CMW seems to be pricing in cap rates of around 7.5% which is...

CMW seems to be pricing in cap rates of around 7.5% which is around 300bps above bonds. If valuers mark to those levels then that will likely see another sizeable write down but the market is telling you that now.

Next distribution is annualising close to 11% and that's after having been reduced by 40% and management talking about asset sales and debt reduction as the immediate focus.

So I reckon we are pretty much there ... might go a little lower but I reckon we are now close to throwing the "baby out with the bath water". Confirmation of European (and other) non core asset sales and debt reduction should be a good catalyst.