I've done a quick calculation based on 2010 earnings and...

I've done a quick calculation based on 2010 earnings and expenses. Assuming no abnormal items, and a decrease in finance expense in line with the release (10.7->8.9%), I calculate a sustainable distribution of 7.4c going forward.

Assuming lease incomes increase at 3% a year, this roughly translates into an increase in disribution of 1c each year.

I'd like to see as many sales as possible above book to reduce debt while increasing NTA. This will be the quickest way to get the sp toward the current NTA of $1.36 in my opinion. Finance costs are still too high.