hedging reduced , page-7

I think the fact that the 'out-of-the-money' situation has improved significantly from about -68 mill to about -28 mill is all good...

...this is especially relevent given that the counterparty has the right to terminate the hedge in August each year. Thus, takes a big cash flow risk out of the equation.

Sure, NTA will fall and distribution in AUD may be affected, but there is so much upside differential between the SP, NTA, and distribution yeild I don't think it will affect the upward momentum too much.

I think the ST risks of asset sales, capital raisings, debt roll overs, and cash flow liquidity are what are pushing REITs SP down at present. This goes some way towards BJT upside realisation.

P.S. Thanks ngairc for talking through this hedge stuff recently..