Ann: Ceasing to be a substantial holder from SOL, page-37

Thanks very much for the conversation with James and detailed notes.

Sounds like great process on leasing up the vacancies which is absolutely key to earnings growth / stability and firming up the dividend post-24, particularly given the rental guarantee in Canberra rolling off June 2024.

I don't this this is a dividend trap as the capital downside (share price) is limited by
a) the dividend being from stable, contracted revenue (rental income) and therefore easily predictable,
b) the fact that the share price reflects a ~35% discount to NTA (even if you increase cap rates a lot, still a discount to NTA up to about 10% cap rates)
c) the dividend is naturally way too high... so you would hope the stock will move up a bit when WHSP are done selling