so why would they need to raise capital when have cash flow...

so why would they need to raise capital when have cash flow coming in all the time...only need to raise capital if developers as well, eg GPT/Mirvac or if have covenants and valuation falls through the floor.

MCW...

"The Trust reconfirms it has no group level covenants on its bank debt facilities other than a
‘Minimum Net Tangible Assets’ covenant for one facility which is currently set at A$1.8 billion
and LVR covenants on six property specific facilities. Using restated balance sheet figures at
30 September 2008, the current net assets of the Trust are A$2.6 billion."

Won't need to raise capital and neither will other tradional type REITs...ie own buildings, collect rent and pay divs