A-REIT valuation model

nulla nulla · 28 June 2014

A-REIT Sector: Weekending Friday 27 June 2014

This week, to my surprise, the A-REIT Sector didn't fade after most of the shares went Ex-div. Some dropped, some held and some made small gains. There seems to be a lot of support coming into the A-REIT sector at the moment. Mind you it could all change on Monday when fund managers decide to re-weight their portfolio's and brokers process a few extra trades to generate the income needed to cover their bonus's.

The A-REIT Table for closing prices for week ending 27 June 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Discount to NTA

ABP	2.510	1,289,587,647	0.1846	7.35%	0.1650	6.57%	13.60	2.34	-7.26%
ALZ	4.430	2,564,901,459	0.2340	5.28%	0.2150	4.85%	18.93	3.57	-24.09%
AOG	2.060	1,030,229,608	0.0087	0.42%	0.0087	0.42%	236.78	2.78	25.90%
BWP	2.540	1,611,363,795	0.2276	8.96%	0.1392	5.48%	11.16	2.02	-25.74%
CDI	2.740	586,636,776	0.1607	5.86%	0.1840	6.72%	17.05	2.74	0.00%
CFX	2.060	6,217,184,669	0.1255	6.09%	0.1360	6.60%	16.41	2.02	-1.98%
CHC	4.330	1,506,517,666	0.1760	4.06%	0.2140	4.94%	24.60	2.15	-101.40%
CQR	3.880	1,431,878,110	0.1714	4.42%	0.2715	7.00%	22.64	3.36	-15.48%
CMW	0.980	1,692,735,233	0.0614	6.27%	0.0750	7.65%	15.96	0.71	-38.03%
DXS	1.130	6,078,823,501	0.1081	9.57%	0.0618	5.47%	10.45	1.08	-4.63%
FDC	2.540	3,626,209,575	0.2247	8.85%	0.1530	6.02%	11.30	2.30	-10.43%
GMG	5.150	8,897,582,776	0.0939	1.82%	0.2005	3.89%	54.85	2.73	-88.64%
GPT	3.950	6,657,570,772	0.3150	7.97%	0.2040	5.16%	12.54	3.79	-4.22%
IOF	3.460	2,124,604,205	0.2622	7.58%	0.1850	5.35%	13.20	3.24	-6.79%
MGR	1.810	6,683,026,387	0.0914	5.05%	0.0890	4.92%	19.80	1.65	-9.70%
SCP	1.740	1,128,613,277	0.1220	7.01%	0.1100	6.32%	14.26	1.59	-9.43%
SCG	3.250	2,108,042,040	0.2150	6.62%	0.2150	6.62%	15.12	2.88	-12.85%
SGP	3.940	9,168,295,526	0.2434	6.18%	0.2400	6.09%	16.19	3.52	-11.93%
WDC	10.840	22,526,470,516	0.7413	6.84%	0.5100	4.70%	14.62	7.29	-48.70%
WFD	7.170	14,899,888,709	0.4380	6.11%	0.4380	6.11%	16.37	0.00	#DIV/0!
WRT	3.280	9,771,822,015	0.2568	7.83%	0.1985	6.05%	12.77	3.52	6.82%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		20-Jun-14	27-Jun-14
Abacus Property	ABP	2.500	2.510	0.010	0.40%
Australand_Property	ALZ	4.610	4.430	-0.180	-3.90%
Aveo (FKP Stapled)	AOG	2.030	2.060	0.030	1.48%
BWP Trust	BWP	2.590	2.540	-0.050	-1.93%
Challenger Div	CDI	2.740	2.740	0.000	0.00%
CFS Retail Trust	CFX	2.120	2.060	-0.060	-2.83%
Charter Hall	CHC	4.430	4.330	-0.100	-2.26%
Charter Hall Retail	CQR	4.030	3.880	-0.150	-3.72%
Cromwell	CMW	0.990	0.980	-0.010	-1.01%
Dexus	DXS	1.120	1.130	0.010	0.89%
Federation Centres	FDC	2.600	2.540	-0.060	-2.31%
Goodman Group	GMG	5.150	5.150	0.000	0.00%
GPT Group	GPT	3.920	3.950	0.030	0.77%
Investa Office	IOF	3.460	3.460	0.000	0.00%
Mirvac Group	MGR	1.825	1.810	-0.015	-0.82%
SCA Property Group	SCP	1.805	1.740	-0.065	-3.60%
Scentre Group	SCG	3.210	3.250	0.040	1.25%
Stockland Property	SGP	4.030	3.940	-0.090	-2.23%
Westfield Group	WDC	10.820	10.840	0.020	0.18%
Westfield Corporation	WFD	10.820	7.170	-3.650	-33.73%
Westfield Retail	WRT	3.210	3.280	0.070	2.18%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector (plus Aveo Group and Challenger Diversified).

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Discount to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal for 2014 forecast earnings.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 6 July 2014

A-REIT Sector: Weekending Friday 04 July 2014

This week there was a post "ex-div" fade but it came not as a result of the A-REIT shares going ex-div but as a result of Mr Stevens from our Reserve Bank jaw boning our economy again. The Aud$ which had climbed to US$0.95 got smacked down and our REIT's along with it. This is a pain in the neck when you see the All-Ords climbing (as a reflection of the fact that our economy was slowly improving over the past few years) but the REIT sector dropping off. Charts comparing the All-Ords and the Property Sector show the disparity much clearer than I can.

