it is remarkable I think that after much research and analysis,...

it is remarkable I think that after much research and analysis, extensive investigations, endless probity checking PKF have arrived at a NTA and valuation of 10.54 cents to 10.55 ... the narrow spread in itself is very very impressive. I can only assume they read the annual report and really gave the PKF abacus a good workout!

Still not happy, Jan! Some comments:

Fair valuation to holders of REIT's by their very nature is only possible based on distributions. These trusts (and more broadly this industry) were created soley for the purposes of aggregating small amounts to acquire long term (>20 year life) assets with the view to deriving quality levered returns. It is therefore a fundamental mistake IMO that the commentary / assessment of distributable incomes ahead was not explored more fully.

The valuation as presented assumes that (a) a 1.1 AUDUSD rate is now eternal and (b) that holders have not sensibly secured appropriate currency hedges to eliminate / lessen currency exposure.

30% gearing ... under these circumstances there will never be another office building or commercial property built ... get real. Again, we are overlaying legacy financial market conditions on a future valuation ...

The mind numbing threat of bankers not refinancing. Let's go down that path ... when the banker acts what is he going to do with the assets seized ??? Do we really think that (a) the bankers want to be real estate agents ina stressed market place; (b) that bankers are not happy as adequate cash continues to pay their interest bills and presumably outlandish credit monitoring fees; (c) assets value restoration does not lower gearing levels ???

I find the discussion about how units on market are traded at a "minority discount"... were EDT holders ever paid a control premium ???

Fair summation LZA in that there is nothing new and exciting but again ...why release it now? Why not simply wait for a target statement 6 May 2011.

I'm waiting for that target response and will be a little contankerous if there is no guidance beyond the next 10 minutes about distributions. Of course EDT belongs in the penny brigade whilst there is no foreseeeable prospect of distributions.

let's wait and see