Ann: Debt Update , page-28

Aussie dollar drops... do the sums their pretty signifigant. FX alone prolly dropped earnings by 2c to 2.5c from 7c. We also have high occupancy rates. 89.1% is minus the former mervyns which are only 6% leased when you include these properties it would be around 65%.

If you look at the factors pretty quickly and add numbers from them it makes alot of sense.

Your best looking at this stock in USD since they are not paying distrobutions. Realisiticly where not hugely effected by FX movements.