A-REIT valuation model

[skc]

At these price levels some of the A-REIT's may look like absolute bargains. However, each day over the last two - three weeks the bargains have been getting better and better. As always do your own research and good luck .

Take a few steps back and the REITs are only back to their mid-March/April price levels. The last 10% of the up move to mid May was probably the steepest. I remember shorting some names like IOF and CHC and there were basically no ASK to cover, especially in the morning.

To me the question for the prospective investor is whether REIT represents better reward/risk to say banks (similar yields but fully franked), Telstra, utilities (similiar yield but regulated) and other industrials with lower yield but perhaps chance of growth.

That's a trillion $ question I guess!

 

[nulla nulla]

Take a few steps back and the REITs are only back to their mid-March/April price levels. The last 10% of the up move to mid May was probably the steepest. I remember shorting some names like IOF and CHC and there were basically no ASK to cover, especially in the morning.

To me the question for the prospective investor is whether REIT represents better reward/risk to say banks (similar yields but fully franked), Telstra, utilities (similiar yield but regulated) and other industrials with lower yield but perhaps chance of growth.

That's a trillion $ question I guess!

My pesonal perspective is that the present economy is not supportive of the likelihood of further growth in the A-REIT sector in the near future (perhaps longer).

A lack of businees confidence and growth in the non mining sector means that demand for office space will plateau. New developments will compete with existing office space for tennants. A recent report on GPT (thanks coolcup) indicated the competition to lease office space and retain tennants (particularly in Melbourne) is getting more and more intense. The cost of discounting and inducements must eat into earnings. Relying on acquisition and disposal of properties may provide short term additional income but the opportunities for growth in the sector is limited. Sydney is going to feel the pinch also particularly when Barangaroo is finished. A real probability is the revaluation downward of hard to lease office properties impacting on share values.

Retail has been strained for a while and the likes of David Jones provides a good barometer to how tough the retail sector is atm. Retail A-REIt's appear to be relying more and more on Food Court tennants and some specialty stores for foot traffic. The sharp rises in A-REIT's share prices in this area have been disproportionate to the yields on offer and the returns they are getting. People are saving more and spending less, credit card debt is being paid down. Empty sites abound.

While the Aud$ dollar was steady against the US$ the yields were probably very attractive to offshore investors clamouring for returns beter than bond yields and bank interest rates. However, as you point out, the surge since April cut the yields on offer and all it took to bring this undone was an interest rate cut by the RBA and Soros to announce he was selling the Aud$. Goldman Sachs and a few others followed suite. Alan Hohler provided a good chart showing the comparative fall in the All Ords compared to the US s&p500 when considered in US$ values. The recent drop in the value of A-REIT's, if shown on the same basis would be frightening.

Only a short while ago the Fundmangers and analysts were sprooking the Aud$ going to US$1.10. Now on the basis of unfathomable belief that "the US economy is showing signs of improvment", the professional are sprooking the Australian economy as overvalued and selling down our dollar. The sell down of the dollar completely erodes the A-REIT share price spike since Aprill and may cut values back further like a pendulum swing with a little further to go.

The best thing going for A-REIT's since the GFC is that they have all reduced their debt levels, mostly less than 35% and are better positioned to survive any contraction. The second best thing is that most of them are paying out arround 80% of earnings and they are not relying on borrowed funds to pay distributions.

I suspect we will see increased volitility until after the Federal Election. No doubt the volitilty will provide trading opportunities for the brave. Determining entry/exit points might be tough. With the recent low buy/ask volumes and the smaller parcel sizes showing (particularly early in the day) I am finding it harder to trade with confidence. Personally I wouldn't be jumping in at the present levels for a long term hold.

Oh, and the trillion $ question (US defecit?), chasing yields as a better form of investment in troubled times is like choosing which share is likely to fall less and trying to hedge the amount you may lose against the yields you hope will be maintained. My perspective is to protect the capital base atm. We have reduced our holdings to two (2) parcels and are predominatly cashed up.

As always, this is just my opinion, everyone should do their own research and good luck

 

[nulla nulla]

The Aud$ continued to slide last week and even though the Aud$ rallied on Friday from its low opening point (and lower bottom) it still closed only slightly higher than the previous days close, down for the week.



The A-REIT sector continued to fall reflecting the international investors are still pulling their investment funds out of Australia.



While the pull back may have paused/eased on Thursday/Friday last week the weekly chart doesn't offer any cause for optimism that the drop has finished. It will be interesting to watch the share price action on those shares that will declare a dividend (ex-div in June, pay in August) in the next two weeks. I am wary of the possibility of a dead cat bounce and subsequent fall when they go exdiv.



The updated A-REIT table for closing prices as at 14 June 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ALZ	3.390	1,955,509,964	0.3120	9.20%	0.2150	6.34%	10.87	3.46	2.02%
BWP	2.410	1,286,086,354	0.1645	6.83%	0.1387	5.76%	14.65	1.87	-28.88%
CFX	1.995	5,642,848,840	0.1148	5.75%	0.1340	6.72%	17.38	2.05	2.68%
CHC	3.750	1,120,066,301	0.0903	2.41%	0.1890	5.04%	41.53	2.12	-76.89%
CMW	0.975	1,194,900,557	0.0526	5.39%	0.0712	7.30%	18.54	0.68	-43.38%
CPA	1.050	2,464,353,584	0.0746	7.10%	0.0640	6.10%	14.08	1.15	8.70%
CQR	3.920	1,288,167,550	0.0688	1.76%	0.2640	6.73%	56.98	3.31	-18.43%
DXS	1.050	5,080,975,385	0.0680	6.48%	0.0557	5.30%	15.44	1.03	-1.94%
FKP	1.235	397,149,701	0.2940	23.81%	0.0000	0.00%	4.20	3.98	68.97%
GMG	4.780	8,134,036,633	0.2307	4.83%	0.1870	3.91%	20.72	2.64	-81.06%
GPT	3.740	6,607,776,181	0.3360	8.98%	0.1930	5.16%	11.13	3.73	-0.27%
IOF	2.950	1,811,440,001	0.1600	5.42%	0.1655	5.61%	18.44	3.14	6.05%
MGR	1.585	5,429,556,110	0.0864	5.45%	0.0860	5.43%	18.34	1.64	3.35%
SCP	1.610	940,562,000	0.1180	7.33%	0.1040	6.46%	13.64	1.58	-1.90%
SGP	3.610	7,951,595,246	0.0130	0.36%	0.2400	6.65%	277.69	3.49	-3.44%
WDC	11.140	25,062,878,476	0.7559	6.79%	0.4950	4.44%	14.74	6.90	-61.45%
WRT	2.930	8,948,706,951	0.2706	9.24%	0.1875	6.40%	10.83	3.42	14.33%

Comments:

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 . The forecasts earnings and distributions for the period ending 30 June 2013 are: Earnings of $0.065 per share and Distributions of $0.056 per share.

