A-REIT valuation model

[nulla nulla]

The A-REIT sector lifted slightly this week on the news that the US quantative easing would continue and the subsequent improvement in the Aud$ v's the US$. However the Aud$ dropped on Friday night as did the Dow Jones on the revelation that the decision to continue quantative easing or slightly reduce it in October was a close one. Don't be surprised if our market and the A-REIT sector in particular also ease again on Monday.



The updated A-REIT Table for closing prices Friday 20 September 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.270	1,028,400,814	0.0683	3.01%	0.1650	7.27%	33.24	2.30	1.30%
ALZ	3.550	2,053,052,579	0.3120	8.79%	0.2150	6.06%	11.38	3.46	-2.60%
BWP	2.310	1,242,211,634	0.1645	7.12%	0.1410	6.10%	14.04	1.87	-23.53%
CDI	2.490	533,111,522	0.1973	7.92%	0.1780	7.15%	12.62	2.74	9.12%
CFX	2.050	5,798,416,101	0.1180	5.76%	0.1340	6.54%	17.37	2.05	0.00%
CHC	3.800	1,148,596,797	0.0903	2.38%	0.2020	5.32%	42.08	2.12	-79.25%
CMW	1.035	1,716,796,238	0.0526	5.08%	0.0724	7.00%	19.68	0.68	-52.21%
CPA	1.135	2,663,848,874	0.0746	6.57%	0.0655	5.77%	15.21	1.15	1.30%
CQR	3.730	1,259,184,493	0.0688	1.84%	0.2680	7.18%	54.22	3.31	-12.69%
DXS	1.010	4,887,414,418	0.0680	6.73%	0.0557	5.51%	14.85	1.03	1.94%
FDC	2.220	3,169,364,274	-0.0824	-3.71%	0.1410	6.35%	-26.94	2.22	0.00%
FKP	1.370	440,562,826	0.2940	21.46%	0.0100	0.73%	4.66	3.98	65.58%
GMG	4.900	8,394,846,340	0.2307	4.71%	0.1870	3.82%	21.24	2.64	-85.61%
GPT	3.560	6,204,554,345	0.3360	9.44%	0.1980	5.56%	10.60	3.73	4.56%
IOF	3.080	1,891,266,171	0.1600	5.19%	0.1775	5.76%	19.25	3.14	1.91%
MGR	1.765	6,464,691,548	0.0864	4.90%	0.0870	4.93%	20.43	1.64	-7.62%
SCP	1.505	966,837,796	0.1220	8.11%	0.1080	7.18%	12.34	1.56	3.53%
SGP	3.880	8,946,312,898	0.0130	0.34%	0.2400	6.19%	298.46	3.49	-11.17%
WDC	11.000	24,135,522,950	0.7579	6.89%	0.4950	4.50%	14.51	6.90	-59.42%
WRT	2.990	9,131,956,923	0.2706	9.05%	0.1875	6.27%	11.05	3.42	12.57%

The table showning the individual share price and percentage changes for the week follows (Charter Hall & Mirvac were well supported):

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		13-Sep-13	20-Sep-13
Abacus Property	ABP	2.230	2.270	0.040	1.79%
Australand Property	ALZ	3.430	3.550	0.120	3.50%
BWP Trust	BWP	2.240	2.310	0.070	3.12%
Challenger Div	CDI	2.490	2.490	0.000	0.00%
CFS Retail Trust	CFX	1.980	2.050	0.070	3.54%
Charter Hall	CHC	3.550	3.800	0.250	7.04%
Cromwell	CMW	1.030	1.035	0.005	0.49%
Commonwealth_Office	CPA	1.145	1.135	-0.010	-0.87%
Charter Hall Retail	CQR	3.590	3.730	0.140	3.90%
Dexus	DXS	1.015	1.010	-0.005	-0.49%
Federation Centres	FDC	2.220	2.220	0.000	0.00%
FKP Stapled	FKP	1.395	1.370	-0.025	-1.79%
Goodman Group	GMG	4.770	4.900	0.130	2.73%
GPT Group	GPT	3.560	3.560	0.000	0.00%
Investra Office	IOF	3.030	3.080	0.050	1.65%
Mirvac Group	MGR	1.690	1.765	0.075	4.44%
SCA Property Group	SCP	1.515	1.505	-0.010	-0.66%
Stockland Property	SGP	3.870	3.880	0.010	0.26%
Westfield	WDC	10.840	11.000	0.160	1.48%
Westfield Retail	WRT	2.980	2.990	0.010	0.34%

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]

As expected the A-REIT sector retraced slightly this week following the release of conflicting perspectives in respect of the US policy makers and the future of quantative easing. The Aud$ also came back a little but appears to be holding in the US$0.93 - US$0.94 area (for now).



The updated A-REIT Table for closing prices on Friday 27 September 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.300	1,041,992,014	0.0683	2.97%	0.1650	7.17%	33.67	2.30	0.00%
ALZ	3.660	2,116,668,292	0.3120	8.52%	0.2150	5.87%	11.73	3.46	-5.78%
BWP	2.280	1,226,079,015	0.1645	7.21%	0.1410	6.18%	13.86	1.87	-21.93%
CDI	2.500	535,252,533	0.1973	7.89%	0.1780	7.12%	12.67	2.74	8.76%
CFX	2.010	5,685,276,275	0.1180	5.87%	0.1340	6.67%	17.03	2.05	1.95%
CHC	3.770	1,139,528,928	0.0903	2.40%	0.2020	5.36%	41.75	2.12	-77.83%
CMW	0.990	1,642,152,924	0.0526	5.31%	0.0724	7.31%	18.82	0.68	-45.59%
CPA	1.155	2,710,788,942	0.0746	6.46%	0.0655	5.67%	15.48	1.15	-0.43%
CQR	3.780	1,276,063,642	0.0688	1.82%	0.2680	7.09%	54.94	3.31	-14.20%
DXS	1.010	4,887,414,418	0.0680	6.73%	0.0557	5.51%	14.85	1.03	1.94%
FDC	2.270	3,240,746,353	-0.0824	-3.63%	0.1410	6.21%	-27.55	2.22	-2.25%
FKP	1.360	437,347,039	0.2940	21.62%	0.0100	0.74%	4.63	3.98	65.83%
GMG	4.930	8,446,243,359	0.2307	4.68%	0.1870	3.79%	21.37	2.64	-86.74%
GPT	3.520	6,134,840,251	0.3360	9.55%	0.1980	5.63%	10.48	3.73	5.63%
IOF	3.010	1,848,282,849	0.1600	5.32%	0.1775	5.90%	18.81	3.14	4.14%
MGR	1.770	6,483,005,122	0.0864	4.88%	0.0870	4.92%	20.49	1.64	-7.93%
SCP	1.535	986,110,310	0.1220	7.95%	0.1080	7.04%	12.58	1.56	1.60%
SGP	3.900	8,992,427,913	0.0130	0.33%	0.2400	6.15%	300.00	3.49	-11.75%
WDC	10.930	23,981,933,259	0.7579	6.93%	0.4950	4.53%	14.42	6.90	-58.41%
WRT	3.010	9,193,040,247	0.2706	8.99%	0.1875	6.23%	11.12	3.42	11.99%

A comparison table of this weeks closing prices versus last weeks closing prices follows. The best performers for the week were Australand and Federation Centres. The worst performers for the week were Cromwell and Investra Office:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		20-Sep-13	27-Sep-13
Abacus Property	ABP	2.270	2.300	0.030	1.32%
Australand Property	ALZ	3.550	3.660	0.110	3.10%
BWP Trust	BWP	2.310	2.280	-0.030	-1.30%
Challenger Div	CDI	2.490	2.500	0.010	0.40%
CFS Retail Trust	CFX	2.050	2.010	-0.040	-1.95%
Charter Hall	CHC	3.800	3.770	-0.030	-0.79%
Cromwell	CMW	1.035	0.990	-0.045	-4.35%
Commonwealth_Office	CPA	1.135	1.155	0.020	1.76%
Charter Hall Retail	CQR	3.730	3.780	0.050	1.34%
Dexus	DXS	1.010	1.010	0.000	0.00%
Federation Centres	FDC	2.220	2.270	0.050	2.25%
FKP Stapled	FKP	1.370	1.360	-0.010	-0.73%
Goodman Group	GMG	4.900	4.930	0.030	0.61%
GPT Group	GPT	3.560	3.520	-0.040	-1.12%
Investra Office	IOF	3.080	3.010	-0.070	-2.27%
Mirvac Group	MGR	1.765	1.770	0.005	0.28%
SCA Property Group	SCP	1.505	1.535	0.030	1.99%
Stockland Property	SGP	3.880	3.900	0.020	0.52%
Westfield	WDC	11.000	10.930	-0.070	-0.64%
Westfield Retail	WRT	2.990	3.010	0.020	0.67%

Comments::

1. The figures for FKP are based on the 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. Further figures have 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 paid 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 paid 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]

As if it wasn't bad enough with the uncertainty over the continuation of quantative easing in the U.S.A impaction on the Aud$ v's the US$, the American politicians's have to go down to the wire and shut down governement while they debate the continuation of funding for Obama's Health Care plan. The impact on the A-REIT was subtle with some share prices going up, some going down and for the greater part most share moving within a +/- 2% band width for the week.



The updated A-REIT Table for share prices as at close of business for Friday 4 October 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.270	1,028,400,814	0.0683	3.01%	0.1650	7.27%	33.24	2.30	1.30%
ALZ	3.700	2,139,801,279	0.3120	8.43%	0.2150	5.81%	11.86	3.46	-6.94%
BWP	2.300	1,236,834,094	0.1645	7.15%	0.1410	6.13%	13.98	1.87	-22.99%
CDI	2.490	533,111,522	0.1973	7.92%	0.1780	7.15%	12.62	2.74	9.12%
CFX	1.985	5,614,563,883	0.1180	5.94%	0.1340	6.75%	16.82	2.05	3.17%
CHC	3.700	1,118,370,566	0.0903	2.44%	0.2020	5.46%	40.97	2.12	-74.53%
CMW	0.975	1,617,271,819	0.0526	5.39%	0.0724	7.43%	18.54	0.68	-43.38%
CPA	1.155	2,710,788,942	0.0746	6.46%	0.0655	5.67%	15.48	1.15	-0.43%
CQR	3.850	1,299,694,450	0.0688	1.79%	0.2680	6.96%	55.96	3.31	-16.31%
DXS	1.045	5,056,780,264	0.0680	6.51%	0.0557	5.33%	15.37	1.03	-1.46%
FDC	2.310	3,297,852,015	-0.0824	-3.57%	0.1410	6.10%	-28.03	2.22	-4.05%
FKP	1.465	471,112,803	0.2940	20.07%	0.0100	0.68%	4.98	3.98	63.19%
GMG	5.010	8,583,302,074	0.2307	4.60%	0.1870	3.73%	21.72	2.64	-89.77%
GPT	3.570	6,050,751,474	0.3360	9.41%	0.1980	5.55%	10.63	3.76	5.05%
IOF	2.960	1,817,580,476	0.1600	5.41%	0.1775	6.00%	18.50	3.14	5.73%
MGR	1.735	6,354,810,105	0.0864	4.98%	0.0870	5.01%	20.08	1.64	-5.79%
SCP	1.570	1,008,594,910	0.1220	7.77%	0.1080	6.88%	12.87	1.56	-0.64%
SGP	3.870	8,923,255,391	0.0130	0.34%	0.2400	6.20%	297.69	3.49	-10.89%
WDC	11.100	24,354,936,795	0.7579	6.83%	0.4950	4.46%	14.65	6.90	-60.87%
WRT	2.990	9,131,956,923	0.2706	9.05%	0.1875	6.27%	11.05	3.42	12.57%

A Comparison table for this weeks closing prices versus last weeks closing prices follows. The better performers for the week were FKP & DXS:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		27-Sep-13	4-Oct-13
Abacus Property	ABP	2.300	2.270	-0.030	-1.30%
Australand Property	ALZ	3.660	3.700	0.040	1.09%
BWP Trust	BWP	2.280	2.300	0.020	0.88%
Challenger Div	CDI	2.500	2.490	-0.010	-0.40%
CFS Retail Trust	CFX	2.010	1.985	-0.025	-1.24%
Charter Hall	CHC	3.770	3.700	-0.070	-1.86%
Cromwell	CMW	0.990	0.975	-0.015	-1.52%
Commonwealth_Office	CPA	1.155	1.155	0.000	0.00%
Charter Hall Retail	CQR	3.780	3.850	0.070	1.85%
Dexus	DXS	1.010	1.045	0.035	3.47%
Federation Centres	FDC	2.270	2.310	0.040	1.76%
FKP Stapled	FKP	1.360	1.465	0.105	7.72%
Goodman Group	GMG	4.930	5.010	0.080	1.62%
GPT Group	GPT	3.520	3.570	0.050	1.42%
Investra Office	IOF	3.010	2.960	-0.050	-1.66%
Mirvac Group	MGR	1.770	1.735	-0.035	-1.98%
SCA Property Group	SCP	1.535	1.570	0.035	2.28%
Stockland Property	SGP	3.900	3.870	-0.030	-0.77%
Westfield	WDC	10.930	11.100	0.170	1.56%
Westfield Retail	WRT	3.010	2.990	-0.020	-0.66%

Comments:

1. The figures for FKP are 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. Further the initial figures have 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 was $0.056c per share, Ex-div date 24 June 2013 paid 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]

Things were starting to look grim this week as the stand off between the Democrats and the Republicans descended to slagging of at each other in the media in the early part off the week, then on thursday the word got out that the opposing parties had realised that they were running out of time and they started talking to each other. The move toward negotiating a settlement was enough to reinvigorate the markets and even the A-REIT sector got caught up in the euphoria. Mind you it didn't set any records but at least arrested and reversed the dip from early in the week.



