Greedy,Imagine every property in the world was empty if that...

Greedy,

Imagine every property in the world was empty if that stokes your imagination.

The vast majority of their US properties are A grade or prime and are 100% or close to it in terms of occupancy.

Given the quality of their tenants, the size of those tenant companies and the average lease term accross their portfolio, where do you think the tenants are going in the next 5 years?

If JP Morgan (to just pull an example out of thin air) wants to hand over a cheque for say 8 years rent (WALE on their building)and walk then great.

Mate, major corporations aren't in the habit of just walking away from their lease agreements. In fact the evidence from past recessions is that tenants tend to not move during these times and tend to renew.

Now if you want to compile a list of all the tenants in their US properties (most being major companies) and let us know which ones in your expert opinion will be walking away from their lease agreements before they actually expire, we'll have a look at it. Because for your dumb arse comment to hold any truth, that is the scenerio that must take place.

If on the other hand you are making the equally stupid assumption that tenants in these A grade buildings will simply not renew then it would take until the end of 2010 and 100% of non renewels to achieve a vacancy of 30%.

Should this fiction come to fruition then it doesn't matter in any case because the world as we know it would have ended and investing will no longer be a human pastime.

⎯ Largest customer - 10% of gross income
⎯ Largest lease – 4% of gross income
⎯ Top 20 customers represent 53% of gross income
⎯ 76% Government & investment grade or equivalent1 customers