Ann: Annual results announcement, page-15

Even if we expand the cap rates out by another 1% on the whole portfolio, assuming no further lease-ups or rental increases, that's a fall in NTA of about 25cpu max. Let's say there's bloodshed in the office sector and forced selling blows out cap rates by a further 2%. That's 50c off the NTA, still keeping it above 70c.

Apart from 30% vacancy in 197 St.Georges Tce and the wholly vacant Hay St. there's little further vacancy coming onstream for at least 3 years. Add in cash starting to flow from all these new leases signed in the last 8 months, and the virtual certainty of fully leasing WS1 and WS2 in FY24, plus most of the interest payments hedged in the short term, I don't see where the problems are to justify a 55c unit price.

35% gearing will blow out with weakening cap rates, but surely not breaching 50%. That would assume zero leasing success (no capital appreciation), further interest rate increases, no ability to sell their successful industrial holding to reduce debt, no ability to JV Westralia Square......in other words, a terribly managed REIT, which GDI is not.

The only other explanation is a fear that China's demand for resources suddenly collapses, and GDI is left like a shag on a Perth rock.