A-REIT valuation model

[Bushman]

Does anyone have an excel-based A-REIT valuation model or know where I can lay my hands on one?

Much appreciated if anyone does.

Cheers B'man

 

[nulla nulla]

REIT Table 18 June 2012

Share	Code	Closing Price	Capital	Earnings $	Dist $	Yield %	P/E	NTA $	Price/Assets
Australand Property	ALZ	2.54	1,465,190,356	0.244	0.215	8.46	10.41	3.46	-27%
BWP Trust	BWP	1.95	1,024,247,431	0.1136	0.1463	7.5	17.17	1.87	4%
CFS Retail Trust	CFX	1.94	5,499,952,289	0.1347	0.129	6.65	14.4	2.06	-6%
Charter Hall	CHC	2.33	691,651,704	0.0849	0.176	7.55	27.44	2.19	6%
Cromwell	CMW	0.71	830,478,150	0.057	0.07	9.86	12.46	0.68	4%
Commonwealth Office	CPA	1.005	2,358,738,470	0.0843	0.0564	5.61	11.92	1.13	-11%
Charter Hall Retail	CQR	3.45	1,033,718,570	0.1128	0.261	7.57	30.59	3.43	1%
Dexus	DXS	0.93	4,500,292,484	0.0836	0.0526	5.66	11.12	1.01	-8%
Goodman Group	GMG	3.57	5,531,900,354	0.2505	0.19	5.32	14.25	2.5	43%
GPT Group	GPT	3.2	5,681,907,837	0.1629	0.18	5.69	19.64	3.59	-11%
Investra Office	IOF	2.68	1,645,647,187	0.3016	0.117	4.37	8.89	3.16	-15%
Mirvac Group	MGR	1.275	4,358,251,863	0.1094	0.082	6.43	11.65	1.63	-22%
Stockland Property	SGP	3.28	7,240,640,849	0.269	0.239	7.29	12.19	3.69	-11%
Westfield	WDC	9.45	21,428,853,113	0.6655	0.484	5.12	14.2	7.27	30%
Westfield Retail	WRT	2.74	8,521,123,684	0.0396	0.165	5.91	8.73	3.26	-14%

Comparison of Earnings, dividends, yield, p/e, nta etc. All figures are taken from comsec iress and no guarantees are given as to accuracy. Always do your own research/homework etc.

 

[odds-on]

Hi Nulla Nulla,

I see from other threads you regularly trade the REITs. Would you mind sharing why you like to trade REITs? I have been playing around with the idea of trading large caps with the aim of gaining a few percent here and a few percent there. Obviously over the course of a year this compounds into a nice return. My holding time frame would be weeks not months.

Cheers

Oddson.

 

[nulla nulla]

Regular oportunity mainly. Fundamentaly, these days, they are fairly sound with most of them trading at discounts to NTA. Also most of them have significantly reduced their borrowings so their debt to equity ratios are quite low.

Their yields are relatively low these days, but they don't rely on borrowings to pay inflated dividends which they did in the past. Most of them have been tracking sideways in tight ranges since June 2009. Most of them have poured additional income back into "share Buy backs in an attempt to reduce the volume of shares on issue. This is intended to narrow the gap between the share price and nta. I suspect it could increase the gaps personally as the market is likely driven more by the p/e ratios.

They regularly go up and down providing entry/exit oportunities. Regular smal profits have a cumulative effect. They could collapse at any time, so there is always risk. You still need to research them yourself and understand what factors are impacting on them and the likely outcomes.

 

[nulla nulla]

Testing the auto save function.

Results: Pass

 

[nulla nulla]

Update as at 17/8/12.

