Fully leased property NOI of $45million (after developments, slide 7).Minus say $5million of mgmt / corporate fees.Leaves $40million of potential income to distribute. 325 million shares, minus say 25 million in buybacks.$40 million distribution / 300 million shares = 13.3cpsThis would be my estimate of distribution in the future. Debt costs are negligible and will hopefully be covered by asset appreciation.
(20min delay)