A-REIT valuation model

nulla nulla · 6 September 2014

A-REIT Sector: Weekending Friday 05 September 2014

Monday through Wednesday saw a quick rally within the A-REIT sector to the peaks of the previous week. However Thursday and Friday saw capitulation as many of the shares retreated to close out near or at the previous weeks closes. At one end of the spectrum Scentre Group closed out the week up 2.04%, while at the other end Charter Hall closed out the week 3.54% down.

Retail was supposed to be looking all rosy on the back of recent encouraging figures but CFX defied the 1.5% upward trend of BWP, FDC and SCG by going backwards 1.86%. Maybe the CFX holders thought the retail/industrial mix wasn't as promising as the SCG Retail prospects and decided to switch ships. The volatility across the board provided some opportunities for the quick and insane, current economic conditions also giving hope for long term holders in the lead up to December sales.

The A-REIT Table for closing prices for week ending 05 September 2014 follows:

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

ABP	2.740	1,407,757,033	0.1846	6.74%	0.1675	6.11%	14.84	2.34	17.09%
ALZ	4.470	2,600,636,711	0.3080	6.89%	0.2375	5.31%	14.51	3.68	21.47%
BWP	2.680	1,700,179,123	0.2434	9.08%	0.1471	5.49%	11.01	2.07	29.47%
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	4.020	1,483,543,815	0.1714	4.26%	0.2730	6.79%	23.45	3.36	19.64%
CMW	1.000	1,727,280,850	0.0614	6.14%	0.0762	7.62%	16.29	0.71	40.85%
DXS	1.200	6,519,732,972	0.0826	6.88%	0.0626	5.22%	14.53	1.06	13.21%
FDC	2.700	3,854,632,226	0.2247	8.32%	0.1530	5.67%	12.02	2.30	17.39%
GMG	5.480	9,467,719,148	0.1000	1.82%	0.2070	3.78%	54.80	2.88	90.28%
GPT	4.000	6,741,843,820	0.3045	7.61%	0.2080	5.20%	13.14	3.82	4.71%
IOF	3.600	2,210,570,849	0.2622	7.28%	0.1850	5.14%	13.73	3.24	11.11%
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	3.500	18,635,038,373	0.2150	6.14%	0.2150	6.14%	16.28	2.88	21.53%
SGP	4.220	9,819,849,523	0.2434	5.77%	0.2400	5.69%	17.34	3.53	19.55%
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%
		29-Aug-14	5-Sep-14
Abacus Property	ABP	2.700	2.740	0.040	1.48%
Australand_Property	ALZ	4.490	4.470	-0.020	-0.45%
BWP Trust	BWP	2.640	2.680	0.040	1.52%
CFS Retail Trust	CFX	2.150	2.110	-0.040	-1.86%
Charter Hall	CHC	4.520	4.360	-0.160	-3.54%
Charter Hall Retail	CQR	3.970	4.020	0.050	1.26%
Cromwell	CMW	1.005	1.000	-0.005	-0.50%
Dexus	DXS	1.205	1.200	-0.005	-0.41%
Federation Centres	FDC	2.660	2.700	0.040	1.50%
Goodman Group	GMG	5.580	5.480	-0.100	-1.79%
GPT Group	GPT	3.990	4.000	0.010	0.25%
Investa Office	IOF	3.670	3.600	-0.070	-1.91%
Mirvac Group	MGR	1.835	1.835	0.000	0.00%
SCA Property Group	SCP	1.850	1.850	0.000	0.00%
Scentre Group	SCG	3.430	3.500	0.070	2.04%
Stockland Property	SGP	4.250	4.220	-0.030	-0.71%
Westfield Corporation	WFD	7.620	7.620	0.000	0.00%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, ALZ will shortly be deleted from the 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

.

SilverRanger · 9 September 2014

nulla nulla said:
A-REIT Sector: Weekending Friday 05 September 2014

Monday through Wednesday saw a quick rally within the A-REIT sector to the peaks of the previous week. However Thursday and Friday saw capitulation as many of the shares retreated to close out near or at the previous weeks closes. At one end of the spectrum Scentre Group closed out the week up 2.04%, while at the other end Charter Hall closed out the week 3.54% down.

