This article discusses the accounting treatment for investment property at Vicinity Centre VCX, an ASX listed real estate investment trust. It explains the effects of changes in the retail market on the business and the company VCX. The article also highlights the valuation method adopted by the management and the potential effects of changes in the retail industry on the financial statements. The article concludes with a discussion on the movement in the values of investment properties and the payments made to the key management personnel.