Good to see you floating about again Cajx.Some things about this...

Good to see you floating about again Cajx.

Some things about this stock that I really like

Great portfolio (some really quality assets + development upside through the panthers JV once we are out the other side of the current problems)
Well managed
Very long term WALE
Contracted rents often with fixed increases
They generally purchased smartly and didnt get sucked into paying way over freight for much
Good operators that have significant experience
The managed to tackle the smoking ban very well for the most part
The hotels sector should be fairly resilient, even in the current turmoil.

I think generally that the gaming revenue would provide the cream for most of the establishmentst that they own. They have quite allot of really nice gastro pubs, some great out door areas etc. There may be some operators that rely heavily on gaming, however I think they would be limited.
Also a number of the operators have a number of pubs outside the IEF stable.

One of the other main points which will be a positive when the AREIT sector picks up is that the stock is very thinly traded given the very large holdings (50%ish) by the three main investors. To me this means that once things turn and people notice things like IEF, it should move up quite quickly. Hell if you had a couple of million you would probably push this toward 50c quite quickly.

All of the above is just my opinion.

Oh yeah PS. they are still paying divs (currently), whilst they are holing back additional revenue and paying down debt also.

I think the last thing they will try and do is come to the market for money. My guess is they may try and make a few more sales to reduce the LVR problem. (as I have said before cajx, not that I think its that much of a problem)