Thanks Ppup, nice work and maybe I should have used a larger envelope, but the property expenses I saw are passed onto each of the lease tenants and paid for above and separate to the yearly rental and show up as footnote 2 on the half yearly as quoted below:
"2. AET?s tenants pay on a monthly basis a proportionate contribution to AET towards all of the property outgoings in relation to these properties. The property outgoings revenue of $2.5 million is fully offset by a corresponding expense of $2.5 million. Property expenses also incurred by AET include non-recoverable property outgoings of $0.7 million primarily in respect of land tax in Queensland and Victoria and $0.6 million of rent payable on AET?s leasehold properties."
This still leaves 1.3 million on the books for land tax, but by my reading of this, the tenant reimburses us on the balance sheet. Does this make the final maths any different and a fatter potential divie, or is it just an accounts way of reversing a double negative twice over?!
FET Price at posting:
78.5¢ Sentiment: LT Buy Disclosure: Held
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