I have decided to publish my reply in response to a reader's comment that AA REIT's gearing level is at 51% as a blog. This is because I have received similar comments in recent months. Having my response published as a blog will make it easier for me to point readers who leave me similar comments in the future to a ready response. My reply: Hi patrol,  I don't know which piece of research that is but AA REIT's latest published gearing level dated 27 April was 37.5%.  If you are referring to the perpetuals which AA REIT has on the balance sheet, there was a discussion in the comments section here in ASSI a few months ago in February.  You might be interested to read those comments in this blog:  AA REIT to buy Woolworths' HQ.  ...