If you adjust the Dec 12 NTA for the change in exchange rates the NTA would be 20.5cent . That's without any increase in property values or earnings.
I suggest we could get an NTA of say 22c AUS with only a little increase in property values and income net of distributions
31 Dec 2012 A$ = $US1.05
30 June 2012 $A = $US0.92