doing some basic research at the moment, page-18

If I remember right from my old days auditing property trusts revaluations on the property portfolio only had to occur every 3 years and until that time they were carried at the latest revaluation amount regardless of property prices crashing around them. I have not looked at GPT for a while but again if my memory serves me correctly a lot of the revals had not taken place for a couple of years and so my feeling was GPT (and other LPTs) were due for major revaluation downgrades. Downgrades are not news to anyone Im sure but I was thinking a lot of investors may be assuming that the revaluations get reflected in the results before they actually are. i.e property prices may crash in 2009 and stabalise in 2010 but if the last reval was 31 May 07 the portfilio would be carrying this (high) 2007 value right through until the next Fin Stats after 31 May 2010. What this means is that in 2010 when everyone is starting to feel the worst is behind them and things are on the mend they only then get hit with the revaluation.