eps estimate 5 cents / current sp 7 cents

This has to be the cheapest REIT on the market

I just read back through past announcements

In the annual report on the 29.09.08, the full year distribution guidance was 5 cents per unit dividend

On the 18/12/08 they announced a 2.5 c earnings which was in line with the forecast and it was paid

On the 17/02/09 in their presentation they announced, "FY09 operating earnings guidance of 5 cents per unit remains unchanged"

Unless the wheels completely fall off things between now and the end of June this year, 2.5 cents should be ok

Based on yesterdays closing price of 6.4 cents, correct me if i'm wrong but thats a 39.2% return for 6 MONTHS / Annual is 78.2%.

IMO they can't give an estimate on these two occasions and not pay it when the market is improving?? Especially when the last estimate is so close to the end of this fin. year..

Thoughts anyone ?