reits are for traders not investors., page-11

The thing to keep in mind with BJT is that they int cost is only at 2%.

Thats why they have an int cover of 3.7 times!!!

Will they pay the div??

depends on whether they want to reduce debts at some point.

You would have to dig a little deeper into how close their loan covenants are.

"Importantly, the only loan which contains any LTV test is the ¥21.1 billion loan described above, which represents 23% of total borrowings. There are no LTV covenants in any other loan. The principal financial covenant in each loan is a debt service coverage ratio (“DSCR”) test. All loans comfortably comply with the applicable DSCR tests."

They paid the last div, but retained some to pay out BnB management rights.

I think those forcasts paint a pretty rosey picture.

The fact that they paid one in feb09 is a statement of "yes we can".

Have trouble finding any others that meet them as a benchmark.

Let me know if you do, i havent been through the lot comprehensively yet, but most first reads of others fall short.

cheers