how much has orbis lost so far today, page-9

Sarcophagus,
Orbis according to their latest Quarterly Report are holding 10 REITs all priced below 10% of their stated NTA (6 of them actually 6% or less of NTA) with most having interest coverage of at least 1.8 times. Gearing level ranges from 65% (CER) to 52%.
Many of these REIT's are substantially lower than when Orbis purchased, but they are looking at the the long term. Even if say 1-2 fail, the balance could return upwards of say 6 times their current value.
They are diversifying across a range of heavily discounted REITs knowing if they survive they can receive high distributions along with huge capital gains.
Their thoughts on the strategy are explained on Page 3 of their Report.
Well worth reading. I have now created a similiar watchlist of heavily discounted REITs for use once real estate values have stabilized. Please do you own research to create such a watchlist, that way you learn a lot about each individual REIT & their current problems/risks.
Only mistake Orbis has made was to buy too early, most of their situations can now be purchased cheaper i.e. CER purchased above 30 cents now available below 10 cents.
So these REITs current prices mean current purchases give multiple returns even going back to Orbis's entry prices.
Regards
Buffett