putting the "o" in dyor, page-3

marri,

even though it was their "best asset" and it was sold at 18% less than book value the point is that we are still dealing with real property here. Every property is different. Other properties in the portfolio may have reduced in value by more or less than 18%. This fact does not necessarily transpose to other property assets.

Also, my understanding is that this property required extensive renovations. This was obviously not an option for BJT particularly if this renovation requires financing. To me this means that copping such a slogging (18% less than book value) is as I suspect particular to the Shinjuku property.

On the bright side, there was a gain on the purchase price. This gain is taxable and therefore this is going to figure into the distribution situation.

I'm not sure if you are aware but I am also highly convicted and long on CER. You are correct that Friday was a strong day but most other property trusts (CER included) got dumped down leading towards the closing bell so I don't think it was necessarily due to fundamentals.

Also what I thought was interesting was (and I am no technician) I noticed weakness through the day and at one point the spread was 35.5-36 though it never tapped 35.5. Relative to this I thought the close was strong (other than the after market auction). That 900,000 buyer will also be back on Monday I suspect too and by all accounts Monday should be a strong day on the market in general.

Cheers.