The A-REIT Table for closing prices for week ending 04 July 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.480	1,274,174,249	0.1846	7.44%	0.1650	6.65%	13.43	2.34	5.98%
ALZ	4.480	2,593,850,685	0.2340	5.22%	0.2150	4.80%	19.15	3.57	25.49%
BWP	2.470	1,566,956,132	0.2276	9.21%	0.1392	5.64%	10.85	2.02	22.28%
CFX	2.040	6,156,823,652	0.1255	6.15%	0.1360	6.67%	16.25	2.02	0.99%
CHC	4.210	1,464,766,599	0.1760	4.18%	0.2140	5.08%	23.92	2.15	95.81%
CQR	3.840	1,417,116,480	0.1714	4.46%	0.2715	7.07%	22.40	3.36	14.29%
CMW	0.995	1,718,644,446	0.0614	6.17%	0.0750	7.54%	16.21	0.71	40.14%
DXS	1.125	6,051,926,052	0.1081	9.61%	0.0618	5.49%	10.41	1.08	4.17%
FDC	2.460	3,511,998,250	0.2247	9.13%	0.1530	6.22%	10.95	2.30	6.96%
GMG	5.090	8,793,921,618	0.0939	1.84%	0.2005	3.94%	54.21	2.73	86.45%
GPT	3.860	6,505,879,286	0.3150	8.16%	0.2040	5.28%	12.25	3.79	1.85%
IOF	3.420	2,100,042,306	0.2622	7.67%	0.1850	5.41%	13.04	3.24	5.56%
MGR	1.770	6,535,335,196	0.0914	5.16%	0.0890	5.03%	19.37	1.65	7.27%
SCP	1.745	1,131,856,418	0.1220	6.99%	0.1100	6.30%	14.30	1.59	9.75%
SCG	3.150	2,043,179,208	0.2150	6.83%	0.2150	6.83%	14.65	2.88	9.38%
SGP	3.900	9,075,216,384	0.2434	6.24%	0.2400	6.15%	16.02	3.52	10.80%
WFD	7.290	15,149,259,231	0.4380	6.01%	0.4380	6.01%	16.64	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		27-Jun-14	4-Jul-14
Abacus Property	ABP	2.510	2.480	-0.030	-1.20%
Australand_Property	ALZ	4.430	4.480	0.050	1.13%
BWP Trust	BWP	2.540	2.470	-0.070	-2.76%
CFS Retail Trust	CFX	2.060	2.040	-0.020	-0.97%
Charter Hall	CHC	4.330	4.210	-0.120	-2.77%
Charter Hall Retail	CQR	3.880	3.840	-0.040	-1.03%
Cromwell	CMW	0.980	0.995	0.015	1.53%
Dexus	DXS	1.130	1.125	-0.005	-0.44%
Federation Centres	FDC	2.540	2.460	-0.080	-3.15%
Goodman Group	GMG	5.150	5.090	-0.060	-1.17%
GPT Group	GPT	3.950	3.860	-0.090	-2.28%
Investa Office	IOF	3.460	3.420	-0.040	-1.16%
Mirvac Group	MGR	1.810	1.770	-0.040	-2.21%
SCA Property Group	SCP	1.740	1.745	0.005	0.29%
Scentre Group	SCG	3.250	3.150	-0.100	-3.08%
Stockland Property	SGP	3.940	3.900	-0.040	-1.02%
Westfield Corporation	WFD	7.170	7.290	0.120	1.67%

The comparative movement of share prices for Westfield Corporation and Scentre Group for this week are interesting. One up and one down. It would appear that the initial market reaction to the restructure is that Westfiled Corporation may have got the better end of the stick in the restructure.

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector (I have removed the Aveo Group, Challenger Diversified, Westfield Group & Westfield Trust from the list).

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Premium to NTA" figures also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings.

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

6. The "Discount to NTA" column has been changed to "Premium to NTA" as most of the A-REIT's are now trading above their NTA values.

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 12 July 2014

A-REIT Sector: Weekending Friday 04 July 2014

The three year chart for the A-REIT property sector shows that the sector value is climbing back toward the levels of April 2013 when Australia was awash with the sunami of Japanese investment funds. We all know how long that lasted. Maybe this time is different? The rate of improvement in the sector is more gradual and appears to be based on sustained support from investors looking for better returns than bank rates and bonds. Also the price earnings multiples of many of the key shares in the sector are less than the market standard of 15 times. Can the sector go higher or are we heading for a nasty correction?

The A-REIT Table for closing prices for week ending 04 July 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.500	1,284,449,848	0.1846	7.38%	0.1650	6.60%	13.54	2.34	6.84%
ALZ	4.470	2,588,060,840	0.2340	5.23%	0.2150	4.81%	19.10	3.57	25.21%
BWP	2.530	1,605,019,843	0.2276	9.00%	0.1392	5.50%	11.12	2.02	25.25%
CFX	2.050	6,187,004,161	0.1255	6.12%	0.1360	6.63%	16.33	2.02	1.49%
CHC	4.160	1,447,370,321	0.1760	4.23%	0.2140	5.14%	23.64	2.15	93.49%
CQR	3.880	1,431,878,110	0.1714	4.42%	0.2715	7.00%	22.64	3.36	15.48%
CMW	0.995	1,718,644,446	0.0614	6.17%	0.0750	7.54%	16.21	0.71	40.14%
DXS	1.140	6,132,618,399	0.1081	9.48%	0.0618	5.42%	10.55	1.08	5.56%
FDC	2.460	3,511,998,250	0.2247	9.13%	0.1530	6.22%	10.95	2.30	6.96%
GMG	5.120	8,845,752,197	0.0939	1.83%	0.2005	3.92%	54.53	2.73	87.55%
GPT	3.880	6,539,588,505	0.3150	8.12%	0.2040	5.26%	12.32	3.79	2.37%
IOF	3.420	2,100,042,306	0.2622	7.67%	0.1850	5.41%	13.04	3.24	5.56%
MGR	1.775	6,553,796,595	0.0914	5.15%	0.0890	5.01%	19.42	1.65	7.58%
SCP	1.745	1,131,856,418	0.1220	6.99%	0.1100	6.30%	14.30	1.59	9.75%
SCG	3.340	2,166,418,589	0.2150	6.44%	0.2150	6.44%	15.53	2.88	15.97%
SGP	3.940	9,168,295,526	0.2434	6.18%	0.2400	6.09%	16.19	3.52	11.93%
WFD	7.430	15,440,191,507	0.4380	5.90%	0.4380	5.90%	16.96	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		4-Jul-14	11-Jul-14
Abacus Property	ABP	2.480	2.500	0.020	0.81%
Australand_Property	ALZ	4.480	4.470	-0.010	-0.22%
BWP Trust	BWP	2.470	2.530	0.060	2.43%
CFS Retail Trust	CFX	2.040	2.050	0.010	0.49%
Charter Hall	CHC	4.210	4.160	-0.050	-1.19%
Charter Hall Retail	CQR	3.840	3.880	0.040	1.04%
Cromwell	CMW	0.995	0.995	0.000	0.00%
Dexus	DXS	1.125	1.140	0.015	1.33%
Federation Centres	FDC	2.460	2.460	0.000	0.00%
Goodman Group	GMG	5.090	5.120	0.030	0.59%
GPT Group	GPT	3.860	3.880	0.020	0.52%
Investa Office	IOF	3.420	3.420	0.000	0.00%
Mirvac Group	MGR	1.770	1.775	0.005	0.28%
SCA Property Group	SCP	1.745	1.745	0.000	0.00%
Scentre Group	SCG	3.150	3.340	0.190	6.03%
Stockland Property	SGP	3.900	3.940	0.040	1.03%
Westfield Corporation	WFD	7.290	7.430	0.140	1.92%