The updated A-REIT table for closing prices as at friday 11 October 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	3.610	2,087,752,059	0.3120	8.64%	0.2150	5.96%	11.57	3.46	-4.34%
BWP	2.300	1,236,834,094	0.1645	7.15%	0.1410	6.13%	13.98	1.87	-22.99%
CDI	2.450	524,547,482	0.1973	8.05%	0.1780	7.27%	12.42	2.74	10.58%
CFX	2.020	5,713,561,231	0.1180	5.84%	0.1340	6.63%	17.12	2.05	1.46%
CHC	3.720	1,124,415,812	0.0903	2.43%	0.2020	5.43%	41.20	2.12	-75.47%
CQR	3.840	1,296,318,620	0.0688	1.79%	0.2680	6.98%	55.81	3.31	-16.01%
CPA	1.190	2,792,934,061	0.0746	6.27%	0.0655	5.50%	15.95	1.15	-3.48%
CMW	0.960	1,592,390,714	0.0526	5.48%	0.0724	7.54%	18.25	0.68	-41.18%
DXS	1.060	5,129,365,627	0.0680	6.42%	0.0557	5.25%	15.59	1.03	-2.91%
FDC	2.310	3,297,852,015	-0.0824	-3.57%	0.1410	6.10%	-28.03	2.22	-4.05%
FKP	1.645	528,996,970	0.2940	17.87%	0.0100	0.61%	5.60	3.98	58.67%
GMG	4.950	8,480,508,038	0.2307	4.66%	0.1870	3.78%	21.46	2.64	-87.50%
GPT	3.640	6,169,393,660	0.3360	9.23%	0.1980	5.44%	10.83	3.76	3.19%
IOF	3.010	1,848,282,849	0.1600	5.32%	0.1775	5.90%	18.81	3.14	4.14%
MGR	1.740	6,373,123,679	0.0864	4.97%	0.0870	5.00%	20.14	1.64	-6.10%
SCP	1.570	1,008,594,910	0.1220	7.77%	0.1080	6.88%	12.87	1.56	-0.64%
SGP	3.910	9,015,485,421	0.0130	0.33%	0.2400	6.14%	300.77	3.49	-12.03%
WDC	11.050	24,245,229,873	0.7579	6.86%	0.4950	4.48%	14.58	6.90	-60.14%
WRT	3.020	9,223,581,909	0.2706	8.96%	0.1875	6.21%	11.16	3.42	11.70%

The following table shows closing share price changes from the previous weeks close. The biggest movers this week were FKP and CPA. Stockland announced that they had sold down their holding in FKP which seemed to please the market as the share price for FKP jumped 12%+ for the week. Dexus made an anouncement to the market, confirming they were interested in acquiring CPA jointly with the Canadian Pension Plan. The market pushed the CPA price above the offer price, possibly expecting another buyer to join the fray?

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		4-Oct-13	11-Oct-13
Abacus Property	ABP	2.270	2.260	-0.010	-0.44%
Australand Property	ALZ	3.700	3.610	-0.090	-2.43%
BWP Trust	BWP	2.300	2.300	0.000	0.00%
Challenger Div	CDI	2.490	2.450	-0.040	-1.61%
CFS Retail Trust	CFX	1.985	2.020	0.035	1.76%
Charter Hall	CHC	3.700	3.720	0.020	0.54%
Charter Hall Retail	CQR	3.850	3.840	-0.010	-0.26%
Commonwealth_Office	CPA	1.155	1.190	0.035	3.03%
Cromwell	CMW	0.975	0.960	-0.015	-1.54%
Dexus	DXS	1.045	1.060	0.015	1.44%
Federation Centres	FDC	2.310	2.310	0.000	0.00%
FKP Stapled	FKP	1.465	1.645	0.180	12.29%
Goodman Group	GMG	5.010	4.950	-0.060	-1.20%
GPT Group	GPT	3.570	3.640	0.070	1.96%
Investa Office	IOF	2.960	3.010	0.050	1.69%
Mirvac Group	MGR	1.735	1.740	0.005	0.29%
SCA Property Group	SCP	1.570	1.570	0.000	0.00%
Stockland Property	SGP	3.870	3.910	0.040	1.03%
Westfield	WDC	11.100	11.050	-0.050	-0.45%
Westfield Retail	WRT	2.990	3.020	0.030	1.00%

Comments:

1. The figures for FKP are 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. Further the initial figures have 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 paid a dividend of $0.01c per share going ex-div on 24 June 2013 paid 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 was $0.056c per share, Ex-div date 24 June 2013 paid 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]

So the big bad republicans kissed the presidents ring and agreed to pass the laws to raise the Ameracan Debt Ceiling into the stratosphere and everyone rejoiced. Not only did the world markets rebound, the A-REIT sector also tested the recent levels of resistance and may have even broken through with prospects of pushing higher. Maybe? Curious how now that the world has breathing space before the next debacle in February 2014, the Aud$ broke above US$0.96?




The updated A-REIT Table of closing prices as at Friday 18 October 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.270	1,028,400,814	0.0683	3.01%	0.1650	7.27%	33.24	2.30	1.30%
ALZ	3.740	2,162,934,266	0.3120	8.34%	0.2150	5.75%	11.99	3.46	-8.09%
BWP	2.290	1,231,456,555	0.1645	7.18%	0.1410	6.16%	13.92	1.87	-22.46%
CDI	2.480	530,970,512	0.1973	7.96%	0.1780	7.18%	12.57	2.74	9.49%
CFX	2.020	5,713,561,231	0.1180	5.84%	0.1340	6.63%	17.12	2.05	1.46%
CHC	3.790	1,145,574,174	0.0903	2.38%	0.2020	5.33%	41.97	2.12	-78.77%
CQR	3.920	1,323,325,258	0.0688	1.76%	0.2680	6.84%	56.98	3.31	-18.43%
CPA	1.200	2,816,404,096	0.0746	6.22%	0.0655	5.46%	16.09	1.15	-4.35%
CMW	0.965	1,600,684,416	0.0526	5.45%	0.0724	7.50%	18.35	0.68	-41.91%
DXS	1.080	5,226,146,110	0.0680	6.30%	0.0557	5.16%	15.88	1.03	-4.85%
FDC	2.330	3,326,404,846	-0.0824	-3.54%	0.1410	6.05%	-28.28	2.22	-4.95%
FKP	1.695	545,075,905	0.2940	17.35%	0.0100	0.59%	5.77	3.98	57.41%
GMG	5.020	8,600,434,414	0.2307	4.60%	0.1870	3.73%	21.76	2.64	-90.15%
GPT	3.720	6,304,984,729	0.3360	9.03%	0.1980	5.32%	11.07	3.76	1.06%
IOF	3.060	1,878,985,221	0.1600	5.23%	0.1775	5.80%	19.13	3.14	2.55%
MGR	1.780	6,519,632,269	0.0864	4.85%	0.0870	4.89%	20.60	1.64	-8.54%
SCP	1.560	1,002,170,738	0.1220	7.82%	0.1080	6.92%	12.79	1.56	0.00%
SGP	4.000	9,223,002,988	0.0130	0.33%	0.2400	6.00%	307.69	3.49	-14.61%
WDC	11.040	24,223,288,488	0.7579	6.87%	0.4950	4.48%	14.57	6.90	-60.00%
WRT	3.120	9,528,998,528	0.2706	8.67%	0.1875	6.01%	11.53	3.42	8.77%

A comparison Table of this weeks closing prices with last weeks shows that the best performers this week were ALZ, FKP & WRT. Only 3 shares out of the 22 listed managed to go backwards for the week, they were BWP, SCP & WDC:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		11-Oct-13	18-Oct-13
Abacus Property	ABP	2.260	2.270	0.010	0.44%
Australand Property	ALZ	3.610	3.740	0.130	3.60%
BWP Trust	BWP	2.300	2.290	-0.010	-0.43%
Challenger Div	CDI	2.450	2.480	0.030	1.22%
CFS Retail Trust	CFX	2.020	2.020	0.000	0.00%
Charter Hall	CHC	3.720	3.790	0.070	1.88%
Charter Hall Retail	CQR	3.840	3.920	0.080	2.08%
Commonwealth_Office	CPA	1.190	1.200	0.010	0.84%
Cromwell	CMW	0.960	0.965	0.005	0.52%
Dexus	DXS	1.060	1.080	0.020	1.89%
Federation Centres	FDC	2.310	2.330	0.020	0.87%
FKP Stapled	FKP	1.645	1.695	0.050	3.04%
Goodman Group	GMG	4.950	5.020	0.070	1.41%
GPT Group	GPT	3.640	3.720	0.080	2.20%
Investa Office	IOF	3.010	3.060	0.050	1.66%
Mirvac Group	MGR	1.740	1.780	0.040	2.30%
SCA Property Group	SCP	1.570	1.560	-0.010	-0.64%
Stockland Property	SGP	3.910	4.000	0.090	2.30%
Westfield	WDC	11.050	11.040	-0.010	-0.09%
Westfield Retail	WRT	3.020	3.120	0.100	3.31%

Comments:

1. The figures for FKP are 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. Further the initial figures have 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 paid a dividend of $0.01c per share going ex-div on 24 June 2013 paid 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 was $0.056c per share, Ex-div date 24 June 2013 paid 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]

While the chart for the A-REIT sector shows it broke above the recent resistance line it is not a rising breakout. If anything the chart reflects the uncertainty and lack of confidence investors have in this sector. While yields are predominantly better than bank interest rates the lack of bonus franking credits seems to be a possible deterant to the retiree investors, holding off investing at these levels. The larger investment houses also appear to be holding off investing in A-REIT's, prefering shares displaying prospects of growth opportunities. On a positive note the volitility continues to provide tight opportunities for the brave.