Retail was supposed to be looking all rosy on the back of recent encouraging figures but CFX defied the 1.5% upward trend of BWP, FDC and SCG by going backwards 1.86%. Maybe the CFX holders thought the retail/industrial mix wasn't as promising as the SCG Retail prospects and decided to switch ships. The volatility across the board provided some opportunities for the quick and insane, current economic conditions also giving hope for long term holders in the lead up to December sales.

There, CFX heard your call and caught up

Sometimes I really wonder how those rumours got started, last week they were on about WFD being the takeover target, and now CFX.

nulla nulla · 13 September 2014

A-REIT Sector: Weekending Friday 12 September 2014

I don't mind a bit of volatility but I admit this last week I got a bit more than I was ready for. On the one hand Russia is reportedly pulling its' troops out of the Ukraine and America is rallying the "willing" to fight the terrorists but China has slowed steel making and the "Fed" is making sounds of increasing interest rates as early as some time next year. The US$ surged against our Dollar and the Euro. With the fall in our dollar it is likely that some foreign investors started diverting their funds out of our market into US stocks and Bonds.

There was an improvement in our employment figures but this was offset by a drop in consumer confidence and retail spending. The Myer report was a shocker that saw their share price drop by 20% in two (2) days.Then to put the icing on the cake the US property giant "Simon" announced that there was no truth in the rumours that they were running their ruler over CFX or SCG.

The Iron Ore price plunged, our dollar plunged, the All Ords plunged and the A-REIT property sector played follow the leader. Now we have to work out whether this is just part of the volatility or the start of something bigger.

The A-REIT Table for closing prices for week ending 12 September 2014 follows:

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

ABP	2.780	1,430,163,033	0.2227	8.01%	0.1675	6.03%	12.48	2.38	16.81%
ALZ	4.470	2,600,636,711	0.3080	6.89%	0.2638	5.90%	14.51	3.68	21.47%
BWP	2.570	1,644,092,803	0.2434	9.47%	0.1471	5.72%	10.56	2.07	24.15%
CFX	2.090	6,375,243,469	0.1361	6.51%	0.1360	6.51%	15.36	1.90	10.00%
CHC	4.350	1,544,317,338	0.2561	5.89%	0.2230	5.13%	16.99	2.38	82.77%
CQR	3.970	1,480,385,817	0.2395	6.03%	0.2730	6.88%	16.58	3.40	16.76%
CMW	0.995	1,721,415,494	0.1062	10.67%	0.0762	7.66%	9.37	0.73	36.30%
DXS	1.165	6,329,574,094	0.0826	7.09%	0.0626	5.37%	14.10	1.06	9.91%
FDC	2.640	3,768,973,732	0.3091	11.71%	0.1570	5.95%	8.54	2.37	11.39%
GMG	5.320	9,285,622,297	0.3820	7.18%	0.2070	3.89%	13.93	2.88	84.72%
GPT	3.940	6,640,716,163	0.3045	7.73%	0.2080	5.28%	12.94	3.82	3.14%
IOF	3.460	2,124,604,205	0.2990	8.64%	0.1850	5.35%	11.57	3.35	3.28%
MGR	1.765	6,525,553,358	0.1219	6.91%	0.0900	5.10%	14.48	1.66	6.33%
SCP	1.785	1,157,801,551	0.1730	9.69%	0.1100	6.16%	10.32	1.64	8.84%
SCG	3.390	18,049,365,738	0.2150	6.34%	0.2150	6.34%	15.77	2.88	17.71%
SGP	4.140	9,723,811,520	0.2280	5.51%	0.2400	5.80%	18.16	3.53	17.28%
WFD	7.600	15,793,481,614	0.4380	5.76%	0.4380	5.76%	17.35	3.80	100.00%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		5-Sep-14	12-Sep-14
Abacus Property	ABP	2.740	2.780	0.040	1.46%
Australand_Property	ALZ	4.470	4.470	0.000	0.00%
BWP Trust	BWP	2.680	2.570	-0.110	-4.10%
CFS Retail Trust	CFX	2.110	2.090	-0.020	-0.95%
Charter Hall	CHC	4.360	4.350	-0.010	-0.23%
Charter Hall Retail	CQR	4.020	3.970	-0.050	-1.24%
Cromwell	CMW	1.000	0.995	-0.005	-0.50%
Dexus	DXS	1.200	1.165	-0.035	-2.92%
Federation Centres	FDC	2.700	2.640	-0.060	-2.22%
Goodman Group	GMG	5.480	5.320	-0.160	-2.92%
GPT Group	GPT	4.000	3.940	-0.060	-1.50%
Investa Office	IOF	3.600	3.460	-0.140	-3.89%
Mirvac Group	MGR	1.835	1.765	-0.070	-3.81%
SCA Property Group	SCP	1.850	1.785	-0.065	-3.51%
Scentre Group	SCG	3.500	3.390	-0.110	-3.14%
Stockland Property	SGP	4.220	4.140	-0.080	-1.90%
Westfield Corporation	WFD	7.620	7.600	-0.020	-0.26%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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

