from fy09 results q&a, page-3

Hi NS,

the presentation commentary is at BRR if you want to listen to it and make an interpretation. The Q&A is where the guts of it are.

http://www.brr.com.au/event/59117/macquarie-office-trust-mof-full-year-results-briefing-adrian-taylor-ceo-alex-pritchard-cfo-jill-rikard-bell-coo-paul-sorensen-managing-director-portfolio-management

The US Director also talked about the new US lease terms typically being short(er) duration, which suited MOF as they didn't have to lock these reduced $$ leases in for the long term.

Don't get me wrong - I still like MOF and their overall tone was positive. The European and Japanese assets for sale, along with the US assets (if put back up) will only be sold if the price is advantageous to MOF unit holders and will also be done taking into account LT forex trends.

I guessed from this, that they may time asset sales and repatriate the cash back to Oz when the AUD was a lot lower than it is at present.

They also answered a question about liquidity. CEO said he was comfortable which I took to confirm no cap raising and backed up the asset sales 'only if advantageous' comments.

Cheers
john