Scentre Group and Westfield are both up this week. No doubt these two heavy weights can take some credit for the sector lift as well.

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector (I have removed the Aveo Group, Challenger Diversified, Westfield Group & Westfield Trust from the list).

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Discount to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

coolcup · 12 July 2014

I agree, the gradual improvement does give some faith that this is a more sustainable rise. Of course, a lot depends on the outlook for interest rates and many are expecting local and international rates to remain low for longer which is adding to the support.

Reporting season should be a big plus. None of the large cap REITs should disappoint given the generally reliable nature of the earnings and the reporting season should meet or exceed expectations in my view. Another year of steady underlying profit performance should provide a solid base for further outperformance.

nulla nulla · 20 July 2014

A-REIT Sector: Weekending Friday 18 July 2014

Last weeks post must have been made in haste and I forgot to update the date in the header, inadvertently posting the results as "week ending 4 July 2014" instead of "11 July 2014".

This week the market again finished stronger however the closing prices fail to reflect the inter-week and inter-day price action of most of the shares in the sector. On Monday, Tuesday and Wednesday there appeared to be some scrambling by traders to close out shorts pushing prices up when the "Business Confidence" figures were released, followed by reversals on Thursday and Friday, exaggerated by what appeared to be "stop loss" selling. Fortunately for those shares sold down there appeared to be strong support soaking up the sellers with the sector finishing ahead for the week. All in all a volatile week with several trade opportunities.

The A-REIT Table for closing prices for week ending 18 July 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.540	1,305,001,045	0.1846	7.27%	0.1650	6.50%	13.76	2.34	8.55%
ALZ	4.500	2,605,430,376	0.2340	5.20%	0.2150	4.78%	19.23	3.57	26.05%
BWP	2.540	1,611,363,795	0.2276	8.96%	0.1392	5.48%	11.16	2.02	25.74%
CFX	2.110	6,368,087,209	0.1255	5.95%	0.1360	6.45%	16.81	2.02	4.46%
CHC	4.200	1,461,287,344	0.1760	4.19%	0.2140	5.10%	23.86	2.15	95.35%
CQR	4.000	1,476,163,000	0.1714	4.29%	0.2715	6.79%	23.34	3.36	19.05%
CMW	0.990	1,710,008,042	0.0614	6.20%	0.0750	7.58%	16.12	0.71	39.44%
DXS	1.160	6,240,208,196	0.1081	9.32%	0.0618	5.33%	10.73	1.08	7.41%
FDC	2.530	3,611,933,159	0.2247	8.88%	0.1530	6.05%	11.26	2.30	10.00%
GMG	5.210	9,001,243,935	0.0939	1.80%	0.2005	3.85%	55.48	2.73	90.84%
GPT	3.860	6,505,879,286	0.3150	8.16%	0.2040	5.28%	12.25	3.79	1.85%
IOF	3.540	2,173,728,001	0.2622	7.41%	0.1850	5.23%	13.50	3.24	9.26%
MGR	1.810	6,683,026,387	0.0914	5.05%	0.0890	4.92%	19.80	1.65	9.70%
SCP	1.760	1,141,585,843	0.1220	6.93%	0.1100	6.25%	14.43	1.59	10.69%
SCG	3.330	2,159,932,306	0.2150	6.46%	0.2150	6.46%	15.49	2.88	15.63%
SGP	4.040	9,400,993,382	0.2434	6.02%	0.2400	5.94%	16.60	3.52	14.77%
WFD	7.460	15,502,534,138	0.4380	5.87%	0.4380	5.87%	17.03	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		11-Jul-14	18-Jul-14
Abacus Property	ABP	2.500	2.540	0.040	1.60%
Australand_Property	ALZ	4.470	4.500	0.030	0.67%
BWP Trust	BWP	2.530	2.540	0.010	0.40%
CFS Retail Trust	CFX	2.050	2.110	0.060	2.93%
Charter Hall	CHC	4.160	4.200	0.040	0.96%
Charter Hall Retail	CQR	3.880	4.000	0.120	3.09%
Cromwell	CMW	0.995	0.990	-0.005	-0.50%
Dexus	DXS	1.140	1.160	0.020	1.75%
Federation Centres	FDC	2.460	2.530	0.070	2.85%
Goodman Group	GMG	5.120	5.210	0.090	1.76%
GPT Group	GPT	3.880	3.860	-0.020	-0.52%
Investa Office	IOF	3.420	3.540	0.120	3.51%
Mirvac Group	MGR	1.775	1.810	0.035	1.97%
SCA Property Group	SCP	1.745	1.760	0.015	0.86%
Scentre Group	SCG	3.340	3.330	-0.010	-0.30%
Stockland Property	SGP	3.940	4.040	0.100	2.54%
Westfield Corporation	WFD	7.430	7.460	0.030	0.40%

Comments:

1. The shares listed in the tables above make up the current XPJ A-REIT Property Sector.

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Discount to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 27 July 2014

A-REIT Sector: Weekending Friday 25 July 2014

This week the market again finished stronger following a similar pattern to last week with solid gains from Monday to Wednesday followed by a slight retrace on Thursday and Friday. Once again the closing prices, showing mostly modest gains, fail to reflect the inter-week and inter-day price action of most of the shares in the sector. Good volumes and good spreads making for a volatile week with several trade opportunities. The best example for the week was GPT's rebound from the low $3.85 - $3.87 support area to test $4.07 before closing out the week on $4.03. A gain for the week of 4.4%.

