big seller out, page-41

We are hardly in a normal environment and REITs are no longer slow moving beasts. They have morphed into highly geared (turbo charged) businesses that have taken on broader risks such as development and international investments. And as we know some tenants aren't paying the rent so to speak (Petrac), banks (ie HBOS) are unlikely to extend funding IMO and hedging costs are hurting short term cash. Any company that is being priced for administration should being keeping the market as informed as possible regarding all of the above, both good and bad.

It would be great to understand their liquidity position and the timing of the FY10 refinancing. It makes an enormous difference if these debts mature in July 09 vs June 10.