starting a book 2012 13 distribution, page-2

Hi Robertch,

My understanding is that the current guidance is 10.6c.

I recall that management stated that this may not be repeated in subsequent years as the 10.6c related to some one-off items. However I would be surprised if it is not in he high 9's. In addition I believe that the lease structure for the tenants provides for regular rental increases.

In time I would imagine that AEU's borrowing costs will significantly lower when the debt rolls over.

AEU wasn't in the most robust position when the last debt negotiations were carried out. I don't know, off the top of my head, when the next debt negotiations are but I would imagine that the management will be able to save a significant % here and thus increase profitability.

Cheers
John