2010 that would require disclosure in the half year
report or adjustment to the financial statements or may significantly affect the consolidated entity’s operations in future
financial years, the results of those operations in future financial years, or the consolidated entity’s state of affairs in
future financial years.
5. Related party loan
A loan of A$6,264,167 was advanced from Transfield Finance Pty Limited (a related party of the Responsible Entity
Campus Living Funds Management Limited) on 23 December 2010 to pay for fund manager fees, support services and
other costs owing at this date. The interest rate charged on the loan is the interest rate that Transfield Finance Pty
Limited pays to its external financier (BBSY plus 1%) plus a margin of 0.25%. Interest accrued on this loan at 31 December
2010 is A$9,437. The loan is repayable on demand.
6. Going concern - debt refinancing
The current portion of borrowings included in the consolidated balance sheet at 31 December 2010 includes US$299 million
(A$295 million) of borrowings that are due for repayment within twelve months of the balance sheet date. In addition to this,
there is NZ$6.5 million (A$4.9 million) and A$1.5 million that is due to be repaid in March 2011 and April 2011 respectively to
lower the loan value ratios to underlying debt facility agreement requirements.
Century 16 portfolio - US$201 million (A$199 million)
The original Century 16 portfolio is financed by US$201 million (A$198 million) of borrowings from the Royal Bank of
Scotland (RBS) and is due for repayment in April 2011. In addition to this, US$98 million (A$96 million) of debt relating to the
Illini Towers and Delaware assets are due for repayment in July 2011.
The RBS borrowings are held by a syndicate of banks of which RBS is both a participant and the Agent. The Fund is in the
process of refinancing the RBS debt through a private placement of debt in the United States. The Fund has received an
intention to rate letter from Fitch (BBB- investment grade) and has launched the offer of loan notes to potential investors.
The underlying offer by a US subsidiary (CCHM Property Holdings LP) is for US$120 million fixed rate notes that are
amortising over twenty one years with a weighted average life period of eleven years. CCHM Property Holdings LP is
targeting receipt of signed commitments from potential investors provided the issue price remains the same on 15 March
2011, and receipt of signed loan note agreements are targeted by 3 April 2011.
Delaware and Illini - US$98 million (A$96 million)
The Fund is in the process of refinancing the Delaware and Illini borrowings due for repayment in July 2011 and is
investigating several options to obtain financing that will yield the most favourable outcome.
Equity raising from rights issues – A$160 million
The Fund is raising equity from existing investors through a rights issue. An offer document will be issued on 11 March 2011
with the offer close date set at 28 March 2011. Funds under the rights issue will be called during the month of April 2011
pending close of the private placement debt in the United States. This rights issue is expected to raise A$160 million of
equity, of which A$115 million is expected to pay down the borrowings (after refinancing proceeds) noted above and A$25
million will be used to fund committed projects.
The existence of a net current liability position suggests a material uncertainty which may cast doubt on the Fund’s ability to
continue as a going concern and therefore its ability to realise its assets in the normal course of business and at the amounts
10

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
NOTES TO THE CONOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
6. Going concern – debt refinancing (continued)
disclosed in the financial statements. The financial statements have been prepared on a going concern basis as it is the
Directors’ expectation, based on the information available, that the current borrowings will be repaid through a combination
of debt refinancing and using a portion of the equity that will be raised from the rights issue.
11

Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
DIRECTORS’ DECLARATION
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
In the directors’ opinion:
a) The financial statements and notes set out on pages 4
to 11 are in accordance with the Corporations Act 2001,
including:
> complying with Australian Accounting Standards,
the Corporations Regulations 2001 and other
mandatory professional reporting requirements;
> giving a true and fair view of the consolidated
entity’s financial position as at 31 December 2010
and of their performance for the half year ended
on that date; and
b) there are reasonable grounds to believe that the
consolidated entity will be able to pay its debts as and
when they become due and payable.
This declaration is made in accordance with a resolution of
the directors.
John Niland
Chairman
Nicholas James
Director
Sydney
10 March 2011
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Unaudited report for the half year ended 31 December 2010
Campus Living Land Trust (USA)
CORPORATE DIRECTORY
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
_______________________________________________________________________________________
Responsible Entity
Campus Living Funds Management Limited
Pier 8/9 Walsh Bay
23 Hickson Road
Sydney NSW 2000
T +61 2 9037 7100
_______________________________________________________________________________________
Directors
The directors of the Responsible Entity, Campus Living
Funds Management Limited, are:
Professor John Niland AC
Luca Belgiorno-Nettis (appointed 29 November 2010)
Professor Stephen Burdon
Walter Carpenter
Nicholas James
Gayle Tollifson
_______________________________________________________________________________________
Secretary
The company secretary of the Responsible Entity is
Richard Gabelich.
_______________________________________________________________________________________
Principal registered office in Australia
The principal registered office in Australia is the office of
the Responsible Entity.
_______________________________________________________________________________________
Trust register
The trust register is held by the Responsible Entity.
_______________________________________________________________________________________
Auditor
The auditors are PricewaterhouseCoopers.
_______________________________________________________________________________________
Bankers
Several banks are used in Australia, New Zealand, the USA
and the UK. The EBF is provided by the Australia and New
Zealand Banking Group Limited.
_______________________________________________________________________________________
Website addresses
www.campuslivingvillages.com
www.clv.com.au
www.clvuk.com
www.clv.co.nz
www.clvusa.com
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