please explain why, page-36

You'll see that the greater body of their debt is semi-long term; being more than 3 yrs. This means that (a) the cost of capital will not be changing short-term and (b) the subprime/credit crises fiasco may well have ended when they come to refinance. Many are suggesting that global inflation isn't as bad as first thought, which ought lead to lower interest-rates and high-growth climate again.

You do have a point, though, that they may have trouble financing distributions if capital gains are not flowing from the sale of buildings. However, I have trouble believing this would come about because only 30% is US located. Australia and Germany are both, property wise, still seeing some growth in commercial. Couple this with their excellent tenants, ease of access to capital, limited-recourse contracting, ratchet clauses, current yield ... and 25c seems unlikely (given the current information).

Just a thought but if AFG/Rubicon see RRT as undervalued (relative to NTA) and badly positioned, could it not be possible that they try to re-acquire it. IMO it's too cheap... and when things get cheap people start looking... why not...