I read Steve Johnson's report a few weeks ago and in light of...

I read Steve Johnson's report a few weeks ago and in light of that I think the result was not surprising. He has called this stock reasonable well and his fund owns a very large stake. The stock is still at a huge discount to NTA so I think we need to comment on the results with that in mind. The occupancy and debt issues can be worked through over time with patience assuming the US economy behaves somewhat close to expectations. The currency has so far moved a bit the right way since year end. To buy stocks at big discounts to NTA when valuations of the overall market look stretched you are going to have to come across a few risks in the business but I feel they are acceptable in this situation and a clear hold at these levels. Any weakness a buying opportunity again. Today's volume was healthy and perhaps indicative that the weakness in occupancy levels and valuations was not a big shock.