The appreciating Aussie dollar means that in Aussie dollar...

The appreciating Aussie dollar means that in Aussie dollar terms.
Value of US debt falls
Value of US assets (shopping centres) falls
Value of US income falls

Assuming asset values exceed debt values, at the end of the day there is a negative impact on equity and NTA, so that is not a good outcome.

BUT

The big benefit is that the bilions of dollars of FX hedges CER had with CNP that were a negative on the balance sheet will be able to be closed out at zero cost. That improvement will far outweigh any negatives.