The A-REIT Table of closing prices for Friday 25 October 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.310	1,046,522,414	0.0683	2.96%	0.1650	7.14%	33.82	2.30	-0.43%
ALZ	3.700	2,139,801,279	0.3120	8.43%	0.2150	5.81%	11.86	3.46	-6.94%
BWP	2.290	1,231,456,555	0.1645	7.18%	0.1410	6.16%	13.92	1.87	-22.46%
CDI	2.600	556,662,634	0.1973	7.59%	0.1780	6.85%	13.18	2.74	5.11%
CFX	2.020	5,713,561,231	0.1180	5.84%	0.1340	6.63%	17.12	2.05	1.46%
CHC	3.750	1,133,483,681	0.0903	2.41%	0.2020	5.39%	41.53	2.12	-76.89%
CQR	3.980	1,343,580,237	0.0688	1.73%	0.2680	6.73%	57.85	3.31	-20.24%
CPA	1.190	2,792,934,061	0.0746	6.27%	0.0655	5.50%	15.95	1.15	-3.48%
CMW	0.970	1,608,978,117	0.0526	5.42%	0.0724	7.46%	18.44	0.68	-42.65%
DXS	1.055	5,105,170,506	0.0680	6.45%	0.0557	5.28%	15.51	1.03	-2.43%
FDC	2.370	3,383,510,509	-0.0824	-3.48%	0.1410	5.95%	-28.76	2.22	-6.76%
FKP	2.030	652,804,771	0.2940	14.48%	0.0100	0.49%	6.90	3.98	48.99%
GMG	5.000	8,566,169,735	0.2307	4.61%	0.1870	3.74%	21.67	2.64	-89.39%
GPT	3.720	6,304,984,729	0.3360	9.03%	0.1980	5.32%	11.07	3.76	1.06%
IOF	3.090	1,897,406,645	0.1600	5.18%	0.1775	5.74%	19.31	3.14	1.59%
MGR	1.745	6,391,437,253	0.0864	4.95%	0.0870	4.99%	20.20	1.64	-6.40%
SCP	1.590	1,021,443,253	0.1220	7.67%	0.1080	6.79%	13.03	1.56	-1.92%
SGP	3.980	9,176,887,973	0.0130	0.33%	0.2400	6.03%	306.15	3.49	-14.04%
WDC	10.940	24,003,874,643	0.7579	6.93%	0.4950	4.52%	14.43	6.90	-58.55%
WRT	3.090	9,437,373,543	0.2706	8.76%	0.1875	6.07%	11.42	3.42	9.65%

A table showing the changes for the week follows. FKP rallied almost 20% in the week with the nearest other improver being CDI on just under 5%. While excellent for FKP holders, on past performance you would have to question how long the sudden price improvement can last.

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		18-Oct-13	25-Oct-13
Abacus Property	ABP	2.270	2.310	0.040	1.76%
Australand Property	ALZ	3.740	3.700	-0.040	-1.07%
BWP Trust	BWP	2.290	2.290	0.000	0.00%
Challenger Div	CDI	2.480	2.600	0.120	4.84%
CFS Retail Trust	CFX	2.020	2.020	0.000	0.00%
Charter Hall	CHC	3.790	3.750	-0.040	-1.06%
Charter Hall Retail	CQR	3.920	3.980	0.060	1.53%
Commonwealth_Office	CPA	1.200	1.190	-0.010	-0.83%
Cromwell	CMW	0.965	0.970	0.005	0.52%
Dexus	DXS	1.080	1.055	-0.025	-2.31%
Federation Centres	FDC	2.330	2.370	0.040	1.72%
FKP Stapled	FKP	1.695	2.030	0.335	19.76%
Goodman Group	GMG	5.020	5.000	-0.020	-0.40%
GPT Group	GPT	3.720	3.720	0.000	0.00%
Investa Office	IOF	3.060	3.090	0.030	0.98%
Mirvac Group	MGR	1.780	1.745	-0.035	-1.97%
SCA Property Group	SCP	1.560	1.590	0.030	1.92%
Stockland Property	SGP	4.000	3.980	-0.020	-0.50%
Westfield	WDC	11.040	10.940	-0.100	-0.91%
Westfield Retail	WRT	3.120	3.090	-0.030	-0.96%

Comments:

1. The figures for FKP are based on the 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. Further the figures have 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 paid a dividend of $0.01c per share going ex-div on 24 June 2013 paid 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 was $0.056c per share, Ex-div date 24 June 2013, paid 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 hoped for business uplift following the recent election simply hasn't materialised. While the A-REIT Sector continues to struggle to break through the resistance level it is encouraging to see that it hasn't collapsed downwards either.



The A-REIT Table of closing prices as at 1 November 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.340	1,060,113,614	0.0683	2.92%	0.1650	7.05%	34.26	2.30	-1.74%
ALZ	3.720	2,151,367,772	0.3120	8.39%	0.2150	5.78%	11.92	3.46	-7.51%
BWP	2.300	1,236,834,094	0.1645	7.15%	0.1410	6.13%	13.98	1.87	-22.99%
CDI	2.620	560,944,654	0.1973	7.53%	0.1780	6.79%	13.28	2.74	4.38%
CFX	2.080	5,883,270,971	0.1180	5.67%	0.1340	6.44%	17.63	2.05	-1.46%
CHC	3.870	1,169,755,159	0.0903	2.33%	0.2020	5.22%	42.86	2.12	-82.55%
CQR	4.050	1,367,211,045	0.0688	1.70%	0.2680	6.62%	58.87	3.31	-22.36%
CPA	1.190	2,792,934,061	0.0746	6.27%	0.0655	5.50%	15.95	1.15	-3.48%
CMW	0.980	1,625,565,520	0.0526	5.37%	0.0724	7.39%	18.63	0.68	-44.12%
DXS	1.065	5,153,560,747	0.0680	6.38%	0.0557	5.23%	15.66	1.03	-3.40%
FDC	2.460	3,511,998,250	-0.0824	-3.35%	0.1410	5.73%	-29.85	2.22	-10.81%
FKP	1.850	594,920,604	0.2940	15.89%	0.0100	0.54%	6.29	3.98	53.52%
GMG	5.030	8,617,566,753	0.2307	4.59%	0.1870	3.72%	21.80	2.64	-90.53%
GPT	3.660	6,203,291,427	0.3360	9.18%	0.1980	5.41%	10.89	3.76	2.66%
IOF	3.150	1,934,249,493	0.1600	5.08%	0.1775	5.63%	19.69	3.14	-0.32%
MGR	1.755	6,428,064,400	0.0864	4.92%	0.0870	4.96%	20.31	1.64	-7.01%
SCP	1.580	1,015,019,081	0.1220	7.72%	0.1080	6.84%	12.95	1.56	-1.28%
SGP	4.020	9,269,118,003	0.0130	0.32%	0.2400	5.97%	309.23	3.49	-15.19%
WDC	10.800	23,696,695,260	0.7579	7.02%	0.4950	4.58%	14.25	6.90	-56.52%
WRT	3.100	9,467,915,205	0.2706	8.73%	0.1875	6.05%	11.46	3.42	9.36%

The comparison table for the change in closing prices for the week ending 1 November 2013 follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		25-Oct-13	1-Nov-13
Abacus Property	ABP	2.310	2.340	0.030	1.30%
Australand Property	ALZ	3.700	3.720	0.020	0.54%
BWP Trust	BWP	2.290	2.300	0.010	0.44%
Challenger Div	CDI	2.600	2.620	0.020	0.77%
CFS Retail Trust	CFX	2.020	2.080	0.060	2.97%
Charter Hall	CHC	3.750	3.870	0.120	3.20%
Charter Hall Retail	CQR	3.980	4.050	0.070	1.76%
Commonwealth_Office	CPA	1.190	1.190	0.000	0.00%
Cromwell	CMW	0.970	0.980	0.010	1.03%
Dexus	DXS	1.055	1.065	0.010	0.95%
Federation Centres	FDC	2.370	2.460	0.090	3.80%
FKP Stapled	FKP	2.030	1.850	-0.180	-8.87%
Goodman Group	GMG	5.000	5.030	0.030	0.60%
GPT Group	GPT	3.720	3.660	-0.060	-1.61%
Investa Office	IOF	3.090	3.150	0.060	1.94%
Mirvac Group	MGR	1.745	1.755	0.010	0.57%
SCA Property Group	SCP	1.590	1.580	-0.010	-0.63%
Stockland Property	SGP	3.980	4.020	0.040	1.01%
Westfield	WDC	10.940	10.800	-0.140	-1.28%
Westfield Retail	WRT	3.090	3.100	0.010	0.32%

The fall of FKP should be disregarded as they innitiated a capital raising through a new issue during the week.

Comments:

1. The figures for FKP are now out of date due to the current capital raising undertaken by FKP. The issue of new shares is expected to be finalised around Friday 6 December 2013. The figures for capital, return on equity, yield, nta etc will be updated after FKP issues the appropriate cleansing statement

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.

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 traded sideways again this last week slipping slightly below the recent level of resistance. The market was going nowhere early in the week as the major players took Tuesday off from trading to select their horses for the Melbourne Cup and then off to their Cup lunches. They must have lost a bucket of money on the race as almost immediatley after, the A-REIT sector was sold down like it was Friday afternoon. Then on Thursday the Australian jobless figures came out and even though the slight increase was pretty much in line with expectations, the A-REIt's specialising in retail were sold down (with the possible exception of Charter Hall Retail which finished up for the week by 1.73%). The Aud$ was slapped back from US$0.96 to below US$0.94 through the week and it is probably likely some more overseas investors pulled their money out our A-REIT sector. The banks and miners might be pushing the All Ords up to 4 year highs but the A-REIT sector overall is languishing.



The updated A-REIT Table for closing prices on Friday 8 November 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.290	1,037,461,614	0.0683	2.98%	0.1650	7.21%	33.53	2.30	0.43%
ALZ	3.950	2,284,382,447	0.3120	7.90%	0.2150	5.44%	12.66	3.46	-14.16%
BWP	2.300	1,236,834,094	0.1645	7.15%	0.1410	6.13%	13.98	1.87	-22.99%
CDI	2.630	563,085,664	0.1973	7.50%	0.1780	6.77%	13.33	2.74	4.01%
CFX	2.020	5,713,561,231	0.1180	5.84%	0.1340	6.63%	17.12	2.05	1.46%
CHC	3.820	1,154,642,043	0.0903	2.36%	0.2020	5.29%	42.30	2.12	-80.19%
CQR	4.120	1,390,841,853	0.0688	1.67%	0.2680	6.50%	59.88	3.31	-24.47%
CPA	1.190	2,792,934,061	0.0746	6.27%	0.0655	5.50%	15.95	1.15	-3.48%
CMW	1.005	1,667,034,029	0.0526	5.23%	0.0724	7.20%	19.11	0.68	-47.79%
DXS	1.060	5,129,365,627	0.0680	6.42%	0.0557	5.25%	15.59	1.03	-2.91%
FDC	2.490	3,554,827,497	-0.0824	-3.31%	0.1410	5.66%	-30.22	2.22	-12.16%
FKP	1.860	598,136,391	0.2940	15.81%	0.0100	0.54%	6.33	3.98	53.27%
GMG	5.060	8,668,963,772	0.2307	4.56%	0.1870	3.70%	21.93	2.64	-91.67%
GPT	3.710	6,288,035,845	0.3360	9.06%	0.1980	5.34%	11.04	3.76	1.33%
IOF	3.180	1,952,670,916	0.1600	5.03%	0.1775	5.58%	19.88	3.14	-1.27%
MGR	1.765	6,464,691,548	0.0864	4.90%	0.0870	4.93%	20.43	1.64	-7.62%
SCP	1.600	1,027,867,424	0.1220	7.63%	0.1080	6.75%	13.11	1.56	-2.56%
SGP	4.040	9,315,233,018	0.0130	0.32%	0.2400	5.94%	310.77	3.49	-15.76%
WDC	10.840	23,784,460,798	0.7579	6.99%	0.4950	4.57%	14.30	6.90	-57.10%
WRT	3.030	9,254,123,571	0.2706	8.93%	0.1875	6.19%	11.20	3.42	11.40%

The Table comparing this weeks closing prices with last week follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		1-Nov-13	8-Nov-13
Abacus Property	ABP	2.340	2.290	-0.050	-2.14%
Australand Property	ALZ	3.720	3.950	0.230	6.18%
BWP Trust	BWP	2.300	2.300	0.000	0.00%
Challenger Div	CDI	2.620	2.630	0.010	0.38%
CFS Retail Trust	CFX	2.080	2.020	-0.060	-2.88%
Charter Hall	CHC	3.870	3.820	-0.050	-1.29%
Charter Hall Retail	CQR	4.050	4.120	0.070	1.73%
Commonwealth_Office	CPA	1.190	1.190	0.000	0.00%
Cromwell	CMW	0.980	1.005	0.025	2.55%
Dexus	DXS	1.065	1.060	-0.005	-0.47%
Federation Centres	FDC	2.460	2.490	0.030	1.22%
FKP Stapled	FKP	1.850	1.860	0.010	0.54%
Goodman Group	GMG	5.030	5.060	0.030	0.60%
GPT Group	GPT	3.660	3.710	0.050	1.37%
Investa Office	IOF	3.150	3.180	0.030	0.95%
Mirvac Group	MGR	1.755	1.765	0.010	0.57%
SCA Property Group	SCP	1.580	1.600	0.020	1.27%
Stockland Property	SGP	4.020	4.040	0.020	0.50%
Westfield	WDC	10.800	10.840	0.040	0.37%
Westfield Retail	WRT	3.100	3.030	-0.070	-2.26%

The winners this week were: Australand +6.18%; Cromwell +2.55%; and Charter Hall Retail +1.73%. Those that dropped the most for the week were: CFS Retail -2.88%; Westfield Retail Trust -2.26%; and Abacus Property -2.14%.

