Am I missing something?, page-4

Risk of breaching debt covenants, CAP rate 5.1% only.
Higher debt, and with long term leases, but majority of leases on only 3% rent increments:


84% of their leases are long term fixed increases, not CPI!!

Gearing at 36.7% is at the high end.


NPR is 'hiding' the issue by paing out more in dividends than it earns. And this is FFO not AFFO (ie FFO doesn't include all the expenses incurred in running a REIT), yet it still pays out more individend than it receives in income.

Coupled with high debt and higher interest rate environment, no smart to paying out more, as it effectively means one is using debt to pay the dividend!!!

Watching, but not striking yet, there has been so many opportunties to acquire better value adjusted REITS over the last month.

NPR could still be trapped into doing a dilutionary capital raise.

We will see.