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Hi pwu : replying to your question on how the retirement income is affected by Ohman purchase

I feel its good for BEC as Bec now is better positioned to finish around 270 retirement homes in its pipeline.
Bec has around 900 retirement units currently OHMna gets half of them.

Because of the recapitalisation by Ohman fro BECs capital there will be around $130M less debt to pay back, with interest on that at 6.5% per annum means an extra $8.25M is reduced from the interest bill.

The retirement division is only one division of BECs but retirement brings in around $15M pr annum in income (about 35% of BECs total EBIT) so even if BEC received only half of that $15M income due to Ohman having 50% of the homes, BEC its still ahead of the game after taking off the $8.25M in interest bill.

As BEC will still be gaining income from management fees on all the retirement units its unlikely BEC will only be getting half its previous income for the retirement division

Add to the above positives that BEC reduces LTV around 7% and it looks sound to my uninformed view point but thats just how I feel best to do your own research

When looking at BEC remember it is also a developer and is different from many REITs as it replicates itself by building each new retirement village.
DOing this requires both principle and interest repayments to be made unlike most REITs which only make interest repayments on their assets.
By replicating itself payback on the investment is far faster than most REITs , so the dilutionary effect of recapitalisation going forward is reduced as more retirement units are settled