Comments:

1. The figures for FKP are now out of date due to the current capital raising undertaken by FKP. The issue of new shares is expected to be finalised around Friday 6 December 2013. The figures for capital, return on equity, yield nta etc will be updated after FKP issues the appropriate cleansing statement

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.

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]

Another week of dips and recoveries for the A-REIT Sector. The sector over-all is flat lining at the moment. The rumours surrounding the continuation of the US quantative easing program continue to cause fluctuation in the Aud$ and, in my opinion, the volitility there flows through to the A-REIT sector. The sector is certainly a mixed bag at the moment. With yields higher than interest rates, the sector was an attractive investment area prior to June 2013, however with a falling Aud$ against the US$ the potential for capital losses on foreign investment wiped out any incentive for foreign investors. The RBA wants to keep the Aud$ low against the US$ to stimulate our economy, however while this makes our exports cheaper it also appears to be a disincentive for foreign investment as they can get better rates of return on their investments elsewhere. Damned if you do and Damned if you don't.




The updated A-ReIT Table for the closing prices as at Friday 15 November 2013 follows. The shares on issue; earnings; distributions; and nta have been updated using the figures quoted in ComsecIress presumably from Huntleys. The figures for FKP and SCP are still based on their releases as pointed out below.

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.250	1,113,705,871	0.1368	6.08%	0.1650	7.33%	16.45	2.32	3.02%
ALZ	3.850	2,226,549,980	0.3120	8.10%	0.2150	5.58%	12.34	3.57	-7.84%
BWP	2.300	1,442,481,614	0.2078	9.03%	0.1405	6.11%	11.07	1.93	-19.17%
CDI	2.550	545,957,583	0.1890	7.41%	0.1780	6.98%	13.49	2.74	6.93%
CFX	2.040	5,830,904,848	0.1044	5.12%	0.1360	6.67%	19.54	2.04	0.00%
CHC	3.780	1,168,277,686	0.1829	4.84%	0.2020	5.34%	20.67	2.13	-77.46%
CQR	4.010	1,370,793,959	0.1624	4.05%	0.2680	6.68%	24.69	3.32	-20.78%
CPA	1.210	2,839,874,130	0.0619	5.12%	0.0655	5.41%	19.55	1.15	-5.22%
CMW	1.025	1,762,136,194	0.0344	3.36%	0.0730	7.12%	29.80	0.70	-46.43%
DXS	1.090	5,044,768,984	0.1091	10.01%	0.0600	5.50%	9.99	1.05	-3.81%
FDC	2.420	3,454,892,587	0.1479	6.11%	0.1410	5.83%	16.36	2.22	-9.01%
FKP	2.050	864,430,689	0.0087	0.42%	0.0087	0.42%	235.63	3.53	41.93%
GMG	5.050	8,679,651,185	0.0963	1.91%	0.1940	3.84%	52.44	2.69	-87.73%
GPT	3.730	6,321,934,620	0.3345	8.97%	0.1980	5.31%	11.15	3.76	0.80%
IOF	3.170	1,946,530,442	0.1600	5.05%	0.1775	5.60%	19.81	3.14	-0.96%
MGR	1.760	6,450,292,073	0.0406	2.31%	0.0870	4.94%	43.35	1.62	-8.64%
SCP	1.615	1,037,503,681	0.1220	7.55%	0.1080	6.69%	13.24	1.56	-3.53%
SGP	4.020	9,269,118,003	0.0470	1.17%	0.2400	5.97%	85.53	3.50	-14.86%
WDC	10.910	23,058,304,791	0.6424	5.89%	0.5025	4.61%	16.98	6.99	-56.08%
WRT	3.090	9,025,870,329	0.2670	8.64%	0.1942	6.28%	11.57	3.47	10.95%

The comparison A-REIT Table for the closing share price this week versus last week follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		8-Nov-13	15-Nov-13
Abacus Property	ABP	2.290	2.250	-0.040	-1.75%
Australand Property	ALZ	3.950	3.850	-0.100	-2.53%
BWP Trust	BWP	2.300	2.300	0.000	0.00%
Challenger Div	CDI	2.630	2.550	-0.080	-3.04%
CFS Retail Trust	CFX	2.020	2.040	0.020	0.99%
Charter Hall	CHC	3.820	3.780	-0.040	-1.05%
Charter Hall Retail	CQR	4.120	4.010	-0.110	-2.67%
Commonwealth_Office	CPA	1.190	1.210	0.020	1.68%
Cromwell	CMW	1.005	1.025	0.020	1.99%
Dexus	DXS	1.060	1.090	0.030	2.83%
Federation Centres	FDC	2.490	2.420	-0.070	-2.81%
FKP Stapled	FKP	1.860	2.050	0.190	10.22%
Goodman Group	GMG	5.060	5.050	-0.010	-0.20%
GPT Group	GPT	3.710	3.730	0.020	0.54%
Investa Office	IOF	3.180	3.170	-0.010	-0.31%
Mirvac Group	MGR	1.765	1.760	-0.005	-0.28%
SCA Property Group	SCP	1.600	1.615	0.015	0.94%
Stockland Property	SGP	4.040	4.020	-0.020	-0.50%
Westfield	WDC	10.840	10.910	0.070	0.65%
Westfield Retail	WRT	3.030	3.090	0.060	1.98%

FKP continued its run up. Seems the exit of SGP from their share register has stimulated investor interest and unshackled the share price. Now all the need to do is work on improving their returns. Cromwell, Dexus and Westfield Retail also had good weeks while Challenger Div, Federation Centres and Australand had a bit of a retrace, likely due to profit takers cashing out.

Comments:

1. The figures for FKP are subject to adjustment due to the current capital raising undertaken by FKP. The issue of new shares is expected to be finalised around Friday 6 December 2013. The figures for capital, return on equity, yield nta etc will be updated after FKP issues the appropriate cleansing statement

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.

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]

Watching the A-REIT sector today was like watching a train wreck in slow motion. Just when you think it can't get any worse it does. After tracking sideways for weeks, a combination of factors this week saw the A-REIT drop for four consecutive days. For many of the A-REIT shares previous support lines were blown away as share prices retested lows from months back.

The All-Ords was down but the A-REIT sector was down even more. A table of todays action follows:

Code	Prev Close	Todays Close	Change +/-	Change %	Volume	VWAP
ABP	226	225	-1.0	-0.44	815,096	225.01
AIX	0.6	0.6	0.0	0.00	3,445,876	0.6434
AJA	353	353	0.0	0.00	77,547	352.73
ALZ	375	360	-15.0	-4.00	130,808,738	360.46
BWP	229	228	-1.0	-0.44	1,058,192	228.32
CDI	253	252	-1.0	-0.40	100,865	252.49
CFX	202	200	-2.0	-0.99	21,391,171	201.08
CHC	368	356	-12.0	-3.26	535,414	358.92
CMW	99.5	101	1.5	1.51	3,554,560	100.08
CPA	126	126.5	0.5	0.40	31,312,458	126.33
CQR	391	384	-7.0	-1.79	860,445	386.16
DUE	216	216	0.0	0.00	3,164,290	215.14
DXS	106.5	105	-1.5	-1.41	48,902,264	105.67
FDC	235	232	-3.0	-1.28	4,295,984	232.23
FKP	207	207	0.0	0.00	1,616,898	205.75
GMG	491	490	-1.0	-0.20	8,414,461	489.74
GPT	356	350	-6.0	-1.69	7,982,525	351.62
IOF	318	317	-1.0	-0.31	4,856,171	317.69
MGR	168	168	0.0	0.00	20,928,646	166.93
MQA	250	250	0.0	0.00	567,972	250.62
RHG	49	49.5	0.5	1.02	535,159	49.223
SCP	158.5	158.5	0.0	0.00	1,867,065	158.38
SGP	391	385	-6.0	-1.53	16,030,052	385.93
TCQ	27	27	0.0	0.00	45,600	27.484
WDC	1040	1030	-10.0	-0.96	11,223,859	1032.1
WRT	301	299	-2.0	-0.66	11,213,551	300
XPJ	1017.3	1008.2	-9.1	-0.89	0	0

I might take tomorrow off. I don't know if I have the fortitude to watch anymore.

 

[nulla nulla]

For four consecutive days the Australian Share market retreated from the recent highs of 5400 to dip below 5300. The US markets tested 16,000 on the whipsawing resulting from rumours as to whether or not the US Treasury will continue with quantative easing or will start to scale it back on the basis that their economy is starting to show signs of improvement. The Aud$ fell back to under US$0.93 after rising above US$0.94. The Governor of the Australian Reserve Bank, Mr Stevens, keeps making comments that he wants our dollar to fall further and that another interest rate cut is not off the cards if it will help stimulate our economy, this obviously discourages foreign investor in our Dollar and the A-REIT sector. China issues updates on their monetary policy, the world thinks Australia will sell less iron ore and our mining sector drops. However the head of BHP reminds the market that they are increasing the amount of iron ore exports, quarter on quarter, and that the Iron Ore price is still above US$130 per tonne. All in all our market is about as volatile as it can get.



As if the above wasn’t enough, CapitaLand decided to reduce their holding in Australand from 59.1% to 39.1%. Unloading 20% of the entire Australand shares on issue, some 115,660,000 shares through an institutional aftermarket book build on 20 November 2013 at $3.685 per share. The shares were sold to a combination of existing and new institutional investors. Effectively these investors raised $422,159,000.00 to take up the opportunity to buy into Australand, most likely, by selling down their holdings in other A-REIT’s. Adding further volatility to the week, GPT announced a bid of $1.27 per share for CPA (including the forthcoming CPA dividend) trumping Dexus offer of $1.205 per share. The subsequent share price movement of Dexus and GPT should have been an indicator of which offer the market favoured, however with all the above factors impacting the A-REIT sector, imo, it is too early to call. The CPA share price jumped 4.55% to $1.265, Dexus dropped 4.13% to finish the week at $1.045 and GPT dropped 4.56% to finish the week at $3.56 (it could have been worse, GPT closed on Thursday at $3.49).

The A-REIT Table for Weekending 22 November 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.260	1,118,655,675	0.1368	6.05%	0.1650	7.30%	16.52	2.32	2.59%
ALZ	3.640	2,105,101,799	0.3120	8.57%	0.2150	5.91%	11.67	3.57	-1.96%
BWP	2.300	1,442,481,614	0.2078	9.03%	0.1405	6.11%	11.07	1.93	-19.17%
CDI	2.550	545,957,583	0.1890	7.41%	0.1780	6.98%	13.49	2.74	6.93%
CFX	2.000	5,716,573,380	0.1044	5.22%	0.1360	6.80%	19.16	2.04	1.96%
CHC	3.750	1,159,005,641	0.1829	4.88%	0.2020	5.39%	20.50	2.13	-76.06%
CQR	3.840	1,312,680,499	0.1624	4.23%	0.2680	6.98%	23.65	3.32	-15.66%
CPA	1.265	2,968,959,317	0.0619	4.89%	0.0655	5.18%	20.44	1.15	-10.00%
CMW	1.010	1,736,348,835	0.0344	3.41%	0.0730	7.23%	29.36	0.70	-44.29%
DXS	1.045	4,836,498,705	0.1091	10.44%	0.0600	5.74%	9.58	1.05	0.48%
FDC	2.370	3,383,510,509	0.1479	6.24%	0.1410	5.95%	16.02	2.22	-6.76%
FKP	2.110	889,731,100	0.0087	0.41%	0.0087	0.41%	242.53	3.53	40.23%
GMG	4.970	8,542,151,761	0.0963	1.94%	0.1940	3.90%	51.61	2.69	-84.76%
GPT	3.560	6,033,803,551	0.3345	9.40%	0.1980	5.56%	10.64	3.76	5.32%
IOF	3.190	1,958,811,391	0.1600	5.02%	0.1775	5.56%	19.94	3.14	-1.59%
MGR	1.685	6,175,421,672	0.0406	2.41%	0.0870	5.16%	41.50	1.62	-4.01%
SCP	1.600	1,027,867,424	0.1220	7.63%	0.1080	6.75%	13.11	1.56	-2.56%
SGP	3.880	8,946,312,898	0.0470	1.21%	0.2400	6.19%	82.55	3.50	-10.86%
WDC	10.580	22,360,849,192	0.6424	6.07%	0.5025	4.75%	16.47	6.99	-51.36%
WRT	3.030	8,850,610,711	0.2670	8.81%	0.1942	6.41%	11.35	3.47	12.68%

