market expects a 40% writedown on assets , page-27

GPT wrote the JV down from 1.9b to 1.2b - so shaved 400m there - and I think another 450m off core australian holdings, and then 250m off hotel / other.

There are no covenants hinging on share prices.
There is about 300m - 500m coming in form rents. I know its a large spread but hte books are hard to read- I estimate 400m+ - need to do more work here.

This is more than enough to pay the bills.

$1b euro refinance is due in 2010. Late 2010.

Im staying in - yield is still better than a bank and based on all the information I have at hand, its a stronger buy than its ever been. I have thought this all the way down of course - and I still dont know what changed between capital raising and now to impact prices.

There are no material differences since guidance issued in Sep-08 or whenever it was and now... just a radically different price.. I can only make sense of it if I assume that if the equation for price is:

$value x $confidence = price, then confidence is running at about 0.1 !