I guess a lot depends upon how much trouble you think is priced...

I guess a lot depends upon how much trouble you think is priced in now, and how much you can psychologically tolerate a lower / dropping-lower unit price. I suspect if I bought for the first time today, my tolerance for a price in the mid-to-high twos would be pretty high. No worries at all; ten percent down. If you bought in the fours, you'd possibly be at your wits end and find an even lower price unpalatable.

It's important to stop and judge the current share price on its merits and against today's situation; unencumbered from whether you're X percent down at this point or not. Is it over-sold now? Is it good value now? Is every foreseeable negative outcome priced in now? If so, why sell? Hold your nerve.

I compared CLW to another REIT I have a small holding of (HDN -- a retail REIT) and the worst I could think of -- an office REIT. HDN has held up pretty well. At some point in August this year, CLW and COF have fallen off a cliff. You'd expect most REITs to follow each other's share price performance reasonably closely just as RIO and BHP or COL and WOW do. Even VCX (Vicinity) and SCG (Scentre) have held up reasonably well this year.

I'm not saying everything is wonderful by any means. I'm not saying there isn't a case for getting out.

But looking at this logically, Avi Anger and the CLW management are not fools. They can see what we we are seeing, and then some. Given that it must take months to negotiate the sale of a property, who's to say there aren't CLW properties currently in the process of being sold for a zero to 15% discount, which will be announced in the near future. As Rick19 says above, a couple of sales at anywhere near NTA and gearing is back near 30%. One positive announcement from the FED or CLW and I suspect there is a re-rating. Maybe I am being too optimistic.

Having said this, I was close to selling part of my holding today. An emotional decision, rather than a rational decision. Some days I wish I held only a portfolio of ETFs.