Not necessarily a bad strategy, dharry. I first bought at 32c,...

Not necessarily a bad strategy, dharry. I first bought at 32c, then averaged down over the next 6 - 12 months, buying my last lot at 1.7 cents. Now I'm finally ahead (at least at today's prices). It's been a long haul, but I'm glad I've been patient.

I think long-term we will all be OK. No doubt there'll be more upheavals, but things are definitely looking better. I think AEZ has been slower then most REITs to recover because:
a) it's Europe-based (on the nose!)
b) it was established pretty late in the boom times at pretty high prices
c) it has very high gearing (as a result of property devaluations)
d) it has breached covenants
e) it's small fry
but, the fundamentals are still in place. No forced sales, banks have been patient so far, occupancy pretty good and, as you say, directors not pulling the pin.

Hang in there!