I'm not one who likes to think blue sky over a defensive...

I'm not one who likes to think blue sky over a defensive slow-growing stock (like most AREITs). Even more so when TIX's sp has risen nicely in recent months. Gee, less than a year ago TIX barely traded 30k shares per day and its price was slowly sinking as one or more major shareholders sold down. (That changed with the share buyback announcement.) I was -- and still am -- happy just to get 8-9% distribution and 2-4% sp growth per annum.

At the same time, TIX does have some growth potential yet. It's sp still has a relatively low premium over NTA compared with other AREITs. Also, although TIX's NTA jumped in April (by 8% i recall), it likely has more NTA growth since then. But the main factor, I think, is that OZ interest rates will remain low for longer than many broker's were predicting. Now that some are again predicting a further RBA interest rate drop (unlikely IMO), TIX and some other ARIETs look even more valuable.

One last comment: True, TIX's distribution is unfranked. But as with most AREITs, a portion (about 45% for TIX) of the distribution is deferred capital gains. Do your calculations, but that works out to be as good as franking if you hold the shares for the long run (i.e., (a) deferred cap gains portion is taxed at the discounted half tax rate, and (b) the deferred taxes are invested for additional returns until the cap gain event).