Q: Could you please provide your thoughts on the latest quarterly report from Allied Properties. Is the fair value loss of $78 million on investment properties and investment properties held for sale a paper loss at this point only to be realized after a sale? Thanks.
5i Research Answer:
We have some comments posted today. Of the loss $49M represents lower value on properties owned because of slower tenant turnover and higher vacancy. The balance reflects cost overruns on new developments.