TSO just took a 10% haircut on its US portfolio at 31 Dec
Perth Office market also down 7.5% in 6 months
Looks like GJT has not revalued since 30 June 08... correct me if I'm wrong...
if I'm not then look for a 10% haircut. That will put them in breach given the yen rate was 63.5 and about $90million has to come off the top in the barber shop
I've kept 1/3 of my position, but outlook looks grim. High risk punt this one.
better form elsewhere. I reinvested in PBD which has landbank NTA around $1.25 to $1.50 trading at 23c and none of the "issues" GJT and a whole bunch of others face. Actually I have been retaining small holdings in GJT TSO and other REITS on the chance of picking up discounted rights issues which allow REIT punters to take up more than their entitlements.
GJT Price at posting:
$3.65 Sentiment: Hold Disclosure: Held
