half-yearly results, page-6

It does look okay - no nasty surpises!

- Core earnings of 3c (1.5 for the HY). This should improve as the leased rate increases.

- Gearing steady at 76%.

- Asset writedowns of 1.6%

The prospect of short maturity debt facilities being extended is looking very good right now. The Revolver & Longhorn II debt facilities have LVR's similar the to the Longhorn III debt facility which was recently extended. More importantly the ICR from the assets secured by these two facilities are VERY good - 3.6x and 2x respectively.

The Head Trust loan is still a concern, but I remain confident that this facility will be extended. The current ICR is 1.7x. Maybe we can redeem our interest from DDR in the ex-Mervyns properties - wishful thinking on my part!

What is everyone elses thoughts on the half-yearly results?

Cheers.