Share	Code	Closing Price	Capital	Earnings $	Dist $	Yield %	P/E	NTA $	Discount to NTA
Australand Property	ALZ	2.980	1,719,002,859	0.2520	0.2150	7.21%	11.83	3.46	13.87%
BWP Trust	BWP	1.965	1,032,126,258	0.1340	0.1350	6.87%	14.66	1.85	-6.22%
CFS Retail Trust	CFX	1.975	5,586,278,927	0.1347	0.1310	6.63%	14.66	2.06	4.13%
Charter Hall	CHC	2.450	730,496,001	0.0849	0.1820	7.43%	28.86	2.19	-11.87%
Cromwell	CMW	0.740	865,569,818	0.0570	0.0700	9.46%	12.98	0.68	-8.82%
Commonwealth Office	CPA	1.075	2,523,028,669	0.0843	0.0609	5.67%	12.75	1.13	4.87%
Charter Hall Retail	CQR	3.510	1,051,696,284	0.1128	0.2610	7.44%	31.12	3.43	-2.33%
Dexus	DXS	0.965	4,669,658,330	0.0375	0.0535	5.54%	25.73	1.00	3.50%
Goodman Group	GMG	3.950	6,340,174,526	0.2704	0.1800	4.56%	14.61	2.54	-55.51%
GPT Group	GPT	3.540	6,254,419,166	0.1789	0.1880	5.31%	19.79	3.65	3.01%
Investra Office	IOF	2.880	1,768,456,679	0.3016	0.1560	5.42%	9.55	3.16	8.86%
Mirvac Group	MGR	1.365	4,671,237,301	0.1094	0.0840	6.15%	12.48	1.63	16.26%
Stockland Property	SGP	3.220	7,095,422,074	0.2110	0.2400	7.45%	15.26	3.68	12.50%
Westfield	WDC	9.880	22,333,794,735	0.7322	0.4895	4.95%	13.49	6.79	-45.51%
Westfield Retail	WRT	2.970	9,070,873,599	0.2690	0.1765	5.94%	11.04	3.37	11.87%

Do your own research as figures given above may not be reliable.

 

[nulla nulla]

Sorted by highest capital to lowest:

Share	Code	Closing Price	Capital	Earnings $	Dist $	Yield %	P/E	NTA $	Discount to NTA
Westfield	WDC	9.880	22,333,794,735	0.7322	0.4895	4.95%	13.49	6.79	-45.51%
Westfield Retail	WRT	2.970	9,070,873,599	0.2690	0.1765	5.94%	11.04	3.37	11.87%
Stockland Property	SGP	3.220	7,095,422,074	0.2110	0.2400	7.45%	15.26	3.68	12.50%
Goodman Group	GMG	3.950	6,340,174,526	0.2704	0.1800	4.56%	14.61	2.54	-55.51%
GPT Group	GPT	3.540	6,254,419,166	0.1789	0.1880	5.31%	19.79	3.65	3.01%
CFS Retail Trust	CFX	1.975	5,586,278,927	0.1347	0.1310	6.63%	14.66	2.06	4.13%
Mirvac Group	MGR	1.365	4,671,237,301	0.1094	0.0840	6.15%	12.48	1.63	16.26%
Dexus	DXS	0.965	4,669,658,330	0.0375	0.0535	5.54%	25.73	1.00	3.50%
Commonwealth Office	CPA	1.075	2,523,028,669	0.0843	0.0609	5.67%	12.75	1.13	4.87%
Investra Office	IOF	2.880	1,768,456,679	0.3016	0.1560	5.42%	9.55	3.16	8.86%
Australand Property	ALZ	2.980	1,719,002,859	0.2520	0.2150	7.21%	11.83	3.46	13.87%
Charter Hall Retail	CQR	3.510	1,051,696,284	0.1128	0.2610	7.44%	31.12	3.43	-2.33%
BWP Trust	BWP	1.965	1,032,126,258	0.1340	0.1350	6.87%	14.66	1.85	-6.22%
Cromwell	CMW	0.740	865,569,818	0.0570	0.0700	9.46%	12.98	0.68	-8.82%
Charter Hall	CHC	2.450	730,496,001	0.0849	0.1820	7.43%	28.86	2.19	-11.87%

 

[nulla nulla]

And sorted by yield:

Share	Code	Closing Price	Capital	Earnings $	Dist $	Yield %	P/E	NTA $	Discount to NTA
Cromwell	CMW	0.740	865,569,818	0.0570	0.0700	9.46%	12.98	0.68	-8.82%
Stockland Property	SGP	3.220	7,095,422,074	0.2110	0.2400	7.45%	15.26	3.68	12.50%
Charter Hall Retail	CQR	3.510	1,051,696,284	0.1128	0.2610	7.44%	31.12	3.43	-2.33%
Charter Hall	CHC	2.450	730,496,001	0.0849	0.1820	7.43%	28.86	2.19	-11.87%
Australand Property	ALZ	2.980	1,719,002,859	0.2520	0.2150	7.21%	11.83	3.46	13.87%
BWP Trust	BWP	1.965	1,032,126,258	0.1340	0.1350	6.87%	14.66	1.85	-6.22%
CFS Retail Trust	CFX	1.975	5,586,278,927	0.1347	0.1310	6.63%	14.66	2.06	4.13%
Mirvac Group	MGR	1.365	4,671,237,301	0.1094	0.0840	6.15%	12.48	1.63	16.26%
Westfield Retail	WRT	2.970	9,070,873,599	0.2690	0.1765	5.94%	11.04	3.37	11.87%
Commonwealth Office	CPA	1.075	2,523,028,669	0.0843	0.0609	5.67%	12.75	1.13	4.87%
Dexus	DXS	0.965	4,669,658,330	0.0375	0.0535	5.54%	25.73	1.00	3.50%
Investra Office	IOF	2.880	1,768,456,679	0.3016	0.1560	5.42%	9.55	3.16	8.86%
GPT Group	GPT	3.540	6,254,419,166	0.1789	0.1880	5.31%	19.79	3.65	3.01%
Westfield	WDC	9.880	22,333,794,735	0.7322	0.4895	4.95%	13.49	6.79	-45.51%
Goodman Group	GMG	3.950	6,340,174,526	0.2704	0.1800	4.56%	14.61	2.54	-55.51%

The negate "discount to nta" indicates that the share is trading at a premium to nta.

 

[nulla nulla]

Updated as at 28-09-2012.

Share	Code	Closing Price	Capital	Earnings $	Dist $	Yield %	P/E	NTA $	Discount to NTA
Australand Property	ALZ	2.950	1,701,697,461	0.2520	0.2150	7.29%	11.71	3.46	14.74%
BWP Trust	BWP	1.990	1,045,257,635	0.1340	0.1350	6.78%	14.85	1.85	-7.57%
CFS Retail Trust	CFX	1.930	5,458,996,622	0.1347	0.1310	6.79%	14.33	2.06	6.31%
Charter Hall	CHC	2.880	858,705,503	0.0849	0.1820	6.32%	33.92	2.19	-31.51%
Cromwell	CMW	0.780	912,357,376	0.0570	0.0700	8.97%	13.68	0.68	-14.71%
Commonwealth Office	CPA	1.035	2,429,148,532	0.0843	0.0609	5.88%	12.28	1.13	8.41%
Charter Hall Retail	CQR	3.430	1,027,725,999	0.1128	0.2610	7.61%	30.41	3.43	0.00%
Dexus	DXS	0.950	4,597,072,967	0.0375	0.0535	5.63%	25.33	1.00	5.00%
Goodman Group	GMG	3.960	6,356,225,601	0.2704	0.1800	4.55%	14.64	2.54	-55.91%
GPT Group	GPT	3.400	6,007,069,255	0.1789	0.1880	5.53%	19.01	3.65	6.85%
Investra Office	IOF	2.890	1,774,597,154	0.3016	0.1560	5.40%	9.58	3.16	8.54%
Mirvac Group	MGR	1.430	4,893,677,173	0.1094	0.0840	5.87%	13.07	1.63	12.27%
Stockland Property	SGP	3.340	7,359,847,742	0.2110	0.2400	7.19%	15.83	3.68	9.24%
Westfield	WDC	10.160	22,966,736,286	0.7322	0.4895	4.82%	13.88	6.79	-49.63%
Westfield Retail	WRT	2.890	8,826,540,304	0.2690	0.1765	6.11%	10.74	3.37	14.24%

[/td]
[/tr]

There have been some interesting changes in the past 6 weeks.

