expect 33% divs in 12 months time

Readers can go thru stuff on previous threads and anns to get background. Short story is: The ABC leaning centres went bust and AEU(who own the centres) was hammered in the process. But apart from about 7 childcare centres the reamaining 400+ are earning rent for the owners AEU. Company will release an update in a few weeks but can vouch that:
1) ALL centres that were sold were sold at FULL book value.
2) All rent contracts signed by ex-ABC centres (well over 200) have been signed at SAME rent. However, some new operators have received a 3 month 'rent-free holiday.' But only operators who signed long term leases ere granted rent-free time.
3) All centres in NZ running without hiccup.

AEU distributes 4 divs per annum. In lateish 2008 it promised shareholders that divs in 2009 would total 8c. The ABC debacle in december has delayed this. In 2009 March quarter AEU did not pay a div at all!! But situation has virtually returned to what it was in mid 2008 apart from the differences noted above. 3 weeks ago 11 centres remained empty but management assurred me they were confident 'at least 6 of these were close to a deal.' Another 2 may be sold.
Naturally, the 'rent-free holiday' has affected revenue in short-term. The director would not confirm with me (on the phone) when 8c/year divs would return in full but clearly divs of some level were likely by july/september quarter.

MY guesstimate is: Divs will start again in 5 months and should be 2c/qtr=8c/annum by March/April 2010. At SP of 24c=33% return! But remember AEU was paying about 13c/annum divs prior to mid 2008. The 8c/year should be treated as a base level with higher distributions to follow by late 2010. At 13c/year=55% return. Last AEU ann very long and hard to follow. hopefully next ann will be more concise. I feel AEU can offer a fair degree of safety(i mean where else do Aussie kids go to??) along with exceptional returns starting in not too distant future. Please DYOR.