The comparison table for this weeks closing prices versus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		15-Nov-13	22-Nov-13
Abacus Property	ABP	2.250	2.260	0.010	0.44%
Australand Property	ALZ	3.850	3.640	-0.210	-5.45%
BWP Trust	BWP	2.300	2.300	0.000	0.00%
Challenger Div	CDI	2.550	2.550	0.000	0.00%
CFS Retail Trust	CFX	2.040	2.000	-0.040	-1.96%
Charter Hall	CHC	3.780	3.750	-0.030	-0.79%
Charter Hall Retail	CQR	4.010	3.840	-0.170	-4.24%
Commonwealth_Office	CPA	1.210	1.265	0.055	4.55%
Cromwell	CMW	1.025	1.010	-0.015	-1.46%
Dexus	DXS	1.090	1.045	-0.045	-4.13%
Federation Centres	FDC	2.420	2.370	-0.050	-2.07%
FKP Stapled	FKP	2.050	2.110	0.060	2.93%
Goodman Group	GMG	5.050	4.970	-0.080	-1.58%
GPT Group	GPT	3.730	3.560	-0.170	-4.56%
Investa Office	IOF	3.170	3.190	0.020	0.63%
Mirvac Group	MGR	1.760	1.685	-0.075	-4.26%
SCA Property Group	SCP	1.615	1.600	-0.015	-0.93%
Stockland Property	SGP	4.020	3.880	-0.140	-3.48%
Westfield	WDC	10.910	10.580	-0.330	-3.02%
Westfield Retail	WRT	3.090	3.030	-0.060	-1.94%

CPA was the big winner for the week, due to the bid by GPT. Australand dropped the most, after CapitaLand decided to divest 115 million shares.


Comments:

1. The figures for FKP are subject to adjustment due to the current capital raising undertaken by FKP. The issue of new shares is expected to be finalised around Friday 6 December 2013. The figures for capital, return on equity, yield nta etc will be updated after FKP issues the appropriate cleansing statement.

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.

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 looked like it was building a strong bounce off the support levels of 10.07 on Friday 22 November 2013 and the follow through on Monday 25 November was even more encouraging, particularly as the Aud$ had dipped against the US$. However the joy was short lived and as the Aud$ continued to fall against the US$, for six days straight, the A-REIT sector followed suite.



The updated A-REIT Table for Weekending 29 November 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.260	1,118,655,675	0.1368	6.05%	0.1650	7.30%	16.52	2.32	2.59%
ALZ	3.760	2,174,500,759	0.3120	8.30%	0.2150	5.72%	12.05	3.57	-5.32%
BWP	2.290	1,436,209,955	0.2078	9.07%	0.1405	6.14%	11.02	1.93	-18.65%
CDI	2.510	537,393,543	0.1890	7.53%	0.1780	7.09%	13.28	2.74	8.39%
CFX	2.050	5,859,487,715	0.1044	5.09%	0.1360	6.63%	19.64	2.04	-0.49%
CHC	3.750	1,159,005,641	0.1829	4.88%	0.2020	5.39%	20.50	2.13	-76.06%
CQR	3.790	1,295,588,305	0.1624	4.28%	0.2680	7.07%	23.34	3.32	-14.16%
CPA	1.270	2,980,694,335	0.0619	4.87%	0.0655	5.16%	20.52	1.15	-10.43%
CMW	0.975	1,676,178,330	0.0344	3.53%	0.0730	7.49%	28.34	0.70	-39.29%
DXS	1.045	4,836,498,705	0.1091	10.44%	0.0600	5.74%	9.58	1.05	0.48%
FDC	2.380	3,397,786,925	0.1479	6.21%	0.1410	5.92%	16.09	2.22	-7.21%
FKP	2.150	906,598,040	0.0087	0.40%	0.0087	0.40%	247.13	3.53	39.09%
GMG	4.840	8,318,715,196	0.0963	1.99%	0.1940	4.01%	50.26	2.69	-79.93%
GPT	3.580	6,067,701,324	0.3345	9.34%	0.1980	5.53%	10.70	3.76	4.79%
IOF	3.120	1,915,828,069	0.1600	5.13%	0.1775	5.69%	19.50	3.14	0.64%
MGR	1.700	6,230,395,753	0.0406	2.39%	0.0870	5.12%	41.87	1.62	-4.94%
SCP	1.580	1,015,019,081	0.1220	7.72%	0.1080	6.84%	12.95	1.56	-1.28%
SGP	3.850	8,877,140,376	0.0470	1.22%	0.2400	6.23%	81.91	3.50	-10.00%
WDC	10.400	21,980,418,866	0.6424	6.18%	0.5025	4.83%	16.19	6.99	-48.78%
WRT	3.050	8,909,030,584	0.2670	8.75%	0.1942	6.37%	11.42	3.47	12.10%

The comparison table of this weeks closing prices versus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		22-Nov-13	29-Nov-13
Abacus Property	ABP	2.260	2.260	0.000	0.00%
Australand Property	ALZ	3.640	3.760	0.120	3.30%
BWP Trust	BWP	2.300	2.290	-0.010	-0.43%
Challenger Div	CDI	2.550	2.510	-0.040	-1.57%
CFS Retail Trust	CFX	2.000	2.050	0.050	2.50%
Charter Hall	CHC	3.750	3.750	0.000	0.00%
Charter Hall Retail	CQR	3.840	3.790	-0.050	-1.30%
Commonwealth_Office	CPA	1.265	1.270	0.005	0.40%
Cromwell	CMW	1.010	0.975	-0.035	-3.47%
Dexus	DXS	1.045	1.045	0.000	0.00%
Federation Centres	FDC	2.370	2.380	0.010	0.42%
FKP Stapled	FKP	2.110	2.150	0.040	1.90%
Goodman Group	GMG	4.970	4.840	-0.130	-2.62%
GPT Group	GPT	3.560	3.580	0.020	0.56%
Investa Office	IOF	3.190	3.120	-0.070	-2.19%
Mirvac Group	MGR	1.685	1.700	0.015	0.89%
SCA Property Group	SCP	1.600	1.580	-0.020	-1.25%
Stockland Property	SGP	3.880	3.850	-0.030	-0.77%
Westfield	WDC	10.580	10.400	-0.180	-1.70%
Westfield Retail	WRT	3.030	3.050	0.020	0.66%

Comments:

1. The figures for FKP are subject to adjustment due to the current capital raising undertaken by FKP. The issue of new shares is expected to be finalised around Friday 6 December 2013. The figures for capital, return on equity, yield nta etc will be updated after FKP issues the appropriate cleansing statement.


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.

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 looked like it was going to bounce on Monday/Tuesday of this week, unfortunately it was short and sharp, like the dead cat variety. The US Jobs, employment and manufacturing figures came out early in the week and appear to have been better than analysts expected.

The improvement in the economy, while minor, was quickly interpreted as indicative that the US economy is starting to improve, starting to get back on its' feet, starting.. The reaction of the market was to send the Dow Jones down because improvement in the economy is bad, right? Well no, improvement in the economy would normally instill confidence and stimulate share market recovery. However, because the current US share market confidence is driven by quantative easing, any signs of improvement in the economy could herald the easing/tapering of quantative easing. The market doesn't like this and the ripple effect of the US sell down was a sell down arround the world. And get this, even though the US has a trillion dollar debt, the signs of improvement in their economy stimulate a sell off of foreign currencies and gold as investors return to the US$. So down goes the Aud$ and down go the A-REIT's (unfortunately at a faster rate than the all ords). Ouch.



The A-REIT Table for closing prices on Friday 6 December 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.200	1,088,956,851	0.1368	6.22%	0.1650	7.50%	16.08	2.32	5.17%
ALZ	3.710	2,145,584,526	0.3120	8.41%	0.2150	5.80%	11.89	3.57	-3.92%
BWP	2.230	1,398,579,999	0.2078	9.32%	0.1405	6.30%	10.73	1.93	-15.54%
CDI	2.530	541,675,563	0.1890	7.47%	0.1780	7.04%	13.39	2.74	7.66%
CFX	1.940	5,545,076,179	0.1044	5.38%	0.1360	7.01%	18.58	2.04	4.90%
CHC	3.550	1,097,192,007	0.1829	5.15%	0.2020	5.69%	19.41	2.13	-66.67%
CQR	3.670	1,254,567,040	0.1624	4.43%	0.2680	7.30%	22.60	3.32	-10.54%
CPA	1.255	2,945,489,283	0.0619	4.93%	0.0655	5.22%	20.27	1.15	-9.13%
CMW	0.960	1,650,390,972	0.0344	3.58%	0.0730	7.60%	27.91	0.70	-37.14%
DXS	1.020	4,720,792,995	0.1091	10.70%	0.0600	5.88%	9.35	1.05	2.86%
FDC	2.280	3,255,022,768	0.1479	6.49%	0.1410	6.18%	15.42	2.22	-2.70%
FKP	2.050	864,430,689	0.0087	0.42%	0.0087	0.42%	235.63	3.53	41.93%
GMG	4.650	7,992,154,062	0.0963	2.07%	0.1940	4.17%	48.29	2.69	-72.86%
GPT	3.400	5,762,621,369	0.3345	9.84%	0.1980	5.82%	10.16	3.76	9.57%
IOF	3.060	1,878,985,221	0.1600	5.23%	0.1775	5.80%	19.13	3.14	2.55%
MGR	1.620	5,937,200,658	0.0406	2.51%	0.0870	5.37%	39.90	1.62	0.00%
SCP	1.530	982,898,224	0.1220	7.97%	0.1080	7.06%	12.54	1.56	1.92%
SGP	3.700	8,531,277,764	0.0470	1.27%	0.2400	6.49%	78.72	3.50	-5.71%
WDC	10.280	21,726,798,648	0.6424	6.25%	0.5025	4.89%	16.00	6.99	-47.07%
WRT	2.900	8,470,881,539	0.2670	9.21%	0.1942	6.70%	10.86	3.47	16.43%

The comparison table of this weeks closing prices verus last weeks closing prices shows how bad the sell down was across the board. I was going to say that "it is an indication of how bad the week was when you can measure the best performers by how low their drop was" however Challeger Diversified actualy gained $0.02 (or 0.8%) while the rest fell between 1-5%. The problem presenting itself now is working out whether this is a reliable support level (get back in) or the start of worse to come (cash out & take a holiday)?

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		29-Nov-13	6-Dec-13
Abacus Property	ABP	2.260	2.200	-0.060	-2.65%
Australand Property	ALZ	3.760	3.710	-0.050	-1.33%
BWP Trust	BWP	2.290	2.230	-0.060	-2.62%
Challenger Div	CDI	2.510	2.530	0.020	0.80%
CFS Retail Trust	CFX	2.050	1.940	-0.110	-5.37%
Charter Hall	CHC	3.750	3.550	-0.200	-5.33%
Charter Hall Retail	CQR	3.790	3.670	-0.120	-3.17%
Commonwealth_Office	CPA	1.270	1.255	-0.015	-1.18%
Cromwell	CMW	0.975	0.960	-0.015	-1.54%
Dexus	DXS	1.045	1.020	-0.025	-2.39%
Federation Centres	FDC	2.380	2.280	-0.100	-4.20%
FKP Stapled	FKP	2.150	2.050	-0.100	-4.65%
Goodman Group	GMG	4.840	4.650	-0.190	-3.93%
GPT Group	GPT	3.580	3.400	-0.180	-5.03%
Investa Office	IOF	3.120	3.060	-0.060	-1.92%
Mirvac Group	MGR	1.700	1.620	-0.080	-4.71%
SCA Property Group	SCP	1.580	1.530	-0.050	-3.16%
Stockland Property	SGP	3.850	3.700	-0.150	-3.90%
Westfield	WDC	10.400	10.280	-0.120	-1.15%
Westfield Retail	WRT	3.050	2.900	-0.150	-4.92%

Comments:

1. The figures for FKP are subject to adjustment due to the current capital raising undertaken by FKP. The issue of new shares is expected to be finalised around Friday 6 December 2013. The figures for capital, return on equity, yield nta etc will be updated after FKP issues the appropriate cleansing statement.


