Topped up again on the dip (missed out on the one a few weeks ago). NTA drop to 76c is fine with me. In fact, what is most important in to me is the ICR which is more than 3x (3.5x in Dec 09), so servicing loans etc is no problem. Sure, the income is smaller at this time, but globally, that's the general problem.
However, consider that capital issues aren't really a problem for AJA, this stock should trade at near NTA values similar to GPT and GMG (where AJA does not need to raise additional capital, while they did). Only difference is AJA has a higher debt ratio (significantly), but that doesn't detract from its policy to continue paying handsome dividends, while STILL retaining cash to deleverage its debt.
For me, I'm most confident of all the REITs I hold, AJA is a definite accumulate on weakness.
AJA Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