 

[nulla nulla]

Updated as at 12 October 2012.

Share	Code	Closing Price	Capital	Earnings $	Dist $	Yield %	P/E	NTA $	Discount to NTA
Australand Property	ALZ	3.000	1,730,539,791	0.2520	0.2150	7.17%	11.90	3.46	13.29%
BWP Trust	BWP	2.050	1,076,772,941	0.1340	0.1350	6.59%	15.30	1.85	-10.81%
CFS Retail Trust	CFX	1.955	5,529,709,013	0.1347	0.1310	6.70%	14.51	2.06	5.10%
Charter Hall	CHC	2.810	837,834,189	0.0849	0.1820	6.48%	33.10	2.19	-28.31%
Cromwell	CMW	0.790	924,054,265	0.0570	0.0700	8.86%	13.86	0.68	-16.18%
Commonwealth Office	CPA	1.080	2,534,763,686	0.0843	0.0609	5.64%	12.81	1.13	4.42%
Charter Hall Retail	CQR	3.460	1,036,714,856	0.1128	0.2610	7.54%	30.67	3.43	-0.87%
Dexus	DXS	0.980	4,742,243,692	0.0375	0.0535	5.46%	26.13	1.00	2.00%
FKP Stapled	FKP	0.225	506,478,687	-0.2920	0.0219	9.73%	-0.77	0.90	75.00%
Goodman Group	GMG	4.130	6,629,093,872	0.2704	0.1800	4.36%	15.27	2.54	-62.60%
GPT Group	GPT	3.550	6,272,087,016	0.1789	0.1880	5.30%	19.84	3.65	2.74%
Investra Office	IOF	2.950	1,811,440,001	0.3016	0.1560	5.29%	9.78	3.16	6.65%
Mirvac Group	MGR	1.505	5,150,338,563	0.1094	0.0840	5.58%	13.76	1.63	7.67%
Stockland Property	SGP	3.620	7,976,840,965	0.2110	0.2400	6.63%	17.16	3.68	1.63%
Westfield	WDC	10.350	23,396,232,339	0.7322	0.4895	4.73%	14.14	6.79	-52.43%
Westfield Retail	WRT	3.030	9,254,123,571	0.2690	0.1765	5.83%	11.26	3.37	10.09%

[/td]
[/tr]

Some of these figures may be subject to adjustment relative to share buy back cancelations as well as nta revisions in line with new capital issued. Interesting that the three highest yields also appear to be paying higher distributions than their earnings. REIT can be a crazy sector when the market mood pushes a share price way up in respect of value for yield, p/e and premiums to nta. Go figure.

Disclaimer: These tables should not be relied upon for investments decisions. Consult and expert and do your own research.

 

[white_goodman]

Updated as at 12 October 2012.
Some of these figures may be subject to adjustment relative to share buy back cancelations as well as nta revisions in line with new capital issued. Interesting that the three highest yields also appear to be paying higher distributions than their earnings. REIT can be a crazy sector when the market mood pushes a share price way up in respect of value for yield, p/e and premiums to nta. Go figure.

Disclaimer: These tables should not be relied upon for investments decisions. Consult and expert and do your own research.

FKP would have to go on my watchlist

 

[Muschu]

Any thoughts that some of these may better value than the banks at the moment?

Regards

Rick

- Not holding any of the above.

 

[nulla nulla]

Any thoughts that some of these may better value than the banks at the moment?

Regards

Rick

- Not holding any of the above.

Personally I feel that the banks are too high at the moment to acquire as a long term hold as an investment for fully franked dividends. If you bought and are holding them from when they were at their recent lows, the yields make some of them worth holding as having better yields than bank interest and additional benefits from franking credits.

None of the listed reit's above pay franked dividends. Most if not all are stapled shares and pay distributions as distinct from dividends. Also in my opinion most of them are not worth acquiring as a long term hold for their yield alone. Personally If I were looking to hold any REIT's long term, I would be looking for the ones with yield at their current share price combined with their prospects of reducing their discount to nta or even moving to a premium to nta.