.

VSntchr · 13 September 2014

nulla nulla said:
A-REIT Sector: Weekending Friday 12 September 2014

I don't mind a bit of volatility but I admit this last week I got a bit more than I was ready for.

Amen to that - it snuck up on us so quickly!

nulla nulla · 21 September 2014

A-REIT Sector: Weekending Friday 19 September 2014

"Take a walk on the wild side" took on new meaning this week as the A-REIT Sector continued to follow the Aud$ down and foreign investors continued to pull their money out of the sector. On Thursday the rate of fall of the Aud$ looked to have slowed and the A-REIT sector also looked like the worst might be over, with a slight turnaround on the day. This was influenced by WDC which was going up while the others fell and SCG that seemed to have scraped a few cents back. Investors must have worked out that the Off-shore base Assets of WDC were beneficial to holders of WDC as income and profit in the allegedly improving US environment convert to even higher returns in Aud$.

The rate of fall of the Aud$ slowed further on Friday and there was an initial lift in share prices in the A-REIT sector but it was weak on low volumes and sellers returned pushing the prices back toward the previous days lows. Is this the bottom? Can we rebound from here? Or is the Aud$ going to retest the lows of US$0.85 and take the A-REIT Sector down with it?
The continued sell off by foreign investors is pretty stupid in my opinion. The combination of the low Aud$ and low share prices means that the shares are even cheaper for foreign investors. With our improving economy (?) now is the time they should be accumulating not dumping, averaging down their holding costs and improving their yields etc. Go figure eh.

Two stand out shares in the sector for the market action in the Friday closing auction, were CFX and SCG. Remember, these two (2) were the subject of early speculation as to possible take over activity by the Simon Property Group from the US. Some fifteen million CFX were dumped in the closing auction, fortunately there was enough buyer demand to hold the share price fall to $1.98. SCG turned over more than twenty seven million shares in the auction (for a total turnover for the day of forty seven million shares) lifting the closing price to $3.38. SCG jumped almost six (6) cents in the auction with buy demand surging through seller supply like a sunami. Is there another buyer rumor about to surface?

The A-REIT Table for closing prices for week ending 19 September 2014 follows:

