I am well pleased. I expected 70c in the short term.I don't...

I am well pleased. I expected 70c in the short term.

I don't think NTA is really relevant as an indicator for this stock - perhaps to some people it is - but not to me anymore, given that the company itself has absolutely no control over the A component of NTA... whats the point of measuring it?

Rather, it has a healthier balance sheet than at any time in its recent history, and is selling cheaper than ever as well.

Thats why I think it has good upside. Operational earnings that are secured with good fundamental operating KPIs in its businesses - expecting to earn $400m with 5% systemic [rent increase] growth - and room in the balance sheet to cherry pick opportunities if and when they arrive.

Wildcards include asset price bubbles (again, so not likely) and takeover possibilities. Negative wildcards include the likes of SGP dumping their stock back to market.

In the long term though, this is a company that is returning a healthy dividend of 400m, with income, capital growth and acquisition opportunities ahead of it, and is now demonstrating security. The business also has a healthy moat, being the quality of its portfolio that is irreplaceable and will not see too much competition.

Currently on sale for some 6bn. No longer a screaming buy, and possibly a little overpriced if it just sits here collecting the rent. Factor in an acquisition at the right price, or better yet takeover talk, and it's a buy. Not quite the screaming buy when it was on sale for a paltry 2bn, but still a buy.