 

[Muschu]

Personally I feel that the banks are too high at the moment to acquire as a long term hold as an investment for fully franked dividends. If you bought and are holding them from when they were at their recent lows, the yields make some of them worth holding as having better yields than bank interest and additional benefits from franking credits.

None of the listed reit's above pay franked dividends. Most if not all are stapled shares and pay distributions as distinct from dividends. Also in my opinion most of them are not worth acquiring as a long term hold for their yield alone. Personally If I were looking to hold any REIT's long term, I would be looking for the ones with yield at their current share price combined with their prospects of reducing their discount to nta or even moving to a premium to nta.

Many thanks NN. I have never looked into this line of investment. Some of the larger players in this field I know of but I have not studied the area.

I started a BWP thread a few hours ago largely because a retiree friend has held them for many years and I am curious as to what others think of it.

I appreciate your comments.

Rick

 

[Muschu]

Hi NN

Of the many things I do not understand is the importance of NTA. In your latest table above these vary from 0.68 to 6.79. Is this where the importance lies or is it in the discount to NTA?

I don't want to ask you to provide advice or be too specific but how do investors use this info to guide their decision making?

[And if that question is too simple or requires a lengthy answer please ignore it...]

Regards

Rick

 

[nulla nulla]

Hi NN

Of the many things I do not understand is the importance of NTA. In your latest table above these vary from 0.68 to 6.79. Is this where the importance lies or is it in the discount to NTA?

I don't want to ask you to provide advice or be too specific but how do investors use this info to guide their decision making?

[And if that question is too simple or requires a lengthy answer please ignore it...]

Regards

Rick

NTA = Net Tangible Assets per share. Obviously they differ for each company. Cromwell for instance has Net Tangibles Assets per share issued of $0.68. Interestingly enough, the share price last week was higher than the NTA, so accordingly it is trading at a premium to nta and the discount in the table is a negative percentage.

From my perspective, if a share has good yield and is trading at a discount to nta, I am optimistic that it has better chances of improving for a capital gain than say a share with a low yield and trading at a premium to nta.

This doesn't necessarily work as you only have to look at GMG which is not great in the yield area and trades at a huge premium to nta. In reality the market seems to like some shares more than others and is willing to pay a premium for some but want a hefty discount on nta for others.

I try to us the fundamentals as well as the chart trends to narrow the field down to those ones I'm comfortable trading. Probably an obscure form or Risk/Return assessment.

 

[nulla nulla]

Some of the figures needed changing. I'm not sure whether this was due to errors in the original table or they have changed with recent profit reports.

REIT Table as at 26 October 2012:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ALZ	2.950	1,701,697,461	0.2520	8.54%	0.2150	7.29%	11.71	3.46	14.74%
BWP	2.100	1,103,035,695	0.1340	6.38%	0.1350	6.43%	15.67	1.85	-13.51%
CFX	1.965	5,557,993,970	0.1442	7.34%	0.1310	6.67%	13.63	2.06	4.61%
CHC	3.100	924,301,062	0.0564	1.82%	0.1820	5.87%	54.96	2.19	-41.55%
CMW	0.820	959,144,933	0.0216	2.63%	0.0700	8.54%	37.96	0.68	-20.59%
CPA	1.080	2,534,763,686	0.1066	9.87%	0.0609	5.64%	10.13	1.13	4.42%
CQR	3.570	1,069,673,998	0.0324	0.91%	0.2610	7.31%	110.19	3.43	-4.08%
DXS	0.985	4,766,438,813	0.0375	3.81%	0.0535	5.43%	26.27	1.00	1.50%
FKP	0.225	506,478,687	-0.2920	-129.78%	0.0219	9.73%	-0.77	0.90	75.00%
GMG	4.280	6,869,859,993	0.2704	6.32%	0.1800	4.21%	15.83	2.54	-68.50%
GPT	3.510	6,201,415,613	0.1789	5.10%	0.1880	5.36%	19.62	3.65	3.84%
IOF	2.990	1,836,001,899	0.1600	5.35%	0.1700	5.69%	18.69	3.14	4.78%
MGR	1.520	5,201,670,841	0.1220	8.03%	0.0840	5.53%	12.46	1.63	6.75%
SGP	3.470	7,646,308,881	0.2110	6.08%	0.2400	6.92%	16.45	3.68	5.71%
WDC	10.570	23,893,543,558	0.7322	6.93%	0.4895	4.63%	14.44	6.79	-55.67%
WRT	3.110	9,498,456,866	0.2690	8.65%	0.1765	5.68%	11.56	3.37	7.72%