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

ABP	2.490	1,280,973,364	0.2227	8.94%	0.1675	6.73%	11.18	2.38	4.62%
ALZ	4.480	2,606,454,691	0.3080	6.88%	0.2638	5.89%	14.55	3.68	21.74%
BWP	2.460	1,573,723,072	0.2434	9.89%	0.1471	5.98%	10.11	2.07	18.84%
CFX	1.980	6,039,704,339	0.1361	6.87%	0.1360	6.87%	14.55	1.90	4.21%
CHC	4.220	1,498,165,326	0.2561	6.07%	0.2230	5.28%	16.48	2.38	77.31%
CQR	3.800	1,416,993,981	0.2395	6.30%	0.2730	7.18%	15.87	3.40	11.76%
CMW	1.000	1,730,065,823	0.1062	10.62%	0.0762	7.62%	9.42	0.73	36.99%
DXS	1.130	6,139,415,215	0.0826	7.31%	0.0626	5.54%	13.68	1.06	6.60%
FDC	2.560	3,654,762,406	0.3091	12.07%	0.1570	6.13%	8.28	2.37	8.02%
GMG	5.170	9,023,809,638	0.3820	7.39%	0.2070	4.00%	13.53	2.88	79.51%
GPT	3.880	6,539,588,505	0.3045	7.85%	0.2080	5.36%	12.74	3.82	1.57%
IOF	3.370	2,069,339,933	0.2990	8.87%	0.1850	5.49%	11.27	3.35	0.60%
MGR	1.725	6,377,665,463	0.1219	7.07%	0.0900	5.22%	14.15	1.66	3.92%
SCP	1.690	1,096,181,861	0.1730	10.24%	0.1100	6.51%	9.77	1.64	3.05%
SCG	3.380	17,996,122,772	0.2150	6.36%	0.2150	6.36%	15.72	2.88	17.36%
SGP	3.970	9,324,524,574	0.2280	5.74%	0.2400	6.05%	17.41	3.53	12.46%
WFD	7.350	15,273,959,192	0.4380	5.96%	0.4380	5.96%	16.78	3.80	93.42%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		12-Sep-14	19-Sep-14
Abacus Property	ABP	2.780	2.490	-0.290	-10.43%
Australand_Property	ALZ	4.470	4.480	0.010	0.22%
BWP Trust	BWP	2.570	2.460	-0.110	-4.28%
CFS Retail Trust	CFX	2.090	1.980	-0.110	-5.26%
Charter Hall	CHC	4.350	4.220	-0.130	-2.99%
Charter Hall Retail	CQR	3.970	3.800	-0.170	-4.28%
Cromwell	CMW	0.995	1.000	0.005	0.50%
Dexus	DXS	1.165	1.130	-0.035	-3.00%
Federation Centres	FDC	2.640	2.560	-0.080	-3.03%
Goodman Group	GMG	5.320	5.170	-0.150	-2.82%
GPT Group	GPT	3.940	3.880	-0.060	-1.52%
Investa Office	IOF	3.460	3.370	-0.090	-2.60%
Mirvac Group	MGR	1.765	1.725	-0.040	-2.27%
SCA Property Group	SCP	1.785	1.690	-0.095	-5.32%
Scentre Group	SCG	3.390	3.380	-0.010	-0.29%
Stockland Property	SGP	4.140	3.970	-0.170	-4.11%
Westfield Corporation	WFD	7.600	7.350	-0.250	-3.29%

With the exception of Scentre Group, retail based A-REIT shares bore the brunt of this weeks sell off, this despite our lower Unemployment figures, improved job creation numbers, improved consumer confidence and improved economy. The volatility continues.

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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

.

SilverRanger · 21 September 2014

I guess ABP wasn't so lucky then, similar to CFX, about half the daily volume was dumped at Friday's close auction, and it tanked 2%. It will be interesting to see if the gap closes for these 3 on Monday.

nulla nulla · 27 September 2014

A-REIT Sector: Weekending Friday 26 September 2014

The Aud$ kept falling, the All-ords kept falling but the A-REIT property sector appeared to level off or at least fall at a much slower rate. Slowing growth in China, possible future interest rates increases in the U.S.A, rumours of a property bubble in Australia, jawboning by Glen Stevens and the world going to war against terrorism.
Apparently 40% of the funds invested in the Australian Share Market has its' origins offshore and a lot of it is being dragged out by nervous investors chasing security in the US$ on the hint of an official interest rate increase above 0%. A return that will likely as not, not even cover inflation. Go figure. The volatility continues

Aud$ v's US$

All-Ords

Property Sector

The A-REIT Table for closing prices for week ending 26 September 2014 follows:

