What you are forgetting there is that they probably have some...

What you are forgetting there is that they probably have some secret hedging which is suddenly going to swallow about a billion dollars.

That is what I dislike most about all of these REITS with offshore exposure. Their dodgy hedging which always seems to blow up.

They would do better to have no hedging. People are capable of understanding how apparent asset values change as the exchange rates change. Just borrow most of the money in the same place as the assets and the currency takes care of itself.