Disclaimer: The figures in the above table likely contain errors (due to recent share issues, share buy backs and earnings upgrades/downgrades) and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

Another volitile week in the A-REIT sector. It took three days for many of the shares to struggle off the recent bottom, many of them propped up by the prospects of a dividend (Ex-div on Monday 24th June, payable in August) only to collapse again on Thursday and Friday due to perceived slowing in the Chinese growth rate and Mr Bernake outlining his plan for reducing quantative easing in 2014.



The A-REIT table for closing prices on Friday 21 June 2013 follows. I have updated shares on issue, earnings and yields were I have found updates to reflect recent company changes. I apologise in advance for any errors or omissions:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ALZ	3.340	1,931,604,398	0.3120	9.34%	0.2150	6.44%	10.71	3.46	3.47%
BWP	2.310	1,242,211,634	0.1645	7.12%	0.1410	6.10%	14.04	1.87	-23.53%
CFX	1.995	5,642,848,840	0.1180	5.91%	0.1340	6.72%	16.91	2.05	2.68%
CHC	3.780	1,142,551,551	0.0903	2.39%	0.2020	5.34%	41.86	2.12	-78.30%
CMW	0.985	1,633,859,222	0.0526	5.34%	0.0724	7.35%	18.73	0.68	-44.85%
CPA	1.075	2,523,028,669	0.0746	6.94%	0.0655	6.09%	14.41	1.15	6.52%
CQR	3.990	1,346,956,066	0.0688	1.72%	0.2680	6.72%	57.99	3.31	-20.54%
DXS	1.035	5,008,390,022	0.0680	6.57%	0.0557	5.38%	15.22	1.03	-0.49%
FKP	1.150	369,815,511	0.2940	25.57%	0.0100	0.87%	3.91	3.98	71.11%
GMG	4.720	8,086,464,230	0.2307	4.89%	0.1870	3.96%	20.46	2.64	-78.79%
GPT	3.710	6,561,994,715	0.3360	9.06%	0.1980	5.34%	11.04	3.73	0.54%
IOF	2.890	1,774,597,154	0.1600	5.54%	0.1775	6.14%	18.06	3.14	7.96%
MGR	1.580	5,787,089,318	0.0864	5.47%	0.0870	5.51%	18.29	1.64	3.66%
SCP	1.650	1,059,988,281	0.1220	7.39%	0.1080	6.55%	13.52	1.56	-5.77%
SGP	3.570	8,231,530,167	0.0130	0.36%	0.2400	6.72%	274.62	3.49	-2.29%
WDC	11.150	24,464,643,718	0.7579	6.80%	0.4950	4.44%	14.71	6.90	-61.59%
WRT	2.910	8,887,623,627	0.2706	9.30%	0.1875	6.44%	10.75	3.42	14.91%

Comments:

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast, SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

A slightly better close this week than last week. However foreign investors continued to pull their funds out of Australian shares, Gold continued to fall and the Aud$ appears to be struggling to hold the US$0.92 level.

Hard to tell whether there was any merit in the suggestion that our market was bouyed toward the end of the week by the return of K Rudd to the Prime Ministership (temporary though it may be). It is possible the A-REIT's are starting to look attractive to foreign investors again with the combo of low prices and the lower dollar. I suspect there may have been a little bit of portfolio re-weighting on Thursday/Friday by fund managers. It will be interesting to see how many of this weeks improvers can hold their gains next week.



The update table of A-REIT's for closing prices as at Friday 28 June 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ALZ	3.480	2,012,569,852	0.3120	8.97%	0.2150	6.18%	11.15	3.46	-0.58%
BWP	2.250	1,209,946,397	0.1645	7.31%	0.1410	6.27%	13.68	1.87	-20.32%
CFX	2.000	5,656,991,318	0.1180	5.90%	0.1340	6.70%	16.95	2.05	2.44%
CHC	3.870	1,169,755,159	0.0903	2.33%	0.2020	5.22%	42.86	2.12	-82.55%
CMW	0.975	1,617,271,819	0.0526	5.39%	0.0724	7.43%	18.54	0.68	-43.38%
CPA	1.100	2,581,703,754	0.0746	6.78%	0.0655	5.95%	14.75	1.15	4.35%
CQR	3.810	1,286,191,131	0.0688	1.81%	0.2680	7.03%	55.38	3.31	-15.11%
DXS	1.070	5,177,755,868	0.0680	6.36%	0.0557	5.21%	15.74	1.03	-3.88%
FKP	1.270	408,404,955	0.2940	23.15%	0.0100	0.79%	4.32	3.98	68.09%
GMG	4.880	8,360,581,661	0.2307	4.73%	0.1870	3.83%	21.15	2.64	-84.85%
GPT	3.840	6,791,929,839	0.3360	8.75%	0.1980	5.16%	11.43	3.73	-2.95%
IOF	2.910	1,786,878,103	0.1600	5.50%	0.1775	6.10%	18.19	3.14	7.32%
MGR	1.605	5,878,657,187	0.0864	5.38%	0.0870	5.42%	18.58	1.64	2.13%
SCP	1.590	1,021,443,253	0.1220	7.67%	0.1080	6.79%	13.03	1.56	-1.92%
SGP	3.480	8,024,012,600	0.0130	0.37%	0.2400	6.90%	267.69	3.49	0.29%
WDC	11.440	25,100,943,868	0.7579	6.63%	0.4950	4.33%	15.09	6.90	-65.80%
WRT	3.100	9,467,915,205	0.2706	8.73%	0.1875	6.05%	11.46	3.42	9.36%

Comments:

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck.

 

[skc]

A slightly better close this week than last week. However foreign investors continued to pull their funds out of Australian shares, Gold continued to fall and the Aud$ appears to be struggling to hold the US$0.92 level.

Consider adding ABP, FDC and CDI to your trade universe....

 

[nulla nulla]

Consider adding ABP, FDC and CDI to your trade universe....