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

ABP	2.550	1,311,840,192	0.2227	8.73%	0.1675	6.57%	11.45	2.38	7.14%
ALZ	4.470	2,600,636,711	0.3080	6.89%	0.2638	5.90%	14.51	3.68	21.47%
BWP	2.410	1,541,736,831	0.2434	10.10%	0.1471	6.10%	9.90	2.07	16.43%
CFX	1.960	5,978,697,225	0.1361	6.94%	0.1360	6.94%	14.40	1.90	3.16%
CHC	4.100	1,455,563,468	0.2561	6.25%	0.2230	5.44%	16.01	2.38	72.27%
CQR	3.760	1,402,078,255	0.2395	6.37%	0.2730	7.26%	15.70	3.40	10.59%
CMW	0.950	1,643,562,532	0.1062	11.18%	0.0762	8.02%	8.95	0.73	30.14%
DXS	1.120	6,085,084,107	0.0826	7.38%	0.0626	5.59%	13.56	1.06	5.66%
FDC	2.530	3,611,933,159	0.3091	12.22%	0.1570	6.21%	8.19	2.37	6.75%
GMG	5.170	9,023,809,638	0.3820	7.39%	0.2070	4.00%	13.53	2.88	79.51%
GPT	3.860	6,505,879,286	0.3045	7.89%	0.2080	5.39%	12.68	3.82	1.05%
IOF	3.370	2,069,339,933	0.2990	8.87%	0.1850	5.49%	11.27	3.35	0.60%
MGR	1.695	6,266,749,542	0.1219	7.19%	0.0900	5.31%	13.90	1.66	2.11%
SCP	1.670	1,083,209,294	0.1730	10.36%	0.1100	6.59%	9.65	1.64	1.83%
SCG	3.300	17,570,179,037	0.2150	6.52%	0.2150	6.52%	15.35	2.88	14.58%
SGP	3.970	9,324,524,574	0.2280	5.74%	0.2400	6.05%	17.41	3.53	12.46%
WFD	7.440	15,460,987,264	0.4380	5.89%	0.4380	5.89%	16.99	3.80	95.79%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		19-Sep-14	26-Sep-14
Abacus Property	ABP	2.490	2.550	0.060	2.41%
Australand_Property	ALZ	4.480	4.470	-0.010	-0.22%
BWP Trust	BWP	2.460	2.410	-0.050	-2.03%
CFS Retail Trust	CFX	1.980	1.960	-0.020	-1.01%
Charter Hall	CHC	4.220	4.100	-0.120	-2.84%
Charter Hall Retail	CQR	3.800	3.760	-0.040	-1.05%
Cromwell	CMW	1.000	0.950	-0.050	-5.00%
Dexus	DXS	1.130	1.120	-0.010	-0.88%
Federation Centres	FDC	2.560	2.530	-0.030	-1.17%
Goodman Group	GMG	5.170	5.170	0.000	0.00%
GPT Group	GPT	3.880	3.860	-0.020	-0.52%
Investa Office	IOF	3.370	3.370	0.000	0.00%
Mirvac Group	MGR	1.725	1.695	-0.030	-1.74%
SCA Property Group	SCP	1.690	1.670	-0.020	-1.18%
Scentre Group	SCG	3.380	3.300	-0.080	-2.37%
Stockland Property	SGP	3.970	3.970	0.000	0.00%
Westfield Corporation	WFD	7.350	7.440	0.090	1.22%

Cromwell took a hit this week, but it still pays quarterly dividends and went ex-div this week. 2% of the drop was the dividend component.

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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 · 5 October 2014

A-REIT Sector: Weekending Friday 03 October 2014

The A-REIT Sector continues to track sideways despite further falls in the Aud$ and the Australian Economy being compared unfavorably with the supposedly improving US economy. It appears that the share prices of the A-REIT's may have reached the point where their low prices (combined with the falling Aud$) is making them attractive investments to foreign investors chasing yields. While one set of foreign investors are pulling their money out to chase the rainbow of future prospects in the US, other foreign investors are filling the void buying into A-REIT's.
No doubt our dollar will move one way or the other, on Tuesday following the Reserve Bank meeting, depending of course on further jaw-boning by Glen Stevens. The flow on effect into our market will add to the volatility.

