I hear you concerns I also sold out of AJA for similar reasons. AJA is priced much higher then other reits with similar gearing. The fact of the matter is AJA is bucking the trend and paying out alot more of their dividends then other reit who have choosen to hold of dividends.
This will keep the SP and and investors happy. However if things to go bad and they are forced to stop distrobutions thou a LVR breach AJA has a long way to fall!
7% is great distrobution a year however if you have a reit who pays down their debit with their distrobutions they will then in turn lower their LVR and their SP should move at least 7% if not more like 20% over that time for Reits priced at 10c with and NTA of 38c this is very possible and very likely.
Distros are nice but sometimes you got to take a step back and consider all factors their not alot of upside SP compared to other reits from here.
AJA Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
