Ok so, I need to sense check this with other investors because this is ridiculous, based on history of the 6 monthly (interim and final) dividends which has been insanely consistent as you'd expect with REITs, we're seeing around 15% annualised yield, is this real? What am I missing here. I know covid might have a slight bump to this and maybe they could skip one or two dividend periods but after this, with everyone back shopping and retailers pining premium retail space that attracts shoppers (e.g. chadstone shopping centre), we will be back to 15% yield in no time based on these prices.
Also the valuations of the property assets held after the 25% borrowings/gearing is still showing net asset values way undervalued with the share price trading at 51% of NAV, even after the covid property valuation write downs ... $5.5bn market cap for total value of the company at today's share price vs $10.7bn of net assets / equity on the balance sheet (includes ~$13.7bn of properties less ~$3bn debt)
This is exactly the type of investment I've been reading about in warren buffet's highly recommended and fundamental investment principles "the intelligent investor", value investing at its finest.
Is this the world's biggest no brainer investment, what am I missing here?
(20min delay)