Many of the properties are still on the books at Dec 07 valuations which is why the portfolio cap rate (yield) only rose from 7.0% to 7.5%, when prime industrial yields are really now 8.0% - 8.5%.
Back of the envelope calculations suggest the real NAB per unit of more like $1.17.
Cutting the dividend completely is a positive for this company. Not to do so would increase the chance of a covenant breach which would destroy shareholder equity.