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.

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 continued to dive through the week barely managing to arrest the fall on Friday after four days of solid selling. The sector was once again heavily impacted by the sell down of the Aud$ which dropped below US$0.90 and the foreign investors abandoned Australian REIT’s. When you look at the fall of the Aud$ since May 2013 and the fall of the A-REIT sector for the same period, you realize their pain is even worse than that of local A-REIT investors. Foreign investors get hit with a double whammy. The yields might be good, locally, but for foreign investors the yields are not enough to cover the capital devaluation. You can hardly blame them for selling out. With the big currency players and Glenn Stevens jawboning the economy down and the Aud$ as being better priced at US$0.85, there is little point in foreign investors sticking around for their investment to be pushed down another 5%.

I have included a chart this week which shows a comparison of the All Ords versus the Property Sector over the last twelve (12) months. The property sector was improving on a par with the All Ords until February 2013, then it started to fall behind. The foreign investors flooded in between March and May 2013 chasing yield on the cheap funds, closing the gap. However as soon as the Aud$ started getting talked down in May the All Ords and the A-REIT sector fell. Then the All Ords started to climb toward 5400 the A-REIT didn’t climb but fell into a sideways pattern. Any improvement in the Aud$ alongside a share price rise merely represented a better selling point to foreign investors. When the All Ords started to reverse in November, the gap to the A-REIT sector didn’t close but was maintained pushing the A-REIT sector to lows we haven’t seen for a year.



The A-REIT Table for week ending 13 December 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.210	1,093,906,655	0.1368	6.19%	0.1650	7.47%	16.15	2.32	4.74%
ALZ	3.690	2,134,018,032	0.3120	8.46%	0.2150	5.83%	11.83	3.57	-3.36%
AOG	1.980	990,220,691	0.0087	0.44%	0.0087	0.44%	227.59	3.53	43.91%
BWP	2.140	1,342,135,067	0.2078	9.71%	0.1405	6.57%	10.30	1.93	-10.88%
CDI	2.430	520,265,462	0.1890	7.78%	0.1780	7.33%	12.86	2.74	11.31%
CFX	1.905	5,445,036,144	0.1044	5.48%	0.1360	7.14%	18.25	2.04	6.62%
CHC	3.480	1,075,557,235	0.1829	5.26%	0.2020	5.80%	19.03	2.13	-63.38%
CQR	3.530	1,206,708,896	0.1624	4.60%	0.2680	7.59%	21.74	3.32	-6.33%
CPA	1.270	2,980,694,335	0.0619	4.87%	0.0655	5.16%	20.52	1.15	-10.43%
CMW	0.940	1,616,007,826	0.0344	3.66%	0.0730	7.77%	27.33	0.70	-34.29%
DXS	1.025	4,743,934,137	0.1091	10.64%	0.0600	5.85%	9.40	1.05	2.38%
FDC	2.250	3,212,193,521	0.1479	6.57%	0.1410	6.27%	15.21	2.22	-1.35%
GMG	4.600	7,906,216,921	0.0963	2.09%	0.1940	4.22%	47.77	2.69	-71.00%
GPT	3.430	5,813,468,028	0.3345	9.75%	0.1980	5.77%	10.25	3.76	8.78%
IOF	3.020	1,854,423,323	0.1600	5.30%	0.1775	5.88%	18.88	3.14	3.82%
MGR	1.615	5,918,875,965	0.0406	2.51%	0.0870	5.39%	39.78	1.62	0.31%
SCP	1.475	956,726,772	0.1220	8.27%	0.1080	7.32%	12.09	1.57	6.05%
SGP	3.680	8,485,162,749	0.0470	1.28%	0.2400	6.52%	78.30	3.50	-5.14%
WDC	9.990	21,113,883,122	0.6424	6.43%	0.5025	5.03%	15.55	6.99	-42.92%
WRT	2.900	8,470,881,539	0.2670	9.21%	0.1942	6.70%	10.86	3.47	16.43%

The comparison table for this weeks’ closing prices versus last weeks’ closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		6-Dec-13	13-Dec-13
Abacus Property	ABP	2.200	2.210	0.010	0.45%
Australand Property	ALZ	3.710	3.690	-0.020	-0.54%
Aveo (FKP Stapled)	AOG	2.050	1.980	-0.070	-3.41%
BWP Trust	BWP	2.230	2.140	-0.090	-4.04%
Challenger Div	CDI	2.530	2.430	-0.100	-3.95%
CFS Retail Trust	CFX	1.940	1.905	-0.035	-1.80%
Charter Hall	CHC	3.550	3.480	-0.070	-1.97%
Charter Hall Retail	CQR	3.670	3.530	-0.140	-3.81%
Commonwealth_Office	CPA	1.255	1.270	0.015	1.20%
Cromwell	CMW	0.960	0.940	-0.020	-2.08%
Dexus	DXS	1.020	1.025	0.005	0.49%
Federation Centres	FDC	2.280	2.250	-0.030	-1.32%
Goodman Group	GMG	4.650	4.600	-0.050	-1.08%
GPT Group	GPT	3.400	3.430	0.030	0.88%
Investa Office	IOF	3.060	3.020	-0.040	-1.31%
Mirvac Group	MGR	1.620	1.615	-0.005	-0.31%
SCA Property Group	SCP	1.530	1.475	-0.055	-3.59%
Stockland Property	SGP	3.700	3.680	-0.020	-0.54%
Westfield	WDC	10.280	9.990	-0.290	-2.82%
Westfield Retail	WRT	2.900	2.900	0.000	0.00%

Not a good week and hard to see any basis for it getting better in the immediate future. I doubt that the promise of some good distributions (many of the A-REIT’s will go ex-div before xmas) will be enough to lift the A-REIT shares this week. The falls when they go ex-div are more likely to provide some entry points. Curiously some journo’s are suggesting that there might be a rally in share prices when investors receive their distributions and re-invest same. I guess we will have to wait and see.


Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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 week started poorly for the A-REIT sector. However the news on Wednesday that the US Fed would start reducing quantative easing from $85billion to $75billion per month was well recieved by international markets and Australia rallied on Thursday & Friday. The rally shouldn't be over hyped as many of the A-REIT's will go ex-div on monday 23 December and there will have been a component of dividend chasers buying up stocks for their yields on Thursday/Friday as well. The share price for the stocks that go ex-div on Monday will likely drop like a stone.



The A-REIT Table for closing prices as at Friday 20 December 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.330	1,153,304,302	0.1368	5.87%	0.1650	7.08%	17.03	2.32	-0.43%
ALZ	3.900	2,255,466,213	0.3120	8.00%	0.2150	5.51%	12.50	3.57	-9.24%
AOG	1.950	975,217,347	0.0087	0.45%	0.0087	0.45%	224.14	3.53	44.76%
BWP	2.170	1,360,950,044	0.2078	9.58%	0.1405	6.47%	10.44	1.93	-12.44%
CDI	2.500	535,252,533	0.1890	7.56%	0.1780	7.12%	13.23	2.74	8.76%
CFX	1.940	5,545,076,179	0.1044	5.38%	0.1360	7.01%	18.58	2.04	4.90%
CHC	3.700	1,143,552,233	0.1829	4.94%	0.2020	5.46%	20.23	2.13	-73.71%
CQR	3.670	1,254,567,040	0.1624	4.43%	0.2680	7.30%	22.60	3.32	-10.54%
CPA	1.265	2,968,959,317	0.0619	4.89%	0.0655	5.18%	20.44	1.15	-10.00%
CMW	0.995	1,710,561,476	0.0344	3.46%	0.0730	7.34%	28.92	0.70	-42.14%
DXS	1.045	4,836,498,705	0.1091	10.44%	0.0600	5.74%	9.58	1.05	0.48%
FDC	2.370	3,383,510,509	0.1479	6.24%	0.1410	5.95%	16.02	2.22	-6.76%
GMG	4.880	8,387,464,908	0.0963	1.97%	0.1940	3.98%	50.67	2.69	-81.41%
GPT	3.440	5,830,416,915	0.3345	9.72%	0.1980	5.76%	10.28	3.76	8.51%
IOF	3.170	1,946,530,442	0.1600	5.05%	0.1775	5.60%	19.81	3.14	-0.96%
MGR	1.720	6,303,694,526	0.0406	2.36%	0.0870	5.06%	42.36	1.62	-6.17%
SCP	1.555	1,008,617,038	0.1220	7.85%	0.1080	6.95%	12.75	1.57	0.96%
SGP	3.670	8,462,105,241	0.0470	1.28%	0.2400	6.54%	78.09	3.50	-4.86%
WDC	10.140	21,430,908,394	0.6424	6.34%	0.5025	4.96%	15.78	6.99	-45.06%
WRT	3.000	8,762,980,902	0.2670	8.90%	0.1942	6.47%	11.24	3.47	13.54%

The A-REIT Table comparing closing prices for the last two week follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		13-Dec-13	20-Dec-13
Abacus Property	ABP	2.210	2.330	0.120	5.43%
Australand Property	ALZ	3.690	3.900	0.210	5.69%
Aveo (FKP Stapled)	AOG	1.980	1.950	-0.030	-1.52%
BWP Trust	BWP	2.140	2.170	0.030	1.40%
Challenger Div	CDI	2.430	2.500	0.070	2.88%
CFS Retail Trust	CFX	1.905	1.940	0.035	1.84%
Charter Hall	CHC	3.480	3.700	0.220	6.32%
Charter Hall Retail	CQR	3.530	3.670	0.140	3.97%
Commonwealth_Office	CPA	1.270	1.265	-0.005	-0.39%
Cromwell	CMW	0.940	0.995	0.055	5.85%
Dexus	DXS	1.025	1.045	0.020	1.95%
Federation Centres	FDC	2.250	2.370	0.120	5.33%
Goodman Group	GMG	4.600	4.880	0.280	6.09%
GPT Group	GPT	3.430	3.440	0.010	0.29%
Investa Office	IOF	3.020	3.170	0.150	4.97%
Mirvac Group	MGR	1.615	1.720	0.105	6.50%
SCA Property Group	SCP	1.475	1.555	0.080	5.42%
Stockland Property	SGP	3.680	3.670	-0.010	-0.27%
Westfield	WDC	9.990	10.140	0.150	1.50%
Westfield Retail	WRT	2.900	3.000	0.100	3.45%

Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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]

As expected, on Monday the A-REIT shares mostly dropped by their distribution amounts trading Ex-div from the open. For some reason GPT dropped by the distribution amount during trade on Friday 20/12/13 with the initial drop on Monday being quickly reversed. WRT was a bit of a disappointment this week dropping from last weeks close of $3.00 to close out this week at $2.93 even though it didn’t go ex-div yet.



In previous years the A-REIT sector has rallied over the Xmas/New Year break with share prices being driven up by retail traders, trading smaller volumes, while the fund managers take their holidays. It would appear from the volume drop off and the sideways/downward share price movements this year that many of the retail traders may have decided to join the fund managers on holidays this time.

