Does this puppy have a chance?, page-2

The good news is that currency has probably driven the NTA from A$0.51/unit at end June 2014 to A$0.60 at end 2014, so you have adequate margin for error when you are investing at A$0.32/unit.

The bad news is that RNY is facing challenges with occupancy and 2014/2015 renewals.

Occupancy has been declining:

12/12 81.7%
6/13 81.9%
12/13 80.9%
6/14 78.6%

which reduces income and profit.

Moreover, leases on a significant percentage of total space have/will expire in 2014/2015 respectively. Based on a cursory review of RXR Realty web site, tenants for this space have not yet been identified.

The 2014 year-end report is likely to be ugly. However, the release of the year-end report might be a great entry point if you trust management to work through the issues successfully over time.