The A-REIT Table for closing prices for week ending 25 July 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.590	1,330,690,042	0.1846	7.13%	0.1650	6.37%	14.03	2.34	10.68%
ALZ	4.510	2,611,220,221	0.2340	5.19%	0.2150	4.77%	19.27	3.57	26.33%
BWP	2.550	1,617,707,747	0.2276	8.93%	0.1392	5.46%	11.20	2.02	26.24%
CFX	2.160	6,518,989,750	0.1255	5.81%	0.1360	6.30%	17.21	2.02	6.93%
CHC	4.230	1,471,725,110	0.1760	4.16%	0.2140	5.06%	24.03	2.15	96.74%
CQR	4.020	1,483,543,815	0.1714	4.26%	0.2715	6.75%	23.45	3.36	19.64%
CMW	1.005	1,735,917,254	0.0614	6.11%	0.0750	7.46%	16.37	0.71	41.55%
DXS	1.165	6,267,105,645	0.1081	9.28%	0.0618	5.30%	10.78	1.08	7.87%
FDC	2.580	3,683,315,238	0.2247	8.71%	0.1530	5.93%	11.48	2.30	12.17%
GMG	5.230	9,035,797,654	0.0939	1.80%	0.2005	3.83%	55.70	2.73	91.58%
GPT	4.030	6,792,407,649	0.3150	7.82%	0.2040	5.06%	12.79	3.79	6.33%
IOF	3.480	2,136,885,154	0.2622	7.53%	0.1850	5.32%	13.27	3.24	7.41%
MGR	1.800	6,646,103,590	0.0914	5.08%	0.0890	4.94%	19.69	1.65	9.09%
SCP	1.810	1,174,017,259	0.1220	6.74%	0.1100	6.08%	14.84	1.59	13.84%
SCG	3.370	2,185,877,438	0.2150	6.38%	0.2150	6.38%	15.67	2.88	17.01%
SGP	4.060	9,447,532,954	0.2434	6.00%	0.2400	5.91%	16.68	3.52	15.34%
WFD	7.480	15,544,095,891	0.4380	5.86%	0.4380	5.86%	17.08	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		18-Jul-14	25-Jul-14
Abacus Property	ABP	2.540	2.590	0.050	1.97%
Australand_Property	ALZ	4.500	4.510	0.010	0.22%
BWP Trust	BWP	2.540	2.550	0.010	0.39%
CFS Retail Trust	CFX	2.110	2.160	0.050	2.37%
Charter Hall	CHC	4.200	4.230	0.030	0.71%
Charter Hall Retail	CQR	4.000	4.020	0.020	0.50%
Cromwell	CMW	0.990	1.005	0.015	1.52%
Dexus	DXS	1.160	1.165	0.005	0.43%
Federation Centres	FDC	2.530	2.580	0.050	1.98%
Goodman Group	GMG	5.210	5.230	0.020	0.38%
GPT Group	GPT	3.860	4.030	0.170	4.40%
Investa Office	IOF	3.540	3.480	-0.060	-1.69%
Mirvac Group	MGR	1.810	1.800	-0.010	-0.55%
SCA Property Group	SCP	1.760	1.810	0.050	2.84%
Scentre Group	SCG	3.330	3.370	0.040	1.20%
Stockland Property	SGP	4.040	4.060	0.020	0.50%
Westfield Corporation	WFD	7.460	7.480	0.020	0.27%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector (I have removed the Aveo Group, Challenger Diversified, Westfield Group & Westfield Trust from the list).

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Discount to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

IFocus · 27 July 2014

Just had a look through the charts for the various codes and see that they were smashed 2008 is there any easy reason why no recovery even near the highs 2007, was the sector just severely over heated / valued?

nulla nulla · 2 August 2014

IFocus said:
Just had a look through the charts for the various codes and see that they were smashed 2008 is there any easy reason why no recovery even near the highs 2007, was the sector just severely over heated / valued?

Sorry I didn't see your query earlier.

Yes overheated and overvalued. From memory most of the companies were borrowing relatively cheap money fairly heavily to expand. Debt gearing was typically well in excess of 60%. In my opinion this expansion funded by borrowing inflated property values globally (Aussie REIT's were also buying into overseas properties). While they were paying high yield dividends (and most of them were paying quarterly dividends) they were effectively paying the dividends from borrowings rather than earnings. For years those high yield dividends shares were the darlings of all the self funded retirees.

2008 was a reality check. Property values dropped, interest rates climbed, cheap money dried up. Share prices (which were at high multiples of earnings levels) started dropping and dropped faster as the big banks started shorting the REIT's. Some REIT's went to the wall, those with offshore investments decided to unload them and most off the A-REIT's went back to the share holders to raise capital to reduce debt. Dividends stopped or were severely reduced etc.

Today it is a completely changed environment. Borrowing/debt gearing ratios are typically less than 35%, some even in the low 20%. Dividends are paid from earnings with most trying to pay around about 80% of funds from operations into distributions. Most A-REIT's are only paying two (2) divs a year in line with the rest of the listed companies and the average share price earnings for the sector is around 15-16. If anything the sector is now under heated and possibly under valued (there are exceptions within the sector.) However the sector still attracts a lot of interest particularly from foreign investors wanting to get a foothold in our commercial property sector. The volatility of the sector also encourages day traders (although there seems to be less of them around lately).

This of course is my unqualified opinion and likely to be completely wrong.

nulla nulla · 2 August 2014

A-REIT Sector: Weekending Friday 01 August 2014

The early gains for the week, for most of the shares in the sector, were wiped out on Friday as the Australian share market followed the overnight lead of global markets. Shedding 1.4% in one day as investors around the world reacted to news that Argentina had defaulted on its bonds, a Portugese bank is in trouble, Europe is nervous about the sanctions being applied to Russia (over the Ukraine crisis) and the "trouble" in the Gaza Strip. Global markets fell further again overnight and we may see further falls on Monday. I suspect our falls may be tempered somewhat by market expectations of good local reporting in the next few weeks. However, if international investors get nervous, money will once again flow out of our market pushing us down regardless of how good our reporting season is. And the volatility continues.

