over priced, page-4

NTA's increased from $1.65 as at 30 Sep 2002, to $1.70 as at 31 Dec 2002.

That's an increase in NTA of 5c over 3 months. This increase in NTA can mostly be attributed to cash flows from funds currently invested.

Using the Oct-Dec cash flows as a proxy for the full 12 months, and we've got 20c per share in cash flows--- and this is without them having undertaken any gearing, or without an asset disposals following exiration of existing lease contracts--- which will be an real earnings driver.

... and with them having a stated policy of distributing the majority of earnings as dividends, we're looking at one fat payout.

It's also important to point out that they're still in a ramp up phase. Significantly higher returns will be generated in 2003, and even better returns from 2004 onwards-- when leases expire, and the assets can be valued at market.