mark,
yes, thats the key, not having to sell.
Having the gearing covenant removed, means that we arent forced to at the worst times.
I like the fact that its jap banks, jap interest rates,
while we lose some currency protection, we jus have to wear it.
I'd rather have a div, that was subject to swings in currency, in a reit that could actually pay divs, because its not forced to pay down debts levels on covenants.
A currency swing div is better than a RIET in trouble and not paying divs.
market will wake up.
cheers
BJT
babcock & brown japan property trust
hedging reduced , page-6
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