These guys don't help themselves by their lousy reporting.
- Why are they using a mix of AUD and USD? This is purely a USD company. The AUD only serves to confuse and hide trends. - The use of YTD numbers on the 'Fund Cash Flow Profile' page doesn't show anything meaningful trends
Here are my transposed numbers in USD on a per quarter basis. You can see - Revenue going up Q on Q (due to rent increases) - Property Expenses going up (due to taxes and maintenance) - G&A coming down heaps in Q3 (due to reduction of staff numbers) - Funds from Operations nearly break even (although they have guided that they won't be breaking even this year now)