expect 10.7 c dist in cash and units, page-37

ok chaps, i'm in today on this one at 27.5

been looking hard for another discounted REIT with underlying strengths.

Still reading, but this is my brief so far

they are paying divs still, partial, indication of strength.

NI 54.4m
NAP 32m
NTA 1.75/unit

Assets 2.7 bill
liabilities 1.83 bill
net assets .86 bill
Current gearing 57-58%.

high ocupancy 96%.


covenenants are based on Debt service coverage, ie, int cover.

And int cover is currently at 3.7 times.

debt costs around 2.06%, all borrowed in japan, from japan.

Japans recession is actually a blessing to the interest costs.

Fairly new to the REITs, hold MDT as well.

Have i missed anything?

What are the risks as other holders precieve?

cheers