They have also invested up to $200 million in developement works...

They have also invested up to $200 million in developement works since then and opened the Pitt St centre, combined with any revaluations it probably wont hit NTA quite that hard but it would still probably cop a bit of a whack.

Personally i can't wait to see the upcoming results, other major shopping centre players are reporting increasing tenancies and cashflows as well as small rises in valuations for properties, these are all areas where WDC tend to outperform thier peers.
I realy doubt things would have picked up enough to negate the high AUD but it seems to me that's exactly what this restructure will do.