Ann: Sale of Three Former Mervyns Assets , page-5

The ex-Mervyns "Single Box" portfolio is interesting - as at 31 December the MDT 49.9% share was valued at US$85.3m with share of debt at 112.7m. As the loans are non-recourse the net value in the balance sheet was nil rather than negative. It would take some healthy gains on sale before it would contribute to NTA - however it was written well down (cap rate of 13%) so a significant gain is possible if leasing is picking up.

Interesting also that one property was sold in January for $4m (MDT share $2m) - don't know how that compared with book value either.