comments thankyou...., page-8

Hi guys,

I agree provided you are willing to take on board;

1) Gearing risk (70%)
2) Forex risk

I am willing to take on these risks as the PE, NTA, covenants, ICR, FFO, Div yeild is excellent for AJA.

It makes sense to me that through this GFC, if a REIT can survive without unnecessarily/ overly de-gearing then, when the cycle turns it will expose shareholders to maximum upside.

Thus, REITs that have de-risked TOO FAR by dilutive equity raisings and selling TOO MANY assets at discount prices have destroyed their long term ROE when the cycle turns.

AJA have not done this. As such, with high gearing levels (but well placed to service these debts) and no dilutive equity raisings we are well placed as shareholders to enjoy LEVERAGED upside when the cycle recovers.

I have just rejigged my REIT portfolio for more AJA today after their (IMO great) FY09 report and FY10 guidance.

Cheers
John