G'day skc, sorry for the slow reply. ABP is already on my expanded watchlist, just not on the summary posted above. I have added FDC and CDI to my list and will research them and evaluate them against our trading strategies. Thanks & cheers.

 

[skc]

G'day skc, sorry for the slow reply. ABP is already on my expanded watchlist, just not on the summary posted above. I have added FDC and CDI to my list and will research them and evaluate them against our trading strategies. Thanks & cheers.

FDC is the old Centro and I find that very good trading with heaps of liquidity. CDI is a bit thin at the best of times so depending on your volume it may or may not suit your strategy.

ABP goes ex-div Friday btw.

 

[nulla nulla]

The A-REIT table for closing prices for weekending 5 July 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.230	1,010,279,213	0.0683	3.06%	0.1650	7.40%	32.65	2.30	3.04%
ALZ	3.490	2,018,353,098	0.3120	8.94%	0.2150	6.16%	11.19	3.46	-0.87%
BWP	2.360	1,269,099,331	0.1645	6.97%	0.1410	5.97%	14.35	1.87	-26.20%
CDI	2.370	507,419,401	0.1973	8.32%	0.1780	7.51%	12.01	2.74	13.50%
CFX	1.960	5,543,851,492	0.1180	6.02%	0.1340	6.84%	16.61	2.05	4.39%
CHC	3.860	1,166,732,536	0.0903	2.34%	0.2020	5.23%	42.75	2.12	-82.08%
CMW	0.990	1,642,152,924	0.0526	5.31%	0.0724	7.31%	18.82	0.68	-45.59%
CPA	1.120	2,628,643,823	0.0746	6.66%	0.0655	5.85%	15.01	1.15	2.61%
CQR	3.790	1,279,439,471	0.0688	1.82%	0.2680	7.07%	55.09	3.31	-14.50%
DXS	1.080	5,226,146,110	0.0680	6.30%	0.0557	5.16%	15.88	1.03	-4.85%
FDC	2.380	3,397,786,925	-0.0824	-3.46%	0.1410	5.92%	-28.88	2.22	-7.21%
FKP	1.365	438,954,932	0.2940	21.54%	0.0100	0.73%	4.64	3.98	65.70%
GMG	4.940	8,463,375,698	0.2307	4.67%	0.1870	3.79%	21.41	2.64	-87.12%
GPT	3.860	6,827,304,474	0.3360	8.70%	0.1980	5.13%	11.49	3.73	-3.49%
IOF	2.980	1,829,861,425	0.1600	5.37%	0.1775	5.96%	18.63	3.14	5.10%
MGR	1.680	6,153,360,793	0.0864	5.14%	0.0870	5.18%	19.44	1.64	-2.44%
SCP	1.605	1,031,079,510	0.1220	7.60%	0.1080	6.73%	13.16	1.56	-2.88%
SGP	3.530	8,139,300,137	0.0130	0.37%	0.2400	6.80%	271.54	3.49	-1.15%
WDC	11.800	25,890,833,710	0.7579	6.42%	0.4950	4.19%	15.57	6.90	-71.01%
WRT	3.070	9,376,290,219	0.2706	8.81%	0.1875	6.11%	11.35	3.42	10.23%

Comments::
1.. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2.. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck

 

[nulla nulla]

Another volatile week in the A-REIT sector with many of the shares closing at their lows for the week. The All Ords has staged a small recovery but any advances in the A-REIT sector appear to be reversed by the continued sell off by off-shore investors taking advantage of any share price recovery and/or improvement in the Aud$.

It seems that the prices are attractive to some local investors chasing yield on intrinsic value and possibly some off shore investors combining yield on intrinsic value and a lower Aud$ entry point. But the battle is fierce and it is hard to tell who is winning. The experts are now predicting a lower Aud$ so there is going to be plenty of volitility in the weeks ahead.



The A-REIT table for closing prices as at week ending 12 July 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.180	987,627,213	0.0683	3.13%	0.1650	7.57%	31.92	2.30	5.22%
ALZ	3.540	2,047,269,332	0.3120	8.81%	0.2150	6.07%	11.35	3.46	-2.31%
BWP	2.430	1,306,742,108	0.1645	6.77%	0.1410	5.80%	14.77	1.87	-29.95%
CDI	2.450	524,547,482	0.1973	8.05%	0.1780	7.27%	12.42	2.74	10.58%
CFX	1.935	5,473,139,100	0.1180	6.10%	0.1340	6.93%	16.40	2.05	5.61%
CHC	3.930	1,187,890,898	0.0903	2.30%	0.2020	5.14%	43.52	2.12	-85.38%
CMW	0.980	1,625,565,520	0.0526	5.37%	0.0724	7.39%	18.63	0.68	-44.12%
CPA	1.100	2,581,703,754	0.0746	6.78%	0.0655	5.95%	14.75	1.15	4.35%
CQR	3.870	1,306,446,109	0.0688	1.78%	0.2680	6.93%	56.25	3.31	-16.92%
DXS	1.055	5,105,170,506	0.0680	6.45%	0.0557	5.28%	15.51	1.03	-2.43%
FDC	2.330	3,326,404,846	-0.0824	-3.54%	0.1410	6.05%	-28.28	2.22	-4.95%
FKP	1.340	430,915,465	0.2940	21.94%	0.0100	0.75%	4.56	3.98	66.33%
GMG	4.720	8,086,464,230	0.2307	4.89%	0.1870	3.96%	20.46	2.64	-78.79%
GPT	3.830	6,717,358,680	0.3360	8.77%	0.1980	5.17%	11.40	3.73	-2.68%
IOF	2.920	1,793,018,577	0.1600	5.48%	0.1775	6.08%	18.25	3.14	7.01%
MGR	1.625	5,951,911,482	0.0864	5.32%	0.0870	5.35%	18.81	1.64	0.91%
SCP	1.625	1,043,927,853	0.1220	7.51%	0.1080	6.65%	13.32	1.56	-4.17%
SGP	3.510	8,093,185,122	0.0130	0.37%	0.2400	6.84%	270.00	3.49	-0.57%
WDC	11.480	25,188,709,406	0.7579	6.60%	0.4950	4.31%	15.15	6.90	-66.38%
WRT	3.070	9,376,290,219	0.2706	8.81%	0.1875	6.11%	11.35	3.42	10.23%

Comments::

1.. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2.. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3.. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck

 

[nulla nulla]

The A-REIT sector moved in a very tight range this week. The volitility continued to provide trade opportunities for the quick and the insane as prices plunged one day only to jump back higher the next. The Aud$ continues to jump around (seems to depend on what Bernake has to say from day to day). Volumes are erratic from day to day and even through the day.



