This isnt as bad as it seems.The structure of the company is...

This isnt as bad as it seems.

The structure of the company is using high leverage(accounts for the sp fall)to take advantage of increasing asset prices over a period of time. As the leases expire the belief is that the property prices will be higher - however in the short term will probably fall. The NTA is well above SP (90c vs 31C)so by my calculations the asset prces would have to fall approx 15% before the NTA would get anywhere near the share price.

However the loans are mostly NC , and the leases are all long term with good tenants. So doesnt look like any problem with the banks. Therefore over the medium-long term property prices should rise and NTA will go above where it is now.

The only question is when. Kinghorn has been a buyer at 60c , so I cant believe 31c would scare him. But if anyone else needs to bolt due to margin might see more weakness.

I bought at 33c (trigger happy finger) and would like to buy more but doesnt seem much weakness today as I was hoping.