MDT results
Core earnings of 4.46 cents per unit in line
with guidance
— NTA of $1.05 before deferred tax ($0.92 after
deferred tax)
— Properties devalued by US$234 million
resulting in gearing of 60%1
— Strong cash flows (ICR 2.4x for the year)
Interesting to see SP reaction currently trading 5% of NTA
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