Ann: June 2022 Valuation Update and June Quarter Distribution, page-14

I think there is absolutely no doubt now that clw will cut the dividend … just matter of how much

my prediction based on their gearing and quality of their portfolio is a 10% cut for FY23

the cpi linked increase will slowly come into effect in FY23 which will not offset the interest payment

it will actually be irresponsible if the management keeps the dividend stable… it cannot afford to do that anyway unless there was a lot of market reviews during the year which caused a significant rise in rental income… or if the turnover at their Myer and David Jones flagship stores exceeds expectation threshold massively which caused a large increase in income… both of these scenarios are unlikely.

I’m guessing 27.5cps dividend for FY23… how the market reacts I don’t know but if they are expecting anything different then I will be very surprised