The updated A-REIT table for closing prices on Friday 19 July 2018 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.250	1,019,340,014	0.0683	3.04%	0.1650	7.33%	32.94	2.30	2.17%
ALZ	3.600	2,081,968,812	0.3120	8.67%	0.2150	5.97%	11.54	3.46	-4.05%
BWP	2.640	1,419,670,439	0.1645	6.23%	0.1410	5.34%	16.05	1.87	-41.18%
CDI	2.490	533,111,522	0.1973	7.92%	0.1780	7.15%	12.62	2.74	9.12%
CFX	1.950	5,515,566,535	0.1180	6.05%	0.1340	6.87%	16.53	2.05	4.88%
CHC	3.820	1,154,642,043	0.0903	2.36%	0.2020	5.29%	42.30	2.12	-80.19%
CMW	0.975	1,617,271,819	0.0526	5.39%	0.0724	7.43%	18.54	0.68	-43.38%
CPA	1.125	2,640,378,840	0.0746	6.63%	0.0655	5.82%	15.08	1.15	2.17%
CQR	3.900	1,316,573,599	0.0688	1.76%	0.2680	6.87%	56.69	3.31	-17.82%
DXS	1.065	5,153,560,747	0.0680	6.38%	0.0557	5.23%	15.66	1.03	-3.40%
FDC	2.290	3,269,299,184	-0.0824	-3.60%	0.1410	6.16%	-27.79	2.22	-3.15%
FKP	1.355	435,739,145	0.2940	21.70%	0.0100	0.74%	4.61	3.98	65.95%
GMG	4.760	8,154,993,588	0.2307	4.85%	0.1870	3.93%	20.63	2.64	-80.30%
GPT	3.780	6,629,664,703	0.3360	8.89%	0.1980	5.24%	11.25	3.73	-1.34%
IOF	2.980	1,829,861,425	0.1600	5.37%	0.1775	5.96%	18.63	3.14	5.10%
MGR	1.635	5,988,538,629	0.0864	5.28%	0.0870	5.32%	18.92	1.64	0.30%
SCP	1.675	1,076,048,710	0.1220	7.28%	0.1080	6.45%	13.73	1.56	-7.37%
SGP	3.490	8,047,070,107	0.0130	0.37%	0.2400	6.88%	268.46	3.49	0.00%
WDC	11.340	24,881,530,023	0.7579	6.68%	0.4950	4.37%	14.96	6.90	-64.35%
WRT	3.140	9,590,081,852	0.2706	8.62%	0.1875	5.97%	11.60	3.42	8.19%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

The Commonwealth Bank certainly contributed to a burst of life within the A-REIT sector this week when they invited the likes of CFX and CPA to "internalise" their own management. I suspect this means that they each pay the CBA a hefty break fee for CBA handing over the management rights for them to manage themselves. A little bit like Macquarie Airport paying out Macquarie Bank to "internalise" management.

Dexus was out of the gate like a greyhound after the rabbit, snapping up rights to a 14.9% stake in CPA. Not sure if it is enough to take control but it probably is enough to stymie anyone else think of launching a takeover (GPT?). At anyrate the share price of CFX and CPA (and to a lessor extent DXS) jumped and several of the other A-REIT's share prices also recovered from their previous weeks lows.

The sector chart shows a rebound to the level of 10.45 however this level is starting to look like a resistance point. It will be interesting to see whether or not the sector can maintain Thursday/Fridays momentum and push higher..or not?



The A-REIT table of closing prices for Friday 26 July 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.260	1,023,870,414	0.0683	3.02%	0.1650	7.30%	33.09	2.30	1.74%
ALZ	3.520	2,035,702,838	0.3120	8.86%	0.2150	6.11%	11.28	3.46	-1.73%
BWP	2.560	1,376,650,122	0.1645	6.43%	0.1410	5.51%	15.56	1.87	-36.90%
CDI	2.480	530,970,512	0.1973	7.96%	0.1780	7.18%	12.57	2.74	9.49%
CFX	2.040	5,770,131,144	0.1180	5.78%	0.1340	6.57%	17.29	2.05	0.49%
CHC	3.970	1,199,981,391	0.0903	2.27%	0.2020	5.09%	43.96	2.12	-87.26%
CMW	0.980	1,625,565,520	0.0526	5.37%	0.0724	7.39%	18.63	0.68	-44.12%
CPA	1.170	2,745,993,993	0.0746	6.38%	0.0655	5.60%	15.68	1.15	-1.74%
CQR	3.920	1,323,325,258	0.0688	1.76%	0.2680	6.84%	56.98	3.31	-18.43%
DXS	1.065	5,153,560,747	0.0680	6.38%	0.0557	5.23%	15.66	1.03	-3.40%
FDC	2.320	3,312,128,431	-0.0824	-3.55%	0.1410	6.08%	-28.16	2.22	-4.50%
FKP	1.460	469,504,909	0.2940	20.14%	0.0100	0.68%	4.97	3.98	63.32%
GMG	4.810	8,240,655,285	0.2307	4.80%	0.1870	3.89%	20.85	2.64	-82.20%
GPT	3.800	6,622,838,907	0.3360	8.84%	0.1980	5.21%	11.31	3.73	-1.88%
IOF	2.990	1,836,001,899	0.1600	5.35%	0.1775	5.94%	18.69	3.14	4.78%
MGR	1.700	6,226,615,089	0.0864	5.08%	0.0870	5.12%	19.68	1.64	-3.66%
SCP	1.630	1,047,139,938	0.1220	7.48%	0.1080	6.63%	13.36	1.56	-4.49%
SGP	3.670	8,462,105,241	0.0130	0.35%	0.2400	6.54%	282.31	3.49	-5.16%
WDC	11.570	25,386,181,867	0.7579	6.55%	0.4950	4.28%	15.27	6.90	-67.68%
WRT	3.080	9,406,831,881	0.2706	8.79%	0.1875	6.09%	11.38	3.42	9.94%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

With the possible exception of FKP it was not a good week for the A-REIT sector. The resistance point on last weeks chart not only proved resistant but the support level was breached as the sell down of the Aud$ accelerated in the later part of the week and foreign investors continued to withdraw investment funds from Australia for the "recovering" US economy (If it wasn't so sad it would be funny).

