I wont audit those figures .. thats becoming too cumbersome as...

I wont audit those figures .. thats becoming too cumbersome as GPT keeps shifting its sands...

So.. form bottom up - NTA of $1.43 / share was correct as at Dec-08 ... then they issued double the number of shares (added about 4.6b shares) and in exchange received some $1.7b extra in capital for it... that of course has the effect of diluting the NTA overall to someplace around the 0.70 - 0.90c mark - Im not sure exactly where it lives now.

The dividend guidance at the moment is 4.5c for the remainder of 2009. So, at todays prices, 4.5c / 49.5c is a bit under 10% as things stand. The 12.2c was correct at one point in time before the dilution (above) - and now that there are more shares, it makes sense that each one will receive less dividend.

The earnings per share is probably "technically" correct - but one needs to understand that this relates to a $3.2b "accounting" loss - and is more to do with the AIFRS accounting standards than what actual cash losses...
Consider for example, if you have a loan in USD of $1b - and the loan was written when the dollar was 0.60c... meaning to pay it back you have to stump ump 1bn/0.60 = 1.66bn AUD. Now, in the next financial year, the AUD is 1:1 - and you only need to pay back $1bn - presto, you can account a 660m profit YAY.... but then next year it falls to 0.5 - and suddenly you are in a $2bn loss situation. Well, thats pretty much what happened here. All sorts of rate movements and other shenanigans...

How to pay a dividend whilst the accountants are playing games? Easy - see, meanwhile $400m odd of rent trickled in and paid the shareholder dividends like it has done year on year on year.

I cant be bothered working out the actual debt / equity - not sure what your number says - but to my knowledge they are left owing $2bn odd - and have somewhere around 8-10bn of assets. That should in theory leave $6b - $8b of equity...

I believe now that this current capital raising is completed, that GPT looks as healthy as anything in the REIT sector. In fact, it looks healthier than most companies in the ASX200 right now - at least to me.

Hope this is helpful.