Oh ye of little stock. Yea that thou must pour ashes upon thy...

Oh ye of little stock. Yea that thou must pour ashes upon thy head, wail and rent thine sackcloth.

In a nutty..

Industrial, 51% Aus, 38% Canada, 11% EU. 96% of income from rent. 96% leased, avg lease 4.7 years, avg debt 3.2 years, next refi 201010, major refi in 2011.
Gearing 53.2%, no covenant.
ICR 2.7x, covenant 2.25x.
TLR ratio 59.8%, covenant from 55 to 60% (55% in 200906).

To sell EU assets and focus on Australia and core in Canada. UE $160.

My dodgy BS discount is ~979% - one of the more discounted ones due to Covenant and debt issues despite them not being as bad as with certain other REITs.