ngairc,Appreicate your post and commentary. I am just trying to...

ngairc,

Appreicate your post and commentary. I am just trying to understand from your point of view and that of a couple of others as well, on what basis might AJA's distribution yield of 7 cpu not be sustainable?

Is this being tested on the basis of occupancy levels? or on significant expense allocation due to unfavourable FX movements?

Also, I have once before contacted the company to ask if any capital raising was on the cards and I got a response to the effect of "not at this stage".

I would be interested to know the viewpoint of others as to whether a modest/moderate capital raising would hypothetically take place.

FYI, I also hold CER (and as we understand it, a capital raising here is not possible per se) howevever, insofar as CER is concerned, as with AJA, I am not necessarily opposed to dilution due to capital raising.

Yes there is dilution and therefore reduced dustribution per unit, but one cannot ignore, the resulting increase in NTA and market pricing as a result of significantly reduced risk.

I also think in the same vein it is work noting that Eric Lucas holds some 3-4% of AJA stock and as the Senior Adviser, I am sure the last word rests with whether he wants his own holdings diluted.

Lastly, in respect of property valuations, I don't think the market has appreciated that there was NO DECLINE across 13 retail, 11 office and 4 residential properties and that the major declines occured in a handful of AJA's largest properties which was what the decline in NTA was attributed to. I suggest that we are at or near the bottom of property price declines, as the properties that did not decline in value where across the board and not just in one sector.

Thoughts?