The A-REIT Table for closing prices for week ending 27 December 2013 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.350	1,163,203,909	0.1368	5.82%	0.1650	7.02%	17.18	2.32	-1.29%
ALZ	3.800	2,197,633,746	0.3120	8.21%	0.2150	5.66%	12.18	3.57	-6.44%
AOG	1.990	995,221,805	0.0087	0.44%	0.0087	0.44%	228.74	3.53	43.63%
BWP	2.180	1,367,221,703	0.2078	9.53%	0.1405	6.44%	10.49	1.93	-12.95%
CDI	2.470	528,829,502	0.1890	7.65%	0.1780	7.21%	13.07	2.74	9.85%
CFX	1.895	5,416,453,278	0.1044	5.51%	0.1360	7.18%	18.15	2.04	7.11%
CHC	3.650	1,128,098,824	0.1829	5.01%	0.2020	5.53%	19.96	2.13	-71.36%
CQR	3.580	1,223,801,090	0.1624	4.54%	0.2680	7.49%	22.04	3.32	-7.83%
CPA	1.240	2,910,284,232	0.0619	4.99%	0.0655	5.28%	20.03	1.15	-7.83%
CMW	0.980	1,684,774,117	0.0344	3.51%	0.0730	7.45%	28.49	0.70	-40.00%
DXS	1.005	4,651,369,568	0.1091	10.86%	0.0600	5.97%	9.21	1.05	4.29%
FDC	2.300	3,283,575,600	0.1479	6.43%	0.1410	6.13%	15.55	2.22	-3.60%
GMG	4.750	8,164,028,343	0.0963	2.03%	0.1940	4.08%	49.33	2.69	-76.58%
GPT	3.450	5,847,365,801	0.3345	9.70%	0.1980	5.74%	10.31	3.76	8.24%
IOF	3.100	1,903,547,120	0.1600	5.16%	0.1775	5.73%	19.38	3.14	1.27%
MGR	1.685	6,175,421,672	0.0406	2.41%	0.0870	5.16%	41.50	1.62	-4.01%
SCP	1.535	995,644,471	0.1220	7.95%	0.1080	7.04%	12.58	1.57	2.23%
SGP	3.620	8,346,817,704	0.0470	1.30%	0.2400	6.63%	77.02	3.50	-3.43%
WDC	10.210	21,578,853,521	0.6424	6.29%	0.5025	4.92%	15.89	6.99	-46.07%
WRT	2.930	8,558,511,348	0.2670	9.11%	0.1942	6.63%	10.97	3.47	15.56%

The comparison table of this weeks closing prices verus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		20-Dec-13	27-Dec-13
Abacus Property	ABP	2.330	2.350	0.020	0.86%
Australand Property	ALZ	3.900	3.800	-0.100	-2.56%
Aveo (FKP Stapled)	AOG	1.950	1.990	0.040	2.05%
BWP Trust	BWP	2.170	2.180	0.010	0.46%
Challenger Div	CDI	2.500	2.470	-0.030	-1.20%
CFS Retail Trust	CFX	1.940	1.895	-0.045	-2.32%
Charter Hall	CHC	3.700	3.650	-0.050	-1.35%
Charter Hall Retail	CQR	3.670	3.580	-0.090	-2.45%
Commonwealth_Office	CPA	1.265	1.240	-0.025	-1.98%
Cromwell	CMW	0.995	0.980	-0.015	-1.51%
Dexus	DXS	1.045	1.005	-0.040	-3.83%
Federation Centres	FDC	2.370	2.300	-0.070	-2.95%
Goodman Group	GMG	4.880	4.750	-0.130	-2.66%
GPT Group	GPT	3.440	3.450	0.010	0.29%
Investa Office	IOF	3.170	3.100	-0.070	-2.21%
Mirvac Group	MGR	1.720	1.685	-0.035	-2.03%
SCA Property Group	SCP	1.555	1.535	-0.020	-1.29%
Stockland Property	SGP	3.670	3.620	-0.050	-1.36%
Westfield	WDC	10.140	10.210	0.070	0.69%
Westfield Retail	WRT	3.000	2.930	-0.070	-2.33%

Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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]

As pointed out last week, in previous years the A-REIT sector has rallied over the Xmas/New Year break with share prices being driven up by retail traders, trading smaller volumes, while the fund managers take their holidays. After the scaled down trading volumes for the week ending 27 December 2013, I figured the Xmas rally was going to be a non event this year. However the A-REIT shares rallied slightly this week with most of the shares listed in the Table rising around 2%. A fairly quick rebound in share prices after going ex-div the previous week, which would have given some punters a nice little Xmas present of the dividends (to be paid in February/March) and a modest capital gain.

Trading volumes were very thin during the week with the local fund managers still on their Xmas/New Year breaks. It will be interesting to see where the share prices go on Monday 6/1/14 when many of them return to work. Predictions for the sector for 2014 have been many and varied. I am taking a middle of the road outlook expecting the market to move pretty much sideways during 2014, with plenty of volatility and opportunities for quick trades.



The A-REIT Table for closing prices for week ending 03 January 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.340	1,158,254,106	0.1368	5.85%	0.1650	7.05%	17.11	2.32	-0.86%
ALZ	3.870	2,238,116,473	0.3120	8.06%	0.2150	5.56%	12.40	3.57	-8.40%
AOG	2.060	1,030,229,608	0.0087	0.42%	0.0087	0.42%	236.78	3.53	41.64%
BWP	2.220	1,392,308,340	0.2078	9.36%	0.1405	6.33%	10.68	1.93	-15.03%
CDI	2.500	535,252,533	0.1890	7.56%	0.1780	7.12%	13.23	2.74	8.76%
CFX	1.940	5,545,076,179	0.1044	5.38%	0.1360	7.01%	18.58	2.04	4.90%
CHC	3.670	1,134,280,188	0.1829	4.98%	0.2020	5.50%	20.07	2.13	-72.30%
CQR	3.620	1,237,474,846	0.1624	4.49%	0.2680	7.40%	22.29	3.32	-9.04%
CPA	1.245	2,922,019,249	0.0619	4.97%	0.0655	5.26%	20.11	1.15	-8.26%
CMW	0.980	1,684,774,117	0.0344	3.51%	0.0730	7.45%	28.49	0.70	-40.00%
DXS	1.020	4,720,792,995	0.1091	10.70%	0.0600	5.88%	9.35	1.05	2.86%
FDC	2.320	3,312,128,431	0.1479	6.38%	0.1410	6.08%	15.69	2.22	-4.50%
GMG	4.760	8,181,215,771	0.0963	2.02%	0.1940	4.08%	49.43	2.69	-76.95%
GPT	3.490	5,915,161,347	0.3345	9.58%	0.1980	5.67%	10.43	3.76	7.18%
IOF	3.160	1,940,389,967	0.1600	5.06%	0.1775	5.62%	19.75	3.14	-0.64%
MGR	1.705	6,248,720,446	0.0406	2.38%	0.0870	5.10%	42.00	1.62	-5.25%
SCP	1.545	1,002,130,754	0.1220	7.90%	0.1080	6.99%	12.66	1.57	1.59%
SGP	3.640	8,392,932,719	0.0470	1.29%	0.2400	6.59%	77.45	3.50	-4.00%
WDC	10.180	21,515,448,467	0.6424	6.31%	0.5025	4.94%	15.85	6.99	-45.64%
WRT	3.000	8,762,980,902	0.2670	8.90%	0.1942	6.47%	11.24	3.47	13.54%

The comparison table of this weeks closing prices versus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		27-Dec-13	3-Jan-14
Abacus Property	ABP	2.350	2.340	-0.010	-0.43%
Australand Property	ALZ	3.800	3.870	0.070	1.84%
Aveo (FKP Stapled)	AOG	1.990	2.060	0.070	3.52%
BWP Trust	BWP	2.180	2.220	0.040	1.83%
Challenger Div	CDI	2.470	2.500	0.030	1.21%
CFS Retail Trust	CFX	1.895	1.940	0.045	2.37%
Charter Hall	CHC	3.650	3.670	0.020	0.55%
Charter Hall Retail	CQR	3.580	3.620	0.040	1.12%
Commonwealth_Office	CPA	1.240	1.245	0.005	0.40%
Cromwell	CMW	0.980	0.980	0.000	0.00%
Dexus	DXS	1.005	1.020	0.015	1.49%
Federation Centres	FDC	2.300	2.320	0.020	0.87%
Goodman Group	GMG	4.750	4.760	0.010	0.21%
GPT Group	GPT	3.450	3.490	0.040	1.16%
Investa Office	IOF	3.100	3.160	0.060	1.94%
Mirvac Group	MGR	1.685	1.705	0.020	1.19%
SCA Property Group	SCP	1.535	1.545	0.010	0.65%
Stockland Property	SGP	3.620	3.640	0.020	0.55%
Westfield	WDC	10.210	10.180	-0.030	-0.29%
Westfield Retail	WRT	2.930	3.000	0.070	2.39%

Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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]

A-REIT Sector: Weekending Friday 10 January 2014-01-14

Trading volumes this week, across the sector, continued at lower than normal levels, however the sector held ground where the All Ords dipped on the pull back linked to the weaker than expected US Jobs Report and the Chinese inflation/foreign debt reports. Any excuse for some volatility, lets kick the aussie markets around and some investors step out of resources into property.

Trading volumes will likely improve next week when many of the fund managers return to work.



The A-REIT Table for closing prices for week ending 10 January 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.350	1,163,203,909	0.1368	5.82%	0.1650	7.02%	17.18	2.32	-1.29%
ALZ	3.870	2,238,116,473	0.3120	8.06%	0.2150	5.56%	12.40	3.57	-8.40%
AOG	2.250	1,125,250,785	0.0087	0.39%	0.0087	0.39%	258.62	3.53	36.26%
BWP	2.230	1,398,579,999	0.2078	9.32%	0.1405	6.30%	10.73	1.93	-15.54%
CDI	2.540	543,816,573	0.1890	7.44%	0.1780	7.01%	13.44	2.74	7.30%
CFX	1.995	5,702,281,947	0.1044	5.23%	0.1360	6.82%	19.11	2.04	2.21%
CHC	3.760	1,162,096,323	0.1829	4.86%	0.2020	5.37%	20.56	2.13	-76.53%
CQR	3.690	1,261,403,917	0.1624	4.40%	0.2680	7.26%	22.72	3.32	-11.14%
CPA	1.230	2,886,814,198	0.0619	5.03%	0.0655	5.33%	19.87	1.15	-6.96%
CMW	0.995	1,710,561,476	0.0344	3.46%	0.0730	7.34%	28.92	0.70	-42.14%
DXS	1.030	4,767,075,279	0.1091	10.59%	0.0600	5.83%	9.44	1.05	1.90%
FDC	2.380	3,397,786,925	0.1479	6.21%	0.1410	5.92%	16.09	2.22	-7.21%
GMG	4.770	8,198,403,199	0.0963	2.02%	0.1940	4.07%	49.53	2.69	-77.32%
GPT	3.590	6,084,650,210	0.3345	9.32%	0.1980	5.52%	10.73	3.76	4.52%
IOF	3.180	1,952,670,916	0.1600	5.03%	0.1775	5.58%	19.88	3.14	-1.27%
MGR	1.750	6,413,642,687	0.0406	2.32%	0.0870	4.97%	43.10	1.62	-8.02%
SCP	1.570	1,018,346,462	0.1220	7.77%	0.1080	6.88%	12.87	1.57	0.00%
SGP	3.800	8,761,852,839	0.0470	1.24%	0.2400	6.32%	80.85	3.50	-8.57%
WDC	10.080	21,304,098,285	0.6424	6.37%	0.5025	4.99%	15.69	6.99	-44.21%
WRT	3.050	8,909,030,584	0.2670	8.75%	0.1942	6.37%	11.42	3.47	12.10%

The comparison table of this weeks closing prices versus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		3-Jan-14	10-Jan-14
Abacus Property	ABP	2.340	2.350	0.010	0.43%
Australand Property	ALZ	3.870	3.870	0.000	0.00%
Aveo (FKP Stapled)	AOG	2.060	2.250	0.190	9.22%
BWP Trust	BWP	2.220	2.230	0.010	0.45%
Challenger Div	CDI	2.500	2.540	0.040	1.60%
CFS Retail Trust	CFX	1.940	1.995	0.055	2.84%
Charter Hall	CHC	3.670	3.760	0.090	2.45%
Charter Hall Retail	CQR	3.620	3.690	0.070	1.93%
Commonwealth_Office	CPA	1.245	1.230	-0.015	-1.20%
Cromwell	CMW	0.980	0.995	0.015	1.53%
Dexus	DXS	1.020	1.030	0.010	0.98%
Federation Centres	FDC	2.320	2.380	0.060	2.59%
Goodman Group	GMG	4.760	4.770	0.010	0.21%
GPT Group	GPT	3.490	3.590	0.100	2.87%
Investa Office	IOF	3.160	3.180	0.020	0.63%
Mirvac Group	MGR	1.705	1.750	0.045	2.64%
SCA Property Group	SCP	1.545	1.570	0.025	1.62%
Stockland Property	SGP	3.640	3.800	0.160	4.40%
Westfield	WDC	10.180	10.080	-0.100	-0.98%
Westfield Retail	WRT	3.000	3.050	0.050	1.67%

At this time of the year, I think it is worth looking at where the A-REIT sector went in 2013 and how it finished up in comparison with 2012. It would appear that the recovery since the lows of March 2009 peaked in May 2013 and then the sector suffered a significant correction (in line with the Aud$) ending up at year end only slightly better than where it started.