The A-REIT Table for closing prices for week ending 01 August 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.540	1,305,001,045	0.1846	7.27%	0.1650	6.50%	13.76	2.34	8.55%
ALZ	4.470	2,588,060,840	0.2340	5.23%	0.2150	4.81%	19.10	3.57	25.21%
BWP	2.540	1,611,363,795	0.2276	8.96%	0.1392	5.48%	11.16	2.02	25.74%
CFX	2.120	6,398,267,717	0.1255	5.92%	0.1360	6.42%	16.89	2.02	4.95%
CHC	4.300	1,496,079,899	0.1760	4.09%	0.2140	4.98%	24.43	2.15	100.00%
CQR	3.970	1,465,091,778	0.1714	4.32%	0.2715	6.84%	23.16	3.36	18.15%
CMW	1.005	1,735,917,254	0.0614	6.11%	0.0750	7.46%	16.37	0.71	41.55%
DXS	1.165	6,267,105,645	0.1081	9.28%	0.0618	5.30%	10.78	1.08	7.87%
FDC	2.550	3,640,485,991	0.2247	8.81%	0.1530	6.00%	11.35	2.30	10.87%
GMG	5.220	9,018,520,795	0.0939	1.80%	0.2005	3.84%	55.59	2.73	91.21%
GPT	4.000	6,741,843,820	0.3150	7.88%	0.2040	5.10%	12.70	3.79	5.54%
IOF	3.560	2,186,008,950	0.2622	7.37%	0.1850	5.20%	13.58	3.24	9.88%
MGR	1.795	6,627,642,191	0.0914	5.09%	0.0890	4.96%	19.64	1.65	8.79%
SCP	1.765	1,144,828,985	0.1220	6.91%	0.1100	6.23%	14.47	1.59	11.01%
SCG	3.330	2,159,932,306	0.2150	6.46%	0.2150	6.46%	15.49	2.88	15.63%
SGP	3.990	9,284,644,454	0.2434	6.10%	0.2400	6.02%	16.39	3.52	13.35%
WFD	7.320	15,211,601,862	0.4380	5.98%	0.4380	5.98%	16.71	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		25-Jul-14	1-Aug-14
Abacus Property	ABP	2.590	2.540	-0.050	-1.93%
Australand_Property	ALZ	4.510	4.470	-0.040	-0.89%
BWP Trust	BWP	2.550	2.540	-0.010	-0.39%
CFS Retail Trust	CFX	2.160	2.120	-0.040	-1.85%
Charter Hall	CHC	4.230	4.300	0.070	1.65%
Charter Hall Retail	CQR	4.020	3.970	-0.050	-1.24%
Cromwell	CMW	1.005	1.005	0.000	0.00%
Dexus	DXS	1.165	1.165	0.000	0.00%
Federation Centres	FDC	2.580	2.550	-0.030	-1.16%
Goodman Group	GMG	5.230	5.220	-0.010	-0.19%
GPT Group	GPT	4.030	4.000	-0.030	-0.74%
Investa Office	IOF	3.480	3.560	0.080	2.30%
Mirvac Group	MGR	1.800	1.795	-0.005	-0.28%
SCA Property Group	SCP	1.810	1.765	-0.045	-2.49%
Scentre Group	SCG	3.370	3.330	-0.040	-1.19%
Stockland Property	SGP	4.060	3.990	-0.070	-1.72%
Westfield Corporation	WFD	7.480	7.320	-0.160	-2.14%

Investa Office held up well on Friday making it the best performer in the sector for the week with a 2.3% gain while Dexus claimed the title of "most improved" for the month with a 3.1% gain since 27 June 2014.

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector.

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Premium to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 10 August 2014

A-REIT Sector: Weekending Friday 08 August 2014

That nasty Mr Putin. Rather than play nice and stop supplying the Russian separatists in the Ukraine with tanks and ground to air missiles as requested by the UN, he thumbs his nose at the UN sanctions on Russia by putting his own sanctions on the rest of the world. That'll teach us not to interfere with his plans. European Markets and the Dow all headed further south following on from the previous weeks dramas in Portugal, Argentina and Israel/Palestine. Then global markets were spooked by the news that the U.S has initiated Air strikes against ISIS extremists in Iraq to protect American citizens and American assets.

Most of the gains in the A-REIT sector since the start of this fiscal year were wiped out last week. GPT was among the few shares to hold up to any extent, while the rest of the sector dropped to previous entry points (and lower). The volatility continues. What is it that Mr W Buffet says "Be bold when every one is being afraid and afraid when every one else is being bold.."

