Ann: Dividend/Distribution - CMW, page-19

Unibail Rodamco kept to their asset sale plan at consistently around 10% below book in order to get gearing under control.

Stock price has jumped from $3 to $6+ in 18 mths.

This downturn is nothing like the GFC....there's been no widespread overborrowing or overbuilding, nor lenders in distress leading to forced, widespread dumping of assets into a s***scared market.

Inflation is being tamed, consumers are feeling stressed now and absurdly high immigration levels will dampen wages growth. Rates on hold for a while longer methinks. 10 yr bond will ease in line with rest of world.

Get ready for the next leg up in reasonable quality REITS - before the physical market follows suit.