Yep..sales have fallen off a cliff..down 40% on average. What...

Yep..sales have fallen off a cliff..down 40% on average. What does that tell you about the market place? In my experience i have rarley seen values go up when sales fall that much.

Second to this, consider what others in the space have done with their capitalisation rates. VPG, Challenger Diversified, AXA, GPT have all recorded larger rises in their adopted capitlisation rates. And of course, all have been punished for it. For telling it like it is.

Bottom line here is your management in this company is being gutless and that will only hurt unit price performance over the next 12 months.