The A-REIT Table for closing prices for week ending 08 August 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.470	1,269,036,449	0.1846	7.47%	0.1650	6.68%	13.38	2.34	5.56%
ALZ	4.490	2,599,640,531	0.2340	5.21%	0.2150	4.79%	19.19	3.57	25.77%
BWP	2.430	1,541,580,324	0.2276	9.37%	0.1392	5.73%	10.68	2.02	20.30%
CFX	2.050	6,187,004,161	0.1255	6.12%	0.1360	6.63%	16.33	2.02	1.49%
CHC	4.190	1,457,808,088	0.1760	4.20%	0.2140	5.11%	23.81	2.15	94.88%
CQR	3.840	1,417,116,480	0.1714	4.46%	0.2715	7.07%	22.40	3.36	14.29%
CMW	0.970	1,675,462,425	0.0614	6.33%	0.0750	7.73%	15.80	0.71	36.62%
DXS	1.115	5,998,131,154	0.1081	9.70%	0.0618	5.54%	10.31	1.08	3.24%
FDC	2.500	3,569,103,913	0.2247	8.99%	0.1530	6.12%	11.13	2.30	8.70%
GMG	5.070	8,759,367,898	0.0939	1.85%	0.2005	3.95%	53.99	2.73	85.71%
GPT	4.000	6,741,843,820	0.3150	7.88%	0.2040	5.10%	12.70	3.79	5.54%
IOF	3.470	2,130,744,679	0.2622	7.56%	0.1850	5.33%	13.23	3.24	7.10%
MGR	1.750	6,461,489,601	0.0914	5.22%	0.0890	5.09%	19.15	1.65	6.06%
SCP	1.700	1,102,668,144	0.1220	7.18%	0.1100	6.47%	13.93	1.59	6.92%
SCG	3.300	2,140,473,456	0.2150	6.52%	0.2150	6.52%	15.35	2.88	14.58%
SGP	3.970	9,238,104,883	0.2434	6.13%	0.2400	6.05%	16.31	3.52	12.78%
WFD	7.250	15,066,135,724	0.4380	6.04%	0.4380	6.04%	16.55	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		1-Aug-14	8-Aug-14
Abacus Property	ABP	2.540	2.470	-0.070	-2.76%
Australand_Property	ALZ	4.470	4.490	0.020	0.45%
BWP Trust	BWP	2.540	2.430	-0.110	-4.33%
CFS Retail Trust	CFX	2.120	2.050	-0.070	-3.30%
Charter Hall	CHC	4.300	4.190	-0.110	-2.56%
Charter Hall Retail	CQR	3.970	3.840	-0.130	-3.27%
Cromwell	CMW	1.005	0.970	-0.035	-3.48%
Dexus	DXS	1.165	1.115	-0.050	-4.29%
Federation Centres	FDC	2.550	2.500	-0.050	-1.96%
Goodman Group	GMG	5.220	5.070	-0.150	-2.87%
GPT Group	GPT	4.000	4.000	0.000	0.00%
Investa Office	IOF	3.560	3.470	-0.090	-2.53%
Mirvac Group	MGR	1.795	1.750	-0.045	-2.51%
SCA Property Group	SCP	1.765	1.700	-0.065	-3.68%
Scentre Group	SCG	3.330	3.300	-0.030	-0.90%
Stockland Property	SGP	3.990	3.970	-0.020	-0.50%
Westfield Corporation	WFD	7.320	7.250	-0.070	-0.96%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector.

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 20 June 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 20 June 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Premium to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 17 August 2014

A-REIT Sector: Weekending Friday 15 August 2014

Last Friday, Australian Eastern Standard Time, the world was coming to an end and the A-REIT property index was diving for the floor as investors pulled out their cash and played the "run away and hide" game. By 4:10pm, after our market had closed, the index had shed near enough 2% for the week. The gains in the A-REIT sector since the start of this fiscal year had been wiped out.

This week the market rebounded to close out almost at the highs of May 2013. Incredibly the forecasts are for further growth, higher returns and improved distributions. Where to now?

The A-REIT Table for closing prices for week ending 15 August 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.570	1,320,414,443	0.1846	7.18%	0.1675	6.52%	13.92	2.34	9.83%
ALZ	4.480	2,606,454,691	0.3080	6.88%	0.2375	5.30%	14.55	3.68	21.74%
BWP	2.560	1,624,051,699	0.2434	9.51%	0.1471	5.75%	10.52	2.07	23.67%
CFX	2.110	6,368,087,209	0.1255	5.95%	0.1360	6.45%	16.81	2.02	4.46%
CHC	4.360	1,517,233,182	0.1760	4.04%	0.2230	5.11%	24.77	2.15	102.79%
CQR	3.940	1,454,020,555	0.1714	4.35%	0.2730	6.93%	22.99	3.36	17.26%
CMW	1.005	1,735,917,254	0.0614	6.11%	0.0762	7.58%	16.37	0.71	41.55%
DXS	1.170	6,356,739,648	0.0826	7.06%	0.0626	5.35%	14.16	1.06	10.38%
FDC	2.590	3,697,591,653	0.2247	8.68%	0.1530	5.91%	11.53	2.30	12.61%
GMG	5.340	9,225,843,112	0.1000	1.87%	0.2070	3.88%	53.40	2.88	85.42%
GPT	4.050	6,826,116,868	0.3045	7.52%	0.2080	5.14%	13.30	3.82	6.02%
IOF	3.620	2,222,851,798	0.2622	7.24%	0.1850	5.11%	13.81	3.24	11.73%
MGR	1.850	6,830,717,578	0.0914	4.94%	0.0900	4.86%	20.24	1.65	12.12%
SCP	1.745	1,131,856,418	0.1220	6.99%	0.1100	6.30%	14.30	1.59	9.75%
SCG	3.500	18,635,038,373	0.2150	6.14%	0.2150	6.14%	16.28	2.88	21.53%
SGP	4.140	9,633,691,238	0.2434	5.88%	0.2400	5.80%	17.01	3.52	17.61%
WFD	7.520	15,627,221,655	0.4380	5.82%	0.4380	5.82%	17.17	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		8-Aug-14	15-Aug-14
Abacus Property	ABP	2.470	2.570	0.100	4.05%
Australand_Property	ALZ	4.490	4.480	-0.010	-0.22%
BWP Trust	BWP	2.430	2.560	0.130	5.35%
CFS Retail Trust	CFX	2.050	2.110	0.060	2.93%
Charter Hall	CHC	4.190	4.360	0.170	4.06%
Charter Hall Retail	CQR	3.840	3.940	0.100	2.60%
Cromwell	CMW	0.970	1.005	0.035	3.61%
Dexus	DXS	1.115	1.170	0.055	4.93%
Federation Centres	FDC	2.500	2.590	0.090	3.60%
Goodman Group	GMG	5.070	5.340	0.270	5.33%
GPT Group	GPT	4.000	4.050	0.050	1.25%
Investa Office	IOF	3.470	3.620	0.150	4.32%
Mirvac Group	MGR	1.750	1.850	0.100	5.71%
SCA Property Group	SCP	1.700	1.745	0.045	2.65%
Scentre Group	SCG	3.300	3.500	0.200	6.06%
Stockland Property	SGP	3.970	4.140	0.170	4.28%
Westfield Corporation	WFD	7.250	7.520	0.270	3.72%

Biggest mover for the week was Scentre with a 6.6% jump. Excellent short term return for those willing (brave enough) to jump into the falling market of 8 August 2014.

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector.

