Ann: Market update , page-3

Would be interesting to know how much of the issues are related to occupancy rates and how much attributed to takeup rates. Seems messy. We know that margins aren't as high as some had talked about. The fact we are dropping a couple of the lower margin developments is testament to the fact we were signing any contracts we could, even if low reward.

The concern with low margins, even at say 30%, you really feel the crunch when some tenants opt out of our offerings. It goes from marginal to uneconomical fast.

Good to see a $600 trade today.