Ann: Investor Update Presentation, page-18

I should have disclosed that I have not yet pulled the trigger on UPG. REIT's trading below NTA, where I have already invested include AJA, GJT and BPA. You are arriving a little late to the party, but the punch is still flowing.

AJA was last trading at $4.98, NTA is minimally $6.00 and may be higher when assets are revalued. Currently paying a 30c/p.a. dividend.

GJT was last trading at $1.68. I estimate NTA to be $2.25 considering recent asset sales above book value and impact of buyback. Again, NTA may be significantly higher when assets are revalued. Currently paying a 15c/p.a. dividend.

Both AJA and GJT struggled following the GFC (GJT executed a disastrous recap as late as 2013), but are now on the road to a full recovery. You are being paid 6% and 9% respectively while you wait for valuations to align with net tangible assets. Both are unhedged (I think), so you are exposed to currency risk if the AUD should appreciate further.

BPA was last trading at $5.10, NTA was $6.37 at end June 2014. The dividend payout is very low (<2%) and cash is being conserved for capital management purposes over the next couple of years. This should be reflected in the NTA value. Brookfield owns 80% of units and recently tried to low ball minority unit holders with a $5.50 offer, which was roundly rejected. Patience required here (as always), but I see a solid payout somewhere down the track.

That makes 4 property investment ideas all up - what do you have in return?