"Very simplistically, we note that a further $2 billion of US asset sales, at current book value, will have the effect of reducing gearing to 35.5 per cent and will take US asset exposure down to 47 per cent, take Australia to 32 per cent, and reduce the majority of US debt," he said. "This is where we would see the trust as being more 'sustainably capitalised'. The sale of the assets is on top of the $421 million of asset sales which closed over the last few months." The Bank of America-Merrill Lynch's property team says, assuming no further asset sales or debt refinancing (a worst case scenario), "we estimate the trust has a $487.5 million capital shortfall". It said Macquarie CountryWide has to contend with the out of the money swap related to its US debt which, at the end of 2008, was a net liability of $50.4 million. "The trust appears inexpensive from a long-term perspective, assuming financings available and investors are willing to work around capital issues," the broker said.