For comparison purposes I am posting three charts this week.

The first is the six month chart for the All Ords:



The second is the six month chart for the A-REIT sector:



The third is the Aud$ versus the US$ for the past six (6) years:



There should be no doubt in anyones mind that the falling Aud$ is having a detrimental effect on the A-REIT share prices. With speculation that the Aud$ will fall to US$0.85 (or even lower) it is highly likely that the A-REIT share prices could drift lower as well. I didn't particularly care for the way in which the Aud$ fell through the lower channel marker arround US$0.90 this week. I hope we are not gearing up for a plunge if the RBA announces a rate cut next Tuesday.

The updated table for A-REIT share prices as at close of business Friday 2 August 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.220	1,005,748,813	0.0683	3.08%	0.1650	7.43%	32.50	2.30	3.48%
ALZ	3.440	1,989,436,865	0.3120	9.07%	0.2150	6.25%	11.03	3.46	0.58%
BWP	2.400	1,290,609,490	0.1645	6.85%	0.1410	5.88%	14.59	1.87	-28.34%
CDI	2.430	520,265,462	0.1973	8.12%	0.1780	7.33%	12.32	2.74	11.31%
CFX	2.070	5,854,986,014	0.1180	5.70%	0.1340	6.47%	17.54	2.05	-0.98%
CHC	3.750	1,133,483,681	0.0903	2.41%	0.2020	5.39%	41.53	2.12	-76.89%
CMW	0.970	1,608,978,117	0.0526	5.42%	0.0724	7.46%	18.44	0.68	-42.65%
CPA	1.150	2,699,053,925	0.0746	6.49%	0.0655	5.70%	15.42	1.15	0.00%
CQR	3.890	1,313,197,769	0.0688	1.77%	0.2680	6.89%	56.54	3.31	-17.52%
DXS	1.015	4,911,609,539	0.0680	6.70%	0.0557	5.49%	14.93	1.03	1.46%
FDC	2.260	3,226,469,937	-0.0824	-3.65%	0.1410	6.24%	-27.43	2.22	-1.80%
FKP	1.500	482,368,058	0.2940	19.60%	0.0100	0.67%	5.10	3.98	62.31%
GMG	4.690	8,035,067,211	0.2307	4.92%	0.1870	3.99%	20.33	2.64	-77.65%
GPT	3.590	6,256,839,915	0.3360	9.36%	0.1980	5.52%	10.68	3.73	3.75%
IOF	2.860	1,756,175,730	0.1600	5.59%	0.1775	6.21%	17.88	3.14	8.92%
MGR	1.625	5,951,911,482	0.0864	5.32%	0.0870	5.35%	18.81	1.64	0.91%
SCP	1.580	1,015,019,081	0.1220	7.72%	0.1080	6.84%	12.95	1.56	-1.28%
SGP	3.620	8,346,817,704	0.0130	0.36%	0.2400	6.63%	278.46	3.49	-3.72%
WDC	11.300	24,793,764,485	0.7579	6.71%	0.4950	4.38%	14.91	6.90	-63.77%
WRT	2.980	9,101,415,261	0.2706	9.08%	0.1875	6.29%	11.01	3.42	12.87%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

The Americans can't make up their minds as to whether their economy is improving or not and whether there will be a slowing of the quantative easing or not. The Aud$ dropped below US$0.89 then rallied to US$0.92. Yield chasing has begun again in the All Ords but this time the market appears to be shunning the A-REIT's and pursuing the banks and Telstra. CBA hit a new record high (not bad when the All Ords is only in the range 5000-5200), the other banks are up and Telstra is above $5.00. Seems franking credits are back in favour for Australian share buyers but of no use to offshore investors.

The property sector chart shows that there was a rebound from last weeks low but it was a weak one and fell back in the late stages of Fridays trading. The uncertainty in the office property REIT's continues. Maybe it will settle down once the reporting gets underway next week.



The table for A-REIT closing prices as at Friday 02 August 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.180	987,627,213	0.0683	3.13%	0.1650	7.57%	31.92	2.30	5.22%
ALZ	3.430	1,983,653,618	0.3120	9.10%	0.2150	6.27%	10.99	3.46	0.87%
BWP	2.390	1,285,231,950	0.1645	6.88%	0.1410	5.90%	14.53	1.87	-27.81%
CDI	2.550	545,957,583	0.1973	7.74%	0.1780	6.98%	12.92	2.74	6.93%
CFX	2.100	5,939,840,884	0.1180	5.62%	0.1340	6.38%	17.80	2.05	-2.44%
CHC	3.660	1,106,280,073	0.0903	2.47%	0.2020	5.52%	40.53	2.12	-72.64%
CMW	0.965	1,600,684,416	0.0526	5.45%	0.0724	7.50%	18.35	0.68	-41.91%
CPA	1.180	2,769,464,027	0.0746	6.32%	0.0655	5.55%	15.82	1.15	-2.61%
CQR	3.790	1,279,439,471	0.0688	1.82%	0.2680	7.07%	55.09	3.31	-14.50%
DXS	1.030	4,984,194,901	0.0680	6.60%	0.0557	5.41%	15.15	1.03	0.00%
FDC	2.270	3,240,746,353	-0.0824	-3.63%	0.1410	6.21%	-27.55	2.22	-2.25%
FKP	1.450	466,289,122	0.2940	20.28%	0.0100	0.69%	4.93	3.98	63.57%
GMG	4.790	8,206,390,606	0.2307	4.82%	0.1870	3.90%	20.76	2.64	-81.44%
GPT	3.720	6,483,410,720	0.3360	9.03%	0.1980	5.32%	11.07	3.73	0.27%
IOF	2.920	1,793,018,577	0.1600	5.48%	0.1775	6.08%	18.25	3.14	7.01%
MGR	1.650	6,043,479,351	0.0864	5.24%	0.0870	5.27%	19.10	1.64	-0.61%
SCP	1.595	1,024,655,338	0.1220	7.65%	0.1080	6.77%	13.07	1.56	-2.24%
SGP	3.780	8,715,737,824	0.0130	0.34%	0.2400	6.35%	290.77	3.49	-8.31%
WDC	11.220	24,618,233,409	0.7579	6.75%	0.4950	4.41%	14.80	6.90	-62.61%
WRT	2.970	9,070,873,599	0.2706	9.11%	0.1875	6.31%	10.98	3.42	13.16%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck.

