Am I missing something?, page-5

From BWT (Bunnings Wearhouse Trust) Annual Report 2013:


So the cap rate on Bunnings properties were 7.86% in 2013.

And what is the cap rate now??

So if cap rates revert back to 2013 levels, what sought of write down in property values???
Write down in property values, breach loan covenants, breach loan covenants, very very serious risk of dilutionary capital raising which will permanently destroy any long term share holding value.

This is comparing apples with apples, different trust, but same underlying assets!!!

These guys bought bunnings assets at the top of the asset cycle, said they were 'experts' and quickly flogged them off into the REIT to naive retail investors, using the "Bunnings" quality as cover

That's why the share price tanked post IPO and has continued to tank.