new $30 million sale, page-8

Just thought about this last night, and not sure I have got myself confused over this.

Before they started selling they would have had a debit\equity\income ratio of........lets call it "A". And the bigger "A" gets the better off they are.

So..

Each property they sell bellow cost (where cost = (cost+mangment/maintance) - rental income) decrease "A".

Each property they sell above cost increases "A".

So if all the properties they have sold to date ends up with a net sales profit of $0. Have they basically just ended up where they started before the sales?

The sales have reduced the debt, but also the equity and income, so the net result is still the same debit\equity\income ratio as before?

Or am I barking up the wrong tree :)