please facts only, page-6

Jameska

What you state is reality, I agree

But the market and sentiment say they are worth 18.0 cents.

Reality, their auditiors etc say 1.45 less intangibles down to $1.05

Drop the value a further 30% we have 70 cents dropp it another 20 cents hust because we still have 50 cents.

This week they reached 23 cents now 18 cents. The market said that they are worth 27.0% less in three days. Is this logic

No announcement has been negative to date about distributions going forwrad or loan defaults or inability to refinance.

With $800m cash and available equity in the other trusts of $1.3B

What has cahnged for them in three days to be worth 27% less, fear panic and manipulation of the SP.

Agreed tough times are ahead but I can think of many other shares and sectors that we are unable to determine their value. REITS are exposed to reality every six months based on current independant valuations and auditors scrutiny.

They are exposed, but a company whose only asset is goodwill, is that easier to value or has non recurring cash flow? REITS have stable income in the main.

I understand your point, I understand my mistakes but the current situation and panic defies logic.

I have yet to see industrial areas looking like deserted towns.

Funds are waiting on the sideline to invest , what we need is confidence to return and panic and fear to subside.

China has 1.3b people to feed, India has more these countries will not just fail.

The US that caused this has alot to answer for but they are attempting to fix their economy.

WE also have the Rudd bank with $30-40B to prop up REITS to date no one has applied (maybe soon).

Refinancing is the only issue the REITS face in the short term, values will recover in the long term

GMG may never again reach $7.00, but ieven if it pays a 10 cent distribution on an annual basis there is every reason to believe it should recover to $1.00, trhats a 10% return, when the average investor for cash is receiving 3.5% for cash, the gap will become compelling. They will invest.

REITS stuffed it up by gearing to high (at the analysts urging and going overseas that exposed them to fx and hedges.

Deleveraging over time and return to normality over time will once again make them safe and boring investments, thats what they were meant to be in the first place.

Financial Plannners tell you a conservative or capital stable portfolio hold around 30-40% in property.