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 15 August 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 15 August 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Premium to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings. These figures will be adjusted as and when Scentre/Westfields release their respective figures.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 23 August 2014

A-REIT Sector: Weekending Friday 22 August 2014

With the reporting season in full swing and forecasts for further growth; higher returns; and improved distributions, the A-REIT market seems to have ventured into "irrational exuberance" mode, pushing the A-REIT index to a five (5) year high. Surprisingly, some of the price/earnings ratios for A-REIT's are below the industry average of mid 16's suggesting that there is still scope for further share price increases for some shares, while others are looking decidedly toppy.

No doubt the volatility will continue. Mergers, acquisitions, shedding of non core assest, asset purchases, developments coming on line, continuing low interest rates, improving consumer confidence, improving business confidence, improved occupancy levels (office, retail & industrial) etc, etc. 2014-2015 looks like being a very interesting year.

The A-REIT Table for closing prices for week ending 22 August 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.690	1,382,068,036	0.1846	6.86%	0.1675	6.23%	14.57	2.34	14.96%
ALZ	4.480	2,606,454,691	0.3080	6.88%	0.2375	5.30%	14.55	3.68	21.74%
BWP	2.660	1,687,491,219	0.2434	9.15%	0.1471	5.53%	10.93	2.07	28.50%
CFX	2.170	6,549,170,258	0.1255	5.78%	0.1360	6.27%	17.29	2.02	7.43%
CHC	4.570	1,590,310,927	0.1760	3.85%	0.2230	4.88%	25.97	2.15	112.56%
CQR	4.020	1,483,543,815	0.1714	4.26%	0.2730	6.79%	23.45	3.36	19.64%
CMW	1.030	1,779,099,276	0.0614	5.96%	0.0762	7.40%	16.78	0.71	45.07%
DXS	1.225	6,655,560,742	0.0826	6.74%	0.0626	5.11%	14.83	1.06	15.57%
FDC	2.730	3,897,461,472	0.2247	8.23%	0.1530	5.60%	12.15	2.30	18.70%
GMG	5.550	9,588,657,167	0.1000	1.80%	0.2070	3.73%	55.50	2.88	92.71%
GPT	4.090	6,893,535,306	0.3045	7.44%	0.2080	5.09%	13.43	3.82	7.07%
IOF	3.690	2,265,835,120	0.2622	7.11%	0.1850	5.01%	14.07	3.24	13.89%
MGR	1.855	6,849,178,977	0.0914	4.93%	0.0900	4.85%	20.30	1.65	12.42%
SCP	1.865	1,209,691,817	0.1240	6.65%	0.1100	5.90%	15.04	1.64	13.72%
SCG	3.560	18,954,496,174	0.2150	6.04%	0.2150	6.04%	16.56	2.88	23.61%
SGP	4.240	9,866,389,094	0.2434	5.74%	0.2400	5.66%	17.42	3.53	20.11%
WFD	7.570	15,731,126,054	0.4380	5.79%	0.4380	5.79%	17.28	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		15-Aug-14	22-Aug-14
Abacus Property	ABP	2.570	2.690	0.120	4.67%
Australand_Property	ALZ	4.480	4.480	0.000	0.00%
BWP Trust	BWP	2.560	2.660	0.100	3.91%
CFS Retail Trust	CFX	2.110	2.170	0.060	2.84%
Charter Hall	CHC	4.360	4.570	0.210	4.82%
Charter Hall Retail	CQR	3.940	4.020	0.080	2.03%
Cromwell	CMW	1.005	1.030	0.025	2.49%
Dexus	DXS	1.170	1.225	0.055	4.70%
Federation Centres	FDC	2.590	2.730	0.140	5.41%
Goodman Group	GMG	5.340	5.550	0.210	3.93%
GPT Group	GPT	4.050	4.090	0.040	0.99%
Investa Office	IOF	3.620	3.690	0.070	1.93%
Mirvac Group	MGR	1.850	1.855	0.005	0.27%
SCA Property Group	SCP	1.745	1.865	0.120	6.88%
Scentre Group	SCG	3.500	3.560	0.060	1.71%
Stockland Property	SGP	4.140	4.240	0.100	2.42%
Westfield Corporation	WFD	7.520	7.570	0.050	0.66%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector.

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 15 August 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 15 August 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Premium to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings. These figures will be adjusted as and when Scentre/Westfields release their respective figures.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

nulla nulla · 31 August 2014

A-REIT Sector: Weekending Friday 29 August 2014

After two (2) weeks of rises the A-REIT sector settled back a little this week as investors came to grips with the Annual Reports and world events. Some share prices up, some down and some stayed the same. Russia pretends it hasn't moved troops into the Ukraine (the troops are just holidaying in the Ukraine on annual leave) so global markets are a little spooked. Volatility continues.

The A-REIT Table for closing prices for week ending 29 August 2014 follows:

Code	Closing Price	Capital	Earnings $	ROE	Dist $	Yield %	P/E	NTA $	Premium to NTA

ABP	2.700	1,387,205,835	0.1846	6.84%	0.1675	6.20%	14.63	2.34	15.38%
ALZ	4.490	2,612,272,670	0.3080	6.86%	0.2375	5.29%	14.58	3.68	22.01%
BWP	2.640	1,674,803,315	0.2434	9.22%	0.1471	5.57%	10.85	2.07	27.54%
CFX	2.150	6,488,809,242	0.1255	5.84%	0.1360	6.33%	17.13	2.02	6.44%
CHC	4.520	1,572,911,464	0.1760	3.89%	0.2230	4.93%	25.68	2.15	110.23%
CQR	3.970	1,465,091,778	0.1714	4.32%	0.2730	6.88%	23.16	3.36	18.15%
CMW	1.005	1,735,917,254	0.0614	6.11%	0.0762	7.58%	16.37	0.71	41.55%
DXS	1.205	6,546,898,526	0.0826	6.85%	0.0626	5.20%	14.59	1.06	13.68%
FDC	2.660	3,797,526,563	0.2247	8.45%	0.1530	5.75%	11.84	2.30	15.65%
GMG	5.580	9,640,487,746	0.1000	1.79%	0.2070	3.71%	55.80	2.88	93.75%
GPT	3.990	6,724,989,210	0.3045	7.63%	0.2080	5.21%	13.10	3.82	4.45%
IOF	3.670	2,253,554,171	0.2622	7.14%	0.1850	5.04%	14.00	3.24	13.27%
MGR	1.835	6,775,333,382	0.0914	4.98%	0.0900	4.90%	20.08	1.65	11.21%
SCP	1.850	1,199,962,392	0.1240	6.70%	0.1100	5.95%	14.92	1.64	12.80%
SCG	3.430	18,262,337,606	0.2150	6.27%	0.2150	6.27%	15.95	2.88	19.10%
SGP	4.250	9,889,658,880	0.2434	5.73%	0.2400	5.65%	17.46	3.53	20.40%
WFD	7.620	15,835,030,453	0.4380	5.75%	0.4380	5.75%	17.40	0.00	#DIV/0!

