Ann: Asset Revaluations as at 30 June 2009 , page-30

Macquarie Countrywide just sold out of there US portfolio a few days ago. Cap Rate was 9.10% and I would guess the portfolio was of a higher quality. MDT used 8.40% today but my guess the real cap rate is probably close to 9.40% should they have to sell. Take another $250m or so off the asset base and the equity is virtually worthless I would have thought.

Very high risk ... those saying the shares are 10% of where they were 12mths ago have got there head in the sand. Gearing can destroy all equity when asset values fall this far.