 

[nulla nulla]

Not a good week for the A-REIT sector. All week the sector struggled to get off the support line. At the end of the week it is starting to look like a pennant forming for a possible downward break out, not good. The forecasting is fairly neutral. The A-REIT's appear to be trying to put a cautious but positive spin on the results and future prospects but it would seem the analysts aren't buying it. Be prepared for continuing volitility.



The updated table for A-REIT's for weekending 16 August 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.170	983,096,813	0.0683	3.15%	0.1650	7.60%	31.77	2.30	5.65%
ALZ	3.410	1,972,087,125	0.3120	9.15%	0.2150	6.30%	10.93	3.46	1.45%
BWP	2.420	1,301,364,569	0.1645	6.80%	0.1410	5.83%	14.71	1.87	-29.41%
CDI	2.510	537,393,543	0.1973	7.86%	0.1780	7.09%	12.72	2.74	8.39%
CFX	2.060	5,826,701,058	0.1180	5.73%	0.1340	6.50%	17.46	2.05	-0.49%
CHC	3.600	1,088,144,334	0.0903	2.51%	0.2020	5.61%	39.87	2.12	-69.81%
CMW	0.990	1,642,152,924	0.0526	5.31%	0.0724	7.31%	18.82	0.68	-45.59%
CPA	1.185	2,781,199,044	0.0746	6.30%	0.0655	5.53%	15.88	1.15	-3.04%
CQR	3.790	1,279,439,471	0.0688	1.82%	0.2680	7.07%	55.09	3.31	-14.50%
DXS	1.025	4,959,999,780	0.0680	6.63%	0.0557	5.43%	15.07	1.03	0.49%
FDC	2.220	3,169,364,274	-0.0824	-3.71%	0.1410	6.35%	-26.94	2.22	0.00%
FKP	1.415	455,033,868	0.2940	20.78%	0.0100	0.71%	4.81	3.98	64.45%
GMG	4.740	8,120,728,909	0.2307	4.87%	0.1870	3.95%	20.55	2.64	-79.55%
GPT	3.650	6,361,411,056	0.3360	9.21%	0.1980	5.42%	10.86	3.73	2.14%
IOF	2.840	1,743,894,781	0.1600	5.63%	0.1775	6.25%	17.75	3.14	9.55%
MGR	1.655	6,061,792,924	0.0864	5.22%	0.0870	5.26%	19.16	1.64	-0.91%
SCP	1.580	1,015,019,081	0.1220	7.72%	0.1080	6.84%	12.95	1.56	-1.28%
SGP	3.550	8,185,415,152	0.0130	0.37%	0.2400	6.76%	273.08	3.49	-1.72%
WDC	11.040	24,223,288,488	0.7579	6.87%	0.4950	4.48%	14.57	6.90	-60.00%
WRT	2.930	8,948,706,951	0.2706	9.24%	0.1875	6.40%	10.83	3.42	14.33%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck.

 

[nulla nulla]

On Monday/Tuesday of last week, the A-REIT sector value broke through the recent support line. Fortunately support came in in the latter part of the week and the sector closed off the week holding above the support line. Whether it can remain there and/or improve is another story. The Americans keep vacilating about what they are going to do with quantative easing, the Aud$ keeps getting it head smacked down every time it pops up above US$0.91 and the recent A-REIT report releases haven't been all that inspiring.



The updated A-REIT Table for closing prices as at weekending 23 August 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.220	1,005,748,813	0.0683	3.08%	0.1650	7.43%	32.50	2.30	3.48%
ALZ	3.420	1,977,870,371	0.3120	9.12%	0.2150	6.29%	10.96	3.46	1.16%
BWP	2.360	1,269,099,331	0.1645	6.97%	0.1410	5.97%	14.35	1.87	-26.20%
CDI	2.520	539,534,553	0.1973	7.83%	0.1780	7.06%	12.77	2.74	8.03%
CFX	2.100	5,939,840,884	0.1180	5.62%	0.1340	6.38%	17.80	2.05	-2.44%
CHC	3.630	1,097,212,203	0.0903	2.49%	0.2020	5.56%	40.20	2.12	-71.23%
CMW	0.990	1,642,152,924	0.0526	5.31%	0.0724	7.31%	18.82	0.68	-45.59%
CPA	1.160	2,722,523,959	0.0746	6.43%	0.0655	5.65%	15.55	1.15	-0.87%
CQR	3.720	1,255,808,663	0.0688	1.85%	0.2680	7.20%	54.07	3.31	-12.39%
DXS	1.025	4,959,999,780	0.0680	6.63%	0.0557	5.43%	15.07	1.03	0.49%
FDC	2.290	3,269,299,184	-0.0824	-3.60%	0.1410	6.16%	-27.79	2.22	-3.15%
FKP	1.300	418,052,317	0.2940	22.62%	0.0100	0.77%	4.42	3.98	67.34%
GMG	4.620	7,915,140,835	0.2307	4.99%	0.1870	4.05%	20.03	2.64	-75.00%
GPT	3.590	6,256,839,915	0.3360	9.36%	0.1980	5.52%	10.68	3.73	3.75%
IOF	3.010	1,848,282,849	0.1600	5.32%	0.1775	5.90%	18.81	3.14	4.14%
MGR	1.665	6,098,420,072	0.0864	5.19%	0.0870	5.23%	19.27	1.64	-1.52%
SCP	1.590	1,021,443,253	0.1220	7.67%	0.1080	6.79%	13.03	1.56	-1.92%
SGP	3.670	8,462,105,241	0.0130	0.35%	0.2400	6.54%	282.31	3.49	-5.16%
WDC	10.830	23,762,519,414	0.7579	7.00%	0.4950	4.57%	14.29	6.90	-56.96%
WRT	2.930	8,948,706,951	0.2706	9.24%	0.1875	6.40%	10.83	3.42	14.33%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck.

 

[nulla nulla]

Another week of struggling for the A-REIT sector. The Aud$ was pushed down to the low US$0.89 area and large volumes of some of the A-REIT shares changed hands within a tight price range, some up some down. It is hard to work out whether the volumes are genuine holders (overseas investors) abandoning ship or whether the volume/price movement reflects the efforts of brokers trying to accumulate arround a target price (CPA?).



