Work- yes.Agree- really think the sell-off has been overdone. As...

Work- yes.

Agree- really think the sell-off has been overdone. As someone mentioned, US REITs have bounced 200%(?) in the last 1-2 months. All we've seen here has been one long gradual slide- despite the economy, by all accounts, holding up better. Sure values are going to decline, but I agree, the Australian REITs tend to be less leveraged then their counterparts, and so their is a margin of safety in this. It sure is staggering in VPGs case- $2b odd in net assets trading at $60m odd. No refinancing issues until 2010, directors buying at levels well above 4c- if you take a long term view, the stock has to be cheap. Their VCS until is going to take some writedowns- there is $650m there, and definitely the potential to write off 50-60% in a worst case scenario. But the picture remains attractive- I don't know who's selling right now, but I'm thankful to be able to pick up alot of stock at levels below 3c. I'll judge the success of that move in 12-18 months- short term fluctuations don't bother me, and I'm sure there'll be more volatility to come in 2009.