Ann: Half Yearly Results Presentation, page-3

Lemmsip - I was happy with it also.
Yes, 197 St Georges is a bit of a drag... valuation down to $200m, cap rate 7.25% despite some leasing successes in past 6 months.
I suspect now that WS and WS2 are close to fully leased - they can give additional focus to the 197 leasing. But to have the portfolio move from 1.25 NTA to 1.20 is much smaller than most of the office REITs that I watch.

The mining accom JV looks like it is delivering in the early stages. There was some criticisum leveled at this on HC - but I'm curious to see how it plays out. Given that office could be subdued for a few years, I support the diversification.

The back half of the preso shows a positive outlook for Perth, leasing enquiries, net absorbtion etc. I'm glad they concentrated on Perth submarket 5 years ago.