Ann: New York Asset Sales , page-13

Yeah one of the problems is that in order to get in the strong position they are now in, they had to sell a lot of their assets, including some of their best.

So I definitely understand the argument that they should use the money to purchase new assets, especially in the distressed market they are apparently in. Those assets could actually be worth a significant premium in the long run.

In that sense, a distribution is arguably the worst thing they can use the money for, because its value to shareholders is only equal to the amount of money distributed.

A buyback is worth more than the amount of money used as long as the unit price is below NAV. And a cheap asset purchase could be even more valuable than that in the long run.

But I'll leave that to the board and the big boys to nut out. Simon Owen has been impressive so far IMO so I'm happy to let him decide.