Volume Spike, page-10

I guess that question now becomes where we think the cap rates will settle? I'd say they should be around the 5 percent mark which would bring the total value of the portfolio back to approximately 230 million (based on the sensitivity analysis above). Take out the debt of 83 million and this brings us back to 147 million net assets. There are 144 million securities on issue so this would give us an actual NTA of $1.02 and a still substantial but reduced NTA discount of 21 percent (I hope I've gotten my maths right here). We're basically holding out hope that something happens that can close this gap while getting a very good fully franked dividend in the mean time. With rent reviews at 3 percent and the entire income of the REIT already being paid out it's going to be a long time before the distributions might have the potential to increase.