By Highest Yield:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
CMW	0.820	959,144,933	0.0216	2.63%	0.0700	8.54%	37.96	0.68	-20.59%
CQR	3.570	1,069,673,998	0.0324	0.91%	0.2610	7.31%	110.19	3.43	-4.08%
ALZ	2.950	1,701,697,461	0.2520	8.54%	0.2150	7.29%	11.71	3.46	14.74%
SGP	3.470	7,646,308,881	0.2110	6.08%	0.2400	6.92%	16.45	3.68	5.71%
CFX	1.965	5,557,993,970	0.1442	7.34%	0.1310	6.67%	13.63	2.06	4.61%
BWP	2.100	1,103,035,695	0.1340	6.38%	0.1350	6.43%	15.67	1.85	-13.51%
CHC	3.100	924,301,062	0.0564	1.82%	0.1820	5.87%	54.96	2.19	-41.55%
IOF	2.990	1,836,001,899	0.1600	5.35%	0.1700	5.69%	18.69	3.14	4.78%
WRT	3.110	9,498,456,866	0.2690	8.65%	0.1765	5.68%	11.56	3.37	7.72%
CPA	1.080	2,534,763,686	0.1066	9.87%	0.0609	5.64%	10.13	1.13	4.42%
MGR	1.520	5,201,670,841	0.1220	8.03%	0.0840	5.53%	12.46	1.63	6.75%
DXS	0.985	4,766,438,813	0.0375	3.81%	0.0535	5.43%	26.27	1.00	1.50%
GPT	3.510	6,201,415,613	0.1789	5.10%	0.1880	5.36%	19.62	3.65	3.84%
WDC	10.570	23,893,543,558	0.7322	6.93%	0.4895	4.63%	14.44	6.79	-55.67%
GMG	4.280	6,869,859,993	0.2704	6.32%	0.1800	4.21%	15.83	2.54	-68.50%

As always do your own research. The above figures may not be acurate and should not be relied on for making financial decisions. Good luck .

 

[Muschu]

Many thanks NN - you've added to my knowledge - very interesting comments.

 

[nulla nulla]

Gareth Hutchens of the Sydney Morning Herald (The Age) had an interesting possible explanation in the Saturday paper for the surprise sell down of some shares toward the end of last week:

http://www.smh.com.au/business/what-starts-well-doesnt-always-end-well-20121102-28prc.html


Carolyn Cummins (same newspaper) also led an article with "Trusts on Hold" as some analysts revised some shares from a "buy" to a "hold" with concerns for income growth next year:

