centres put up for sale, page-8

22 of the 39 properties put in the hands of Colliers to sell at aution have been sold. Good news and we are well ahead of target to meet the June 30 debt reduction figure. The next three months will hopefully see us chew out the Dec figure as well.

Then all we need do is work on the incentive target.

With gearing at or below 45% and with the strong leases in place, this business will be about as uncomplicated as one can be.

Call me an optimist but I'd be hoping for a return to dividends in 2011...afterall our EPU should be around 7.5c to 8.5c...that's not a bad yield on present SP and if anyoen can show me a better REIT with as simple a business concept, I'd be interested.

Five stones need to be overturend:

(1) Secure the deal on thr ABC1 properties (hopefully over the next two weeks)
(2) Conclude the sale of surplus development property (2 of) and the Colliers 17 properties still to sell (at as close to BV as possible)
(3) Meet the debt pay down covenants
(4) Resolve (sell if possible) the 58 ABC NZ properties (BV of $39.5m)
(5) Get rid of the USD and CAD notes which are complicated. Maybe the unit investors can take up some of these by using preferential notes.

AET is a bloody good little (uncomplicated) investment in a growing niche.