re: Ann: IOF Appendix 4E and Annual Accounts ... Read through...

re: Ann: IOF Appendix 4E and Annual Accounts ... Read through the result, focussing on outlook.

Nothing that is not known...message that expect continuing downward pressure on rents and valuations in 2010 across all office markets.

Same as what we have heard in other results....MOF, DXS etc...which is why insto's have pulled funds out of the sector as reporting and outlook has been flat and uninspiring.

That said with a 20% pullback in share price it is starting to look good value, particularly given they have reaffirmed recent guidance of 3.9 cents dpu and also stated dividend payout of 70% to 80% (previously just stated 70%)..

I give points for at least giving clear guidance for 2010 as opposed to MOF which hasn't

With growth in 2011, 45-46 cents looks good value so I will make a small entry today....