Just starting to look at this, although unfortunately, the disparity with NAV has closed.

* How does the gearing for CLS compare with other real estate firms?

* What percentage of the debts are non-recourse?

* They have a large tax loss being carried forward? After this is exhausted, what will their tax rate be on property sales?

* Their business model appears to be to buy buildings that are under-leased at a 6% cap rate and then lease them up and sell them at under a 4% cap rate. Has this always been their model, or is there something specific about the current environment that makes them prefer this model?

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