Statutory profit down which was expected because of the loss on...

Statutory profit down which was expected because of the loss on the DMF assets. Boy did they get hosed on that deal. At least that is finished (although still $10m left in the last 3 still to be sold) and they have got a chunk of capital freed up for the MHE investments.

The great news is the profit per development sale of $105k and the lift in sales targets to 190 in 2017 and 280 in 2018. That should really start to bring home the bacon with higher developer profits, ever rising regular rent flows and plenty of recycled cash to reinvest. Really good to see the development / sale process starting to really click into gear.

Also good to see them squeeze some more out of rental assets. Boring but a near cash steady cash earner.

Not sure about this move into tourism as I think that is a more competitive and complicated business (and corporate costs going up 25% reflects this I think). Also more capital intensive and less scope for recycling capital.

Lift in distribution always a positive. Overall I think they are on track and are starting to really deliver on their strategy,