An anticipated round of Australian REIT consolidation may be slow starting, given the current global credit crisis. REIT investors, who have enjoyed returns as high as 20% in recent years, were bracing for a tough round of second-quarter earnings releases. "The 2009 guidance ... will likely disappoint due to poor quality earnings in prior periods, poor operating markets, and/or high gearing; some may be forced sellers," Merrill Lynch said in a report.

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