I think it has a better than average chance of surviving, and...

I think it has a better than average chance of surviving, and considering it's discount, is one of the more compelling higher geared REIT's.

I dont know what MQG 'distancing' itself from satellites will mean for them. Very little I presume.

MCW currently:
96.3% leased.
Avg lease 9 years.
LT gearing 58.8% - to 56.2% after US sale, covenant 65-70%.
ICR 2.3x, covenant fr 1.75x.
NTA covenant $1.5b.
Avg debt 3.1 years.

I guess the most obvious risk here is the next refi's - I think US39m in 200909 and then AUD450m 200912?