BJT is a different animal from MCW but I would expect them to perform in a similar way due to the gearing/ICR.
BJT has mostly office/residential and only 41% retail. BJT's ICR is better than MCW, but that is always the case with the Japanese REIT's, I suspect due to extremely low interest rates over there, and also represents the real risk to the Japanese REIT's if Japan EVER comes out of recession.
The balance sheet gearing is better on MCW than BJT, but reported gearing on both are similar.
MCW Price at posting:
29.5¢ Sentiment: None Disclosure: Held