The updated A-REIT table for closing prices as at Friday 30 August 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.250	1,019,340,014	0.0683	3.04%	0.1650	7.33%	32.94	2.30	2.17%
ALZ	3.380	1,954,737,385	0.3120	9.23%	0.2150	6.36%	10.83	3.46	2.31%
BWP	2.300	1,236,834,094	0.1645	7.15%	0.1410	6.13%	13.98	1.87	-22.99%
CDI	2.560	548,098,593	0.1973	7.71%	0.1780	6.95%	12.98	2.74	6.57%
CFX	2.020	5,713,561,231	0.1180	5.84%	0.1340	6.63%	17.12	2.05	1.46%
CHC	3.480	1,051,872,856	0.0903	2.59%	0.2020	5.80%	38.54	2.12	-64.15%
CMW	1.035	1,716,796,238	0.0526	5.08%	0.0724	7.00%	19.68	0.68	-52.21%
CPA	1.150	2,699,053,925	0.0746	6.49%	0.0655	5.70%	15.42	1.15	0.00%
CQR	3.680	1,242,305,344	0.0688	1.87%	0.2680	7.28%	53.49	3.31	-11.18%
DXS	1.030	4,984,194,901	0.0680	6.60%	0.0557	5.41%	15.15	1.03	0.00%
FDC	2.280	3,255,022,768	-0.0824	-3.61%	0.1410	6.18%	-27.67	2.22	-2.70%
FKP	1.250	401,973,381	0.2940	23.52%	0.0100	0.80%	4.25	3.98	68.59%
GMG	4.630	7,932,273,175	0.2307	4.98%	0.1870	4.04%	20.07	2.64	-75.38%
GPT	3.550	6,187,125,821	0.3360	9.46%	0.1980	5.58%	10.57	3.73	4.83%
IOF	2.940	1,805,299,527	0.1600	5.44%	0.1775	6.04%	18.38	3.14	6.37%
MGR	1.645	6,025,165,777	0.0864	5.25%	0.0870	5.29%	19.04	1.64	-0.30%
SCP	1.560	1,002,170,738	0.1220	7.82%	0.1080	6.92%	12.79	1.56	0.00%
SGP	3.730	8,600,450,286	0.0130	0.35%	0.2400	6.43%	286.92	3.49	-6.88%
WDC	11.080	24,311,054,026	0.7579	6.84%	0.4950	4.47%	14.62	6.90	-60.58%
WRT	2.920	8,918,165,289	0.2706	9.27%	0.1875	6.42%	10.79	3.42	14.62%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table, particularly those based on issued shares (some of which are subject to daily changes due to active share buy-back programs), may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

Early in the week it looked like the A-REIT sector was going to lift off the recent support level with good consolidations on Monday & Tuesday but then the dollar swung back down, the reports on retail were negative and the reports on office rentals were gloomy and trading Wednesday, Thursday & Friday saw the A-REIT sector push down through the support level. Maybe now the Federal Election is out of the way we could see some confidence come back into this sector?



The updated table for A-REIT closing prices Friday 6 September 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.250	1,019,340,014	0.0683	3.04%	0.1650	7.33%	32.94	2.30	2.17%
ALZ	3.370	1,948,954,138	0.3120	9.26%	0.2150	6.38%	10.80	3.46	2.60%
BWP	2.300	1,236,834,094	0.1645	7.15%	0.1410	6.13%	13.98	1.87	-22.99%
CDI	2.530	541,675,563	0.1973	7.80%	0.1780	7.04%	12.82	2.74	7.66%
CFX	1.990	5,628,706,361	0.1180	5.93%	0.1340	6.73%	16.86	2.05	2.93%
CHC	3.620	1,094,189,580	0.0903	2.49%	0.2020	5.58%	40.09	2.12	-70.75%
CMW	1.040	1,725,089,940	0.0526	5.06%	0.0724	6.96%	19.77	0.68	-52.94%
CPA	1.140	2,675,583,891	0.0746	6.54%	0.0655	5.75%	15.28	1.15	0.87%
CQR	3.700	1,249,057,004	0.0688	1.86%	0.2680	7.24%	53.78	3.31	-11.78%
DXS	1.010	4,887,414,418	0.0680	6.73%	0.0557	5.51%	14.85	1.03	1.94%
FDC	2.260	3,226,469,937	-0.0824	-3.65%	0.1410	6.24%	-27.43	2.22	-1.80%
FKP	1.300	418,052,317	0.2940	22.62%	0.0100	0.77%	4.42	3.98	67.34%
GMG	4.740	8,120,728,909	0.2307	4.87%	0.1870	3.95%	20.55	2.64	-79.55%
GPT	3.620	6,309,125,485	0.3360	9.28%	0.1980	5.47%	10.77	3.73	2.95%
IOF	2.950	1,811,440,001	0.1600	5.42%	0.1775	6.02%	18.44	3.14	6.05%
MGR	1.650	6,043,479,351	0.0864	5.24%	0.0870	5.27%	19.10	1.64	-0.61%
SCP	1.570	1,008,594,910	0.1220	7.77%	0.1080	6.88%	12.87	1.56	-0.64%
SGP	3.830	8,831,025,361	0.0130	0.34%	0.2400	6.27%	294.62	3.49	-9.74%
WDC	10.510	23,060,395,110	0.7579	7.21%	0.4950	4.71%	13.87	6.90	-52.32%
WRT	2.880	8,795,998,642	0.2706	9.40%	0.1875	6.51%	10.64	3.42	15.79%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above table is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above table, particularly those based on issued shares (some of which are subject to daily changes due to active share buy-back programs), may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

The A-REIT sector volitility continued this week. At the end of the week, some were up, some were down and some looked unchanged. But during the week the oscilating share price movement provided several opportunities for the quick, the bold and the insane risk takers. The spreads were tighter and the risk/reward ratios would have deterered most people which is probably why the daily volumes traded within the sector (with a couple of notable exceptions) were low.



