This was an interview session with Nicholas McGrath, CEO of AIMS AMP Capital Industrial REIT's management, on CNA late last year: I like the explanation why the REIT took on a slightly higher cost of debt with its MTNs as compared to the secured bank loans which it retired. This is somewhere 2m 40s into the clip. If my hearing serves me well, the advantages are three: 1. Broaden and diversify funding sources with dozens of debt capital market investors. 2. Able to borrow on an unsecured basis. 3. Increased the debt tenor of the REIT with 4 different maturity dates over the next 4 to 5 years. It sounds to me like the REIT is paying a bit more on borrowings for a higher level of funding flexibility in both source and tenor. This could be a pre-emptive move against the almost certain increase in bank borrowing cost that would accompany ......