Interesting to see APN go on a big run in recent weeks ahead of...

Interesting to see APN go on a big run in recent weeks ahead of the stapling proposal. Notwithstanding the recent performance its dividend guidance still implies a c.5% yield at current price.

The company's unlevered balance sheet suggests it has ample financial capacity to be more aggressive to acquire assets on balance sheet and/or in partnership with its REITs. This will drive rental income / management fees. Albeit commercial property cap rates are now at a historical low