The A-REIT Table for closing prices as at 13 September 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.230	1,010,279,213	0.0683	3.06%	0.1650	7.40%	32.65	2.30	3.04%
ALZ	3.430	1,983,653,618	0.3120	9.10%	0.2150	6.27%	10.99	3.46	0.87%
BWP	2.240	1,204,568,857	0.1645	7.34%	0.1410	6.29%	13.62	1.87	-19.79%
CDI	2.490	533,111,522	0.1973	7.92%	0.1780	7.15%	12.62	2.74	9.12%
CFX	1.980	5,600,421,405	0.1180	5.96%	0.1340	6.77%	16.78	2.05	3.41%
CHC	3.550	1,073,031,218	0.0903	2.54%	0.2020	5.69%	39.31	2.12	-67.45%
CMW	1.030	1,708,502,537	0.0526	5.11%	0.0724	7.03%	19.58	0.68	-51.47%
CPA	1.145	2,687,318,908	0.0746	6.52%	0.0655	5.72%	15.35	1.15	0.43%
CQR	3.590	1,211,922,877	0.0688	1.92%	0.2680	7.47%	52.18	3.31	-8.46%
DXS	1.015	4,911,609,539	0.0680	6.70%	0.0557	5.49%	14.93	1.03	1.46%
FDC	2.220	3,169,364,274	-0.0824	-3.71%	0.1410	6.35%	-26.94	2.22	0.00%
FKP	1.395	448,602,293	0.2940	21.08%	0.0100	0.72%	4.74	3.98	64.95%
GMG	4.770	8,172,125,927	0.2307	4.84%	0.1870	3.92%	20.68	2.64	-80.68%
GPT	3.560	6,204,554,345	0.3360	9.44%	0.1980	5.56%	10.60	3.73	4.56%
IOF	3.030	1,860,563,798	0.1600	5.28%	0.1775	5.86%	18.94	3.14	3.50%
MGR	1.690	6,189,987,941	0.0864	5.11%	0.0870	5.15%	19.56	1.64	-3.05%
SCP	1.515	973,261,967	0.1220	8.05%	0.1080	7.13%	12.42	1.56	2.88%
SGP	3.870	8,923,255,391	0.0130	0.34%	0.2400	6.20%	297.69	3.49	-10.89%
WDC	10.840	23,784,460,798	0.7579	6.99%	0.4950	4.57%	14.30	6.90	-57.10%
WRT	2.980	9,101,415,261	0.2706	9.08%	0.1875	6.29%	11.01	3.42	12.87%

It was an interesting week. I thought that the impact from the outcome of federal election was fairly minimal. It would seem that the change of Government was already factored in, in the lead up to the election. The easing of the threat of US intervention in Syria combined with improvement in China saw a net improvement in the Aud$ for the week. I have included a table of prices changes for the week. The most notable being the lifts in FKP, WDC and WRT:

Share	Code	Closing Price	Closing Price	$ Change	% Change
		6-Sep-13	13-Sep-13
Abacus Property	ABP	2.250	2.230	-0.020	-0.89%
Australand Property	ALZ	3.370	3.430	0.060	1.78%
BWP Trust	BWP	2.300	2.240	-0.060	-2.61%
Challenger Div	CDI	2.530	2.490	-0.040	-1.58%
CFS Retail Trust	CFX	1.990	1.980	-0.010	-0.50%
Charter Hall	CHC	3.620	3.550	-0.070	-1.93%
Cromwell	CMW	1.040	1.030	-0.010	-0.96%
Commonwealth Office	CPA	1.140	1.145	0.005	0.44%
Charter Hall Retail	CQR	3.700	3.590	-0.110	-2.97%
Dexus	DXS	1.010	1.015	0.005	0.50%
Federation Centres	FDC	2.260	2.220	-0.040	-1.77%
FKP Stapled	FKP	1.300	1.395	0.095	7.31%
Goodman Group	GMG	4.740	4.770	0.030	0.63%
GPT Group	GPT	3.620	3.560	-0.060	-1.66%
Investra Office	IOF	2.950	3.030	0.080	2.71%
Mirvac Group	MGR	1.650	1.690	0.040	2.42%
SCA Property Group	SCP	1.570	1.515	-0.055	-3.50%
Stockland Property	SGP	3.830	3.870	0.040	1.04%
Westfield	WDC	10.510	10.840	0.330	3.14%
Westfield Retail	WRT	2.880	2.980	0.100	3.47%

Comments::

1. The figures for FKP are speculative based on information provided in FKP's Annual Report converting the figures based on the number of shares on issue as at 30-6-12 to the number of shares on issue after the August 2012 issue. In addition the initial speculative figures have now been adjusted to reflect the consolidation of 7 shares to 1 share with the resultant number of shares taken from the release dated 13 December 2012. For year ending 30 June 2013, FKP will pay a dividend of $0.01c per share going ex-div on 24 June 2013 payable on 20 September 2013. For more information see the FKP site.

2. The figures for SCP (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 and updated per their release of 13 June 2013. As forecast SCP distribution for the period ending 30 June 2013 is $0.056c per share, Ex-div date 24 June 2013 payable 28 August 2013.

3. Inclusion of any share details in the above tables is not an endorsement of that share as a viable investment or possible trade.

Disclaimer: The figures in the above tables, particularly those based on issued shares (some of which are subject to daily changes due to active share buy-back programs), may contain errors and should not be relied upon for investment decisions. As always do your own research and good luck .

 

[nulla nulla]

The table for the weekly change reformatted and tidied up:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		6-Sep-13	13-Sep-13
Abacus Property	ABP	2.250	2.230	-0.020	-0.89%
Australand Property	ALZ	3.370	3.430	0.060	1.78%
BWP Trust	BWP	2.300	2.240	-0.060	-2.61%
Challenger Div	CDI	2.530	2.490	-0.040	-1.58%
CFS Retail Trust	CFX	1.990	1.980	-0.010	-0.50%
Charter Hall	CHC	3.620	3.550	-0.070	-1.93%
Cromwell	CMW	1.040	1.030	-0.010	-0.96%
Commonwealth_Office	CPA	1.140	1.145	0.005	0.44%
Charter Hall Retail	CQR	3.700	3.590	-0.110	-2.97%
Dexus	DXS	1.010	1.015	0.005	0.50%
Federation Centres	FDC	2.260	2.220	-0.040	-1.77%
FKP Stapled	FKP	1.300	1.395	0.095	7.31%
Goodman Group	GMG	4.740	4.770	0.030	0.63%
GPT Group	GPT	3.620	3.560	-0.060	-1.66%
Investra Office	IOF	2.950	3.030	0.080	2.71%
Mirvac Group	MGR	1.650	1.690	0.040	2.42%
SCA Property Group	SCP	1.570	1.515	-0.055	-3.50%
Stockland Property	SGP	3.830	3.870	0.040	1.04%
Westfield	WDC	10.510	10.840	0.330	3.14%
Westfield Retail	WRT	2.880	2.980	0.100	3.47%