the next one to get hit by subprime, page-15

I don't think they will get hit by the subprime.
I was just checking the debt situation on all their funds.

with all the property trusts they only have about 35% debt

With the infrastructure funds they use a hell of a lot of debt and you'd think they would be in real trouble.

The thing is though unlike CNP which was mostly in short term debt the Mac infrastructure funds have about 90% in long term debt.
These are the worst but long term.
MCQ has 665% debt but it doesn't have to refinance until 2014...seven years down the track.

MAP 272% debt - $8,846 m long term debt but only $69.5 m short term

MMG 154.7 % debt .. total... $1,141 m
Long Term Debt 1,118 m about $30 m short term

All the others seem to be pretty good

MIG (infrastructure) 41%
property trusts - MCW 27.6%, MDT 34%, MLE 35%, MOF 42%
They have about as much debt as GPT or SGP
Anyway thems is the facts

I don't think the assets will lose value either as they all spit out a lot of cash and would have to be valued on a discounted cash flow basis.
All the CNP assets are valuable too. It is just that they just funded everything with short term debt and may be forced to sell in a fire sale so they may go cheap.

Mac has long term debt so they won't have to sell anytime soon and won't have to take any price they can get to pay debt.