can anyone qualified answer this question, page-18

The big issue for Valad and other REIT's are future valuations. Should there be further writedowns it could breach its debt covenants. As an ex valuer who started work in 1990 I personally believe values will still fall. Remember - a property is only worth what a willing buyer is prepared to pay a willing seller - if economic conditions continue at present levels you will see an increase in distressed sales (ie unwilling sellers) which will put further pressure on property values.

Also be aware, most of these proprties are valued on their rental stream - to date vacancy rates are relatively low as are rental defaults. Historically though there is a lag from the start of a bear market to an increase in vacancy rates and tenants defaulting on their leases.