http://www.smh.com.au/business/trusts-on-hold-say-analysts-20121102-28p4b.html


And of course with the changes in share price (and nta?) the yields became more attractive for some shares and less so for others:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ALZ	2.950	1,701,697,461	0.2520	8.54%	0.2150	7.29%	11.71	3.46	14.74%
BWP	2.060	1,082,025,492	0.1340	6.50%	0.1350	6.55%	15.37	1.85	-11.35%
CFX	1.945	5,501,424,057	0.1442	7.41%	0.1310	6.74%	13.49	2.06	5.58%
CHC	3.100	924,301,062	0.0564	1.82%	0.1820	5.87%	54.96	2.19	-41.55%
CMW	0.825	964,993,378	0.0216	2.62%	0.0700	8.48%	38.19	0.68	-21.32%
CPA	1.035	2,429,148,532	0.1066	10.30%	0.0609	5.88%	9.71	1.15	10.00%
CQR	3.680	1,102,633,141	0.0324	0.88%	0.2610	7.09%	113.58	3.43	-7.29%
DXS	0.965	4,669,658,330	0.0375	3.89%	0.0535	5.54%	25.73	1.00	3.50%
FKP	0.225	506,478,687	-0.2920	-129.78%	0.0219	9.73%	-0.77	0.90	75.00%
GMG	4.340	6,966,166,442	0.2704	6.23%	0.1800	4.15%	16.05	2.54	-70.87%
GPT	3.490	6,166,079,912	0.1789	5.13%	0.1880	5.39%	19.51	3.65	4.38%
IOF	2.970	1,823,720,950	0.1600	5.39%	0.1700	5.72%	18.56	3.14	5.41%
MGR	1.470	5,030,563,247	0.1220	8.30%	0.0840	5.71%	12.05	1.63	9.82%
SGP	3.440	7,580,202,464	0.2110	6.13%	0.2400	6.98%	16.30	3.68	6.52%
WDC	10.580	23,916,148,613	0.7322	6.92%	0.4895	4.63%	14.45	6.79	-55.82%
WRT	3.150	9,620,623,514	0.2690	8.54%	0.1765	5.60%	11.71	3.37	6.53%

Disclaimer: The figures above may be inaccurate and should not be relied upon for making investment decisions. As always do your own research and good luck.

 

[nulla nulla]

A-REIT Table as at 9 November 2012 closing prices:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ALZ	2.940	1,695,928,995	0.2520	8.57%	0.2150	7.31%	11.67	3.46	15.03%
BWP	2.070	1,087,278,043	0.1340	6.47%	0.1350	6.52%	15.45	1.85	-11.89%
CFX	1.930	5,458,996,622	0.1442	7.47%	0.1310	6.79%	13.38	2.06	6.31%
CHC	3.080	918,337,830	0.0564	1.83%	0.1820	5.91%	54.61	2.19	-40.64%
CMW	0.830	970,841,823	0.0216	2.60%	0.0700	8.43%	38.43	0.68	-22.06%
CPA	1.045	2,452,618,567	0.1066	10.20%	0.0609	5.83%	9.80	1.15	9.13%
CQR	3.600	1,078,662,856	0.2880	8.00%	0.2610	7.25%	12.50	3.43	-4.96%
DXS	0.990	4,790,633,934	0.0375	3.79%	0.0535	5.40%	26.40	1.00	1.00%
FKP	0.210	472,713,441	-0.2920	-139.05%	0.0219	10.43%	-0.72	0.90	76.67%
GMG	4.420	7,094,575,040	0.2704	6.12%	0.1800	4.07%	16.35	2.54	-74.02%
GPT	3.480	6,148,412,061	0.1789	5.14%	0.1880	5.40%	19.45	3.65	4.66%
IOF	2.890	1,774,597,154	0.1600	5.54%	0.1560	5.40%	18.06	3.14	7.96%
MGR	1.450	4,962,120,210	0.1220	8.41%	0.0840	5.79%	11.89	1.63	11.04%
SGP	3.430	7,558,166,992	0.2110	6.15%	0.2400	7.00%	16.26	3.68	6.79%
WDC	10.450	23,622,282,893	0.7322	7.01%	0.4895	4.68%	14.27	6.79	-53.90%
WRT	3.100	9,467,915,205	0.2690	8.68%	0.1765	5.69%	11.52	3.37	8.01%

Some of the yields look attractive, particularly as some of the REIT's are due to announce a distribution in December (payable in February 2013). However the current economic uncertainty is creating volatility in the property sector as well and there is no rule of thumb to say that the present prices are opportunities to invest. Fact of the matter is REIT's have been enjoying a purple patch over recent months, climbing to their best price levels since the gfc. Who's to say the reit sector isn't about to have a correction? Shakes crystal ball and peers into the fog. As always d.y.o.r. and good luck.

Disclaimer: The figures above may be wrong and should not be relied upon when making investment decisions.