I was looking at one of the reviews of the MAF that was done in...

I was looking at one of the reviews of the MAF that was done in 2006 and posted on the MAF site in the leadup to its listing.

"Aegis notes that a key risk of the Fund relates to the high borrowing costs that are a result of the gearing of 81.3%. If the value of the property depreciates, the amount available under the Term Facility may be reduced due to the constraints of the financial covenants. Such an event would trigger an early payment of the $0.40 per unit or asset sale to reduce gearing."

They must be getting close to triggering that early payment. Their recent ASX update gave their NTA as $0.34 (or $0.18 including swaps). With $0.40 per share still to pay (possibly very soon) and not paying any dividends, this looks like negative value to me.