Net Tangible Assets was $1.75 as of the last half yearly report. If we assume 20% reduction to NTA then we get an NTA of $1.40 per share .
Gearing was 57% (now lower) and 20% of that is due for refinance next March . That debt is secured by only 10 of BJT's 43 remaining properties . If all revenues from this current half and the entire proceeds of the sale today were to be used to pay off debt, then total group debt would reduce by 15.5% by my calculations . I think they will pay a handsome dividend (up to 25%) but the option is there to significantly pay down debt .
BJT has close to 4 times interest cover .
Please DYOR, as I may have overlooked something or done my calculations wrong .
BJT
babcock & brown japan property trust
how safe is bjt, page-2
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