starting a book 2012 13 distribution, page-4

Hi Robert,

Results out. Steady as she goes.

FY13:

Distribution est. 10.3c --> 9.5% yield on current SP
NTA $1.21 ---> current SP discount to NTA 10%
EPS 13.23cpu ---> FY12 PE 8.2
Gearing 38.6% with ICR 2.7
Increasing rental yields and long WALE and tied to CPI

Narrative:

Possible that distributions/ profit will increase in FY13 if debt can be negotiated on more favourable terms (as we suspected) and quite realistic.

What's not to like? High dividend stream and possibly a moderate share price appreciation in FY13.

If people are happy with an 8.0% yield then SP could rise to $1.28... not an unreasonable expectation...

Thus a possible total return for FY13 of 27% (10.3c dividend + 19c capital gain/ $1.09 current SP) with relatively low risk.

Cheers
John