A table of the A-REIT shares comparing figures from 04 January 2013 and 04 January 2014 follows. The table includes the 12 month highs/lows as well.

Code	Closing_Price	Closing_Price	$_Change	%_Change	Div	Return%	Highest	Lowest
	4-Jan-13	3-Jan-14
ABP	2.180	2.340	0.160	7.34%	0.165	7.57%	2.510	2.095
ALZ	3.330	3.870	0.540	16.22%	0.215	6.46%	4.020	3.140
AOG	1.195	2.060	0.865	72.38%	0.009	0.73%	2.200	0.915
BWP	2.180	2.220	0.040	1.83%	0.139	6.37%	2.772	2.120
CDI	2.480	2.500	0.020	0.81%	0.000	0.00%	2.830	2.300
CFX	1.920	1.940	0.020	1.04%	0.136	7.08%	2.260	1.875
CHC	3.790	3.670	-0.120	-3.17%	0.214	5.65%	4.680	3.195
CQR	3.330	3.620	0.290	8.71%	0.272	8.15%	4.490	3.505
CPA	1.015	1.245	0.230	22.66%	0.069	6.75%	1.285	1.005
CMW	0.840	0.980	0.140	16.67%	0.074	8.77%	1.112	0.823
DXS	0.985	1.020	0.035	3.55%	0.062	6.27%	1.240	0.980
FDC	2.290	2.320	0.030	1.31%	0.150	6.55%	2.740	2.160
GMG	4.370	4.760	0.390	8.92%	0.201	4.59%	5.590	4.290
GPT	3.670	3.490	-0.180	-4.90%	0.204	5.56%	4.230	3.340
IOF	2.950	3.160	0.210	7.12%	0.183	6.19%	3.440	2.720
MGR	1.475	1.705	0.230	15.59%	0.089	6.03%	1.835	1.500
SCP	1.505	1.545	0.040	2.66%	0.110	7.31%	1.850	1.465
SGP	3.530	3.640	0.110	3.12%	0.240	6.80%	4.120	3.320
WDC	10.520	10.180	-0.340	-3.23%	0.503	4.78%	12.550	9.670
WRT	3.020	3.000	-0.020	-0.66%	0.194	6.43%	3.450	2.820

How did your shares go? If you were an investor/long term holder you probably received a distribution of between 5-8%. If you were trading the volatility you likely did better.

Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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]

A-REIT Sector: Weekending Friday 17 January 2014

Trading volumes this week improved slightly on the previous two weeks. It appears that the professional Fund Managers may have returned to trading. The Australian Dollar is getting a hiding against the other currencies, not just the US$. The close on Friday at US$0.878 is the lowest the Aud$ has been since August 2010.



Surprisingly the A-REIT sector held up for the week, even recovering further from the recent falls. Is it possible that the A-REIT share prices have reached a point of intrinsic value to foreign investors, low entry points in US$ terms with 5%+ yields, that they are now returning to this sector? Or is this just a dead cat bounce? It is certainly volatile.



The A-REIT Table for closing prices for week ending 17 January 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.300	1,138,454,890	0.1368	5.95%	0.1650	7.17%	16.81	2.32	0.86%
ALZ	3.860	2,232,333,226	0.3120	8.08%	0.2150	5.57%	12.37	3.57	-8.12%
AOG	2.250	1,125,250,785	0.0087	0.39%	0.0087	0.39%	258.62	3.53	36.26%
BWP	2.220	1,392,308,340	0.2078	9.36%	0.1405	6.33%	10.68	1.93	-15.03%
CDI	2.600	556,662,634	0.1890	7.27%	0.1780	6.85%	13.76	2.74	5.11%
CFX	1.975	5,645,116,213	0.1044	5.29%	0.1360	6.89%	18.92	2.04	3.19%
CHC	3.700	1,143,552,233	0.1829	4.94%	0.2020	5.46%	20.23	2.13	-73.71%
CQR	3.650	1,247,730,162	0.1624	4.45%	0.2680	7.34%	22.48	3.32	-9.94%
CPA	1.240	2,910,284,232	0.0619	4.99%	0.0655	5.28%	20.03	1.15	-7.83%
CMW	0.975	1,676,178,330	0.0344	3.53%	0.0730	7.49%	28.34	0.70	-39.29%
DXS	1.050	4,859,639,847	0.1091	10.39%	0.0600	5.71%	9.62	1.05	0.00%
FDC	2.360	3,369,234,093	0.1479	6.27%	0.1410	5.97%	15.96	2.22	-6.31%
GMG	4.680	8,043,716,346	0.0963	2.06%	0.1940	4.15%	48.60	2.69	-73.98%
GPT	3.650	6,186,343,529	0.3345	9.16%	0.1980	5.42%	10.91	3.76	2.93%
IOF	3.180	1,952,670,916	0.1600	5.03%	0.1775	5.58%	19.88	3.14	-1.27%
MGR	1.745	6,395,317,993	0.0406	2.33%	0.0870	4.99%	42.98	1.62	-7.72%
SCP	1.535	995,644,471	0.1220	7.95%	0.1080	7.04%	12.58	1.57	2.23%
SGP	3.800	8,761,852,839	0.0470	1.24%	0.2400	6.32%	80.85	3.50	-8.57%
WDC	10.200	21,557,718,503	0.6424	6.30%	0.5025	4.93%	15.88	6.99	-45.92%
WRT	3.080	8,996,660,393	0.2670	8.67%	0.1942	6.31%	11.54	3.47	11.24%

The comparison table of this weeks closing prices versus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		10-Jan-14	17-Jan-14
Abacus Property	ABP	2.350	2.300	-0.050	-2.13%
Australand Property	ALZ	3.870	3.860	-0.010	-0.26%
Aveo (FKP Stapled)	AOG	2.250	2.250	0.000	0.00%
BWP Trust	BWP	2.230	2.220	-0.010	-0.45%
Challenger Div	CDI	2.540	2.600	0.060	2.36%
CFS Retail Trust	CFX	1.995	1.975	-0.020	-1.00%
Charter Hall	CHC	3.760	3.700	-0.060	-1.60%
Charter Hall Retail	CQR	3.690	3.650	-0.040	-1.08%
Commonwealth_Office	CPA	1.230	1.240	0.010	0.81%
Cromwell	CMW	0.995	0.975	-0.020	-2.01%
Dexus	DXS	1.030	1.050	0.020	1.94%
Federation Centres	FDC	2.380	2.360	-0.020	-0.84%
Goodman Group	GMG	4.770	4.680	-0.090	-1.89%
GPT Group	GPT	3.590	3.650	0.060	1.67%
Investa Office	IOF	3.180	3.180	0.000	0.00%
Mirvac Group	MGR	1.750	1.745	-0.005	-0.29%
SCA Property Group	SCP	1.570	1.535	-0.035	-2.23%
Stockland Property	SGP	3.800	3.800	0.000	0.00%
Westfield	WDC	10.080	10.200	0.120	1.19%
Westfield Retail	WRT	3.050	3.080	0.030	0.98%

Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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]

A-REIT Sector: Weekending Friday 24 January 2014

The Chinese economy continues to grow at 7+% but the market gets the jitters whenever it dips 0.01% month to month. Suddenly it is the end of the world and global markets drop by 1-2% overnight on fear. A few days later the market realises that the world didn't finish and it is back to business again. Mind you Friday nights drop was fairly savage on the Dow, the Dax and the FTSE. The Aud$ crashed below US$0.87 and it would not surprise me on Tuesday if our markets open well down, particularly the A-REIT Sector, in line with the global market falls and the sell off of the Aud$.



The A-REIT sector took a hit Thursday/Friday after holding up fairly well earlier in the week. While it may be possible that the A-REIT share prices are dropping to levels of intrinsic value to foreign investors, it is likely that they will drop to even better levels of intrinsic value next week. Seems intrinsic value matters for nought when the market movers and shakers are in sell mode. The volatility continues to provide opportunities for the brave/insane.



The A-REIT Table for closing prices for week ending 24 January 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA
ABP	2.270	1,123,605,478	0.1368	6.03%	0.1650	7.27%	16.59	2.32	2.16%
ALZ	3.850	2,226,549,980	0.3120	8.10%	0.2150	5.58%	12.34	3.57	-7.84%
AOG	2.150	1,075,239,639	0.0087	0.40%	0.0087	0.40%	247.13	3.53	39.09%
BWP	2.220	1,392,308,340	0.2078	9.36%	0.1405	6.33%	10.68	1.93	-15.03%
CDI	2.500	535,252,533	0.1890	7.56%	0.1780	7.12%	13.23	2.74	8.76%
CFX	1.965	5,616,533,346	0.1044	5.31%	0.1360	6.92%	18.82	2.04	3.68%
CHC	3.730	1,152,824,278	0.1829	4.90%	0.2020	5.42%	20.39	2.13	-75.12%
CQR	3.640	1,244,311,723	0.1624	4.46%	0.2680	7.36%	22.41	3.32	-9.64%
CPA	1.230	2,886,814,198	0.0619	5.03%	0.0655	5.33%	19.87	1.15	-6.96%
CMW	0.985	1,693,369,903	0.0344	3.49%	0.0730	7.41%	28.63	0.70	-40.71%
DXS	1.030	4,767,075,279	0.1091	10.59%	0.0600	5.83%	9.44	1.05	1.90%
FDC	2.310	3,297,852,015	0.1479	6.40%	0.1410	6.10%	15.62	2.22	-4.05%
GMG	4.760	8,181,215,771	0.0963	2.02%	0.1940	4.08%	49.43	2.69	-76.95%
GPT	3.570	6,050,752,438	0.3345	9.37%	0.1980	5.55%	10.67	3.76	5.05%
IOF	3.200	1,964,951,866	0.1600	5.00%	0.1775	5.55%	20.00	3.14	-1.91%
MGR	1.700	6,230,395,753	0.0406	2.39%	0.0870	5.12%	41.87	1.62	-4.94%
SCP	1.500	972,942,480	0.1220	8.13%	0.1080	7.20%	12.30	1.57	4.46%
SGP	3.700	8,531,277,764	0.0470	1.27%	0.2400	6.49%	78.72	3.50	-5.71%
WDC	9.970	21,071,613,086	0.6424	6.44%	0.5025	5.04%	15.52	6.99	-42.63%
WRT	3.020	8,821,400,775	0.2670	8.84%	0.1942	6.43%	11.31	3.47	12.97%

The comparison table of this weeks closing prices versus last weeks closing prices follows:

Share	Code	Closing_Price	Closing_Price	$_Change	%_Change
		17-Jan-14	24-Jan-14
Abacus Property	ABP	2.300	2.270	-0.030	-1.30%
Australand Property	ALZ	3.860	3.850	-0.010	-0.26%
Aveo (FKP Stapled)	AOG	2.250	2.150	-0.100	-4.44%
BWP Trust	BWP	2.220	2.220	0.000	0.00%
Challenger Div	CDI	2.600	2.500	-0.100	-3.85%
CFS Retail Trust	CFX	1.975	1.965	-0.010	-0.51%
Charter Hall	CHC	3.700	3.730	0.030	0.81%
Charter Hall Retail	CQR	3.650	3.640	-0.010	-0.27%
Commonwealth_Office	CPA	1.240	1.230	-0.010	-0.81%
Cromwell	CMW	0.975	0.985	0.010	1.03%
Dexus	DXS	1.050	1.030	-0.020	-1.90%
Federation Centres	FDC	2.360	2.310	-0.050	-2.12%
Goodman Group	GMG	4.680	4.760	0.080	1.71%
GPT Group	GPT	3.650	3.570	-0.080	-2.19%
Investa Office	IOF	3.180	3.200	0.020	0.63%
Mirvac Group	MGR	1.745	1.700	-0.045	-2.58%
SCA Property Group	SCP	1.535	1.500	-0.035	-2.28%
Stockland Property	SGP	3.800	3.700	-0.100	-2.63%
Westfield	WDC	10.200	9.970	-0.230	-2.25%
Westfield Retail	WRT	3.080	3.020	-0.060	-1.95%

Comments:

1. The figures for AOG (formerly FKP) have been updated to reflect the new shares issued.

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.

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 .