Unfortunately their timing was bad, - for a property trust to...

Unfortunately their timing was bad, - for a property trust to float last year. If they had been a year earlier with some runs on the board they may have not have been so severly stomped on.

High gearing levels in the past have gone hand in hand with property investment, they merely set up their business as anyone else would have ie. for maximum return.
At least they seem to be determined to adjust to new market expectations by reducing their debt.

I still believe it's a reasonable long term investment and don't believe any of the conspirousy theories that have abounded especially in the press.

Like most other stocks in the market it will take some time to recover but I would like to see it ride through the current market conditions intact and reap the rewards at the other end of the cycle.