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		22-Aug-14	29-Aug-14
Abacus Property	ABP	2.690	2.700	0.010	0.37%
Australand_Property	ALZ	4.480	4.490	0.010	0.22%
BWP Trust	BWP	2.660	2.640	-0.020	-0.75%
CFS Retail Trust	CFX	2.170	2.150	-0.020	-0.92%
Charter Hall	CHC	4.570	4.520	-0.050	-1.09%
Charter Hall Retail	CQR	4.020	3.970	-0.050	-1.24%
Cromwell	CMW	1.030	1.005	-0.025	-2.43%
Dexus	DXS	1.225	1.205	-0.020	-1.63%
Federation Centres	FDC	2.730	2.660	-0.070	-2.56%
Goodman Group	GMG	5.550	5.580	0.030	0.54%
GPT Group	GPT	4.090	3.990	-0.100	-2.44%
Investa Office	IOF	3.690	3.670	-0.020	-0.54%
Mirvac Group	MGR	1.855	1.835	-0.020	-1.08%
SCA Property Group	SCP	1.865	1.850	-0.015	-0.80%
Scentre Group	SCG	3.560	3.430	-0.130	-3.65%
Stockland Property	SGP	4.240	4.250	0.010	0.24%
Westfield Corporation	WFD	7.570	7.620	0.050	0.66%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector.

2. The "Capital" figures in the above tables are "market capital" based on the "issued shares" as distinct from "free float capital". The "issued shares", updated as at 15 August 2014, can change from day to day due to active share buy-back programs and other factors.

3. The "Earnings", "Distribution" and "NTA" figures have been updated as at 15 August 2014. "NTA" figures are subject to change every time there is a property re-valuation and the table may be out by a few cents from time to time, which effects the "Premium to NTA" also.

4. The figures for SCG and WFD are based on the proposal issued 4 December 2013. The issued shares are correct but the Earnings and Distributions are based on the December proposal 2014 forecast earnings. These figures will be adjusted after I have a chance to work out the figures from their recent releases.

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

Disclaimer: These tables may contain errors and should not be relied upon for investment decisions. As always, do your own research and good luck

.

Toyota Lexcen · 31 August 2014

Thanks for the work with this nulla nulla, i purchased some stocks from the list around start of the year and it has been a surprise the performance so far,

nulla nulla · 31 August 2014

While I appreciate your decision to invest in some of the A-REIT's in the list was based on your own research, I'm pleased to hear that the table I post each week has been of some benefit to you, even if only to provide a comparison as to how your investment decisions have panned out. As always do your own research and good luck.

.

skc · 31 August 2014

nulla nulla said:
While I appreciate your decision to invest in some of the A-REIT's in the list was based on your own research, I'm pleased to hear that the table I post each week has been of some benefit to you, even if only to provide a comparison as to how your investment decisions have panned out. As always do your own research and good luck. .

Hi Nulla,

The REIT's you list are the largest ones. Have you looked at trading/investing some of the smaller ones? Some of them are listed not that long ago and offer substantially higher yields.

Some examples...
Older ones - GOZ, ABP
Newer ones - TIX, TOF, HPI, NSR, GDI

coolcup · 1 September 2014

nulla nulla said:
While I appreciate your decision to invest in some of the A-REIT's in the list was based on your own research, I'm pleased to hear that the table I post each week has been of some benefit to you, even if only to provide a comparison as to how your investment decisions have panned out. As always do your own research and good luck. .

Haha, love the "please do not sue me if things go wrong"

nulla nulla · 1 September 2014

coolcup said:
Haha, love the "please do not sue me if things go wrong"

nulla nulla · 1 September 2014

skc said:
Hi Nulla,

The REIT's you list are the largest ones. Have you looked at trading/investing some of the smaller ones? Some of them are listed not that long ago and offer substantially higher yields.

Some examples...
Older ones - GOZ, ABP
Newer ones - TIX, TOF, HPI, NSR, GDI

Hi skc

The A-REIT list is limited to those shares making up the XPJ A-REIT Property Index. The list would become too wieldy and time consuming to update if I tried to include all the smaller A-REIT's. ABP Abacus is on the list the others you mention aren't.

I looked at GOZ a little over a year ago. While the share price has snuck up, probably those investors looking for a sit and hold with the dividend yield. It is still a very illiquid stock (imo) and still doesn't meet our trade/investment criteria. I looked at GDI, HPI, NSR, TIX and TOF and they are pretty much the same as GOZ. Sneaking up over a prolongued period of time but not much room to trade any real volumes in a short period of time.

Maybe someone else could start a thread for the smaller A-REIT's. I see that Joe/System has opened a thread for each of the shares mentioned, but apart from GOZ no-one has posted in the rest of them.

agumby · 3 September 2014

Toyota Lexcen said:
Thanks for the work with this nulla nulla, i purchased some stocks from the list around start of the year and it has been a surprise the performance so far,

I fully agree with your statements here, thanks to nulla nulla it helps me track the sector a bit easier and i have added this thread to my quick links tab. Started investing for my low income wifes long term portfolio about 20 months ago and AREITS now hold 15-20% of that portfolio including 3 from these lists + GOZ. very happy with the return so far and the increases in price is a bonus should i wish to consolidate her gain. But for now i will sit and hold and probably back off on purchasing except for DRP purchases.

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