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

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

ABP	2.590	1,332,418,077	0.2227	8.60%	0.1675	6.47%	11.63	2.38	8.82%
ALZ	4.450	2,589,000,753	0.3080	6.92%	0.2638	5.93%	14.45	3.68	20.92%
BWP	2.400	1,535,339,582	0.2434	10.14%	0.1471	6.13%	9.86	2.07	15.94%
CFX	2.020	6,161,718,569	0.1361	6.74%	0.1360	6.73%	14.84	1.90	6.32%
CHC	4.100	1,455,563,468	0.2561	6.25%	0.2230	5.44%	16.01	2.38	72.27%
CQR	3.850	1,435,638,639	0.2395	6.22%	0.2730	7.09%	16.08	3.40	13.24%
CMW	0.955	1,652,212,861	0.1062	11.12%	0.0762	7.98%	8.99	0.73	30.82%
DXS	1.125	6,112,249,661	0.0826	7.34%	0.0626	5.56%	13.62	1.06	6.13%
FDC	2.570	3,669,038,822	0.3091	12.03%	0.1570	6.11%	8.31	2.37	8.44%
GMG	5.300	9,250,713,943	0.3820	7.21%	0.2070	3.91%	13.87	2.88	84.03%
GPT	3.870	6,522,733,896	0.3045	7.87%	0.2080	5.37%	12.71	3.82	1.31%
IOF	3.380	2,075,480,408	0.2990	8.85%	0.1850	5.47%	11.30	3.35	0.90%
MGR	1.685	6,229,777,568	0.1219	7.23%	0.0900	5.34%	13.82	1.66	1.51%
SCP	1.710	1,109,154,427	0.1730	10.12%	0.1100	6.43%	9.88	1.64	4.27%
SCG	3.330	17,729,907,938	0.2150	6.46%	0.2150	6.46%	15.49	2.88	15.63%
SGP	3.960	9,301,037,106	0.2280	5.76%	0.2400	6.06%	17.37	3.53	12.18%
WFD	7.430	15,440,206,367	0.4380	5.90%	0.4380	5.90%	16.96	3.80	95.53%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		26-Sep-14	3-Oct-14
Abacus Property	ABP	2.550	2.590	0.040	1.57%
Australand_Property	ALZ	4.470	4.450	-0.020	-0.45%
BWP Trust	BWP	2.410	2.400	-0.010	-0.41%
CFS Retail Trust	CFX	1.960	2.020	0.060	3.06%
Charter Hall	CHC	4.100	4.100	0.000	0.00%
Charter Hall Retail	CQR	3.760	3.850	0.090	2.39%
Cromwell	CMW	0.950	0.955	0.005	0.53%
Dexus	DXS	1.120	1.125	0.005	0.45%
Federation Centres	FDC	2.530	2.570	0.040	1.58%
Goodman Group	GMG	5.170	5.300	0.130	2.51%
GPT Group	GPT	3.860	3.870	0.010	0.26%
Investa Office	IOF	3.370	3.380	0.010	0.30%
Mirvac Group	MGR	1.695	1.685	-0.010	-0.59%
SCA Property Group	SCP	1.670	1.710	0.040	2.40%
Scentre Group	SCG	3.300	3.330	0.030	0.91%
Stockland Property	SGP	3.970	3.960	-0.010	-0.25%
Westfield Corporation	WFD	7.440	7.430	-0.010	-0.13%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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

.

coolcup · 6 October 2014

Hi Nulla

Do you have any views on the new GPT Metro Office Fund vehicle? Looks like a healthy yield and secure income stream with growth but not sure about the suburban office markets long term. I know you trade on shorter term horizons but interested to hear if you have any fundamental views on the vehicle?

nulla nulla · 11 October 2014

A-REIT Sector: Weekending Friday 10 October 2014

The All-Ords continues to fall but the A-REIT Sector, going against the trend, continues to track sideways. The fall in the Aud$ may have reached a plateau helping underpin the A-REIT sector.

However, Iron ore and coal are being punished, impacting on the perception of the ongoing recovery of the Australian Economy and now the international markets are getting the jitters over the perilous state of the European Economy. German exports were down for September and you would think from the global market reaction this week that the world was coming to an end.

The recent whipsawing of global indexes has got to the stage that even the aging bimbo that reads the news on morning television feels confident enough to call Thursday's rebound on the XAO a "dead cat bounce".

The volatility continues, however having the courage/confidence to trade the drops is very testing. I for one have missed more trade opportunities in the last few weeks than I have taken. Trying to protect capital while generating profits has never been more difficult, some entries are still slightly under water and some have proved very successful.

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

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

ABP	2.580	1,327,273,606	0.2227	8.63%	0.1675	6.49%	11.59	2.38	8.40%
ALZ	4.460	2,594,818,732	0.3080	6.91%	0.2638	5.91%	14.48	3.68	21.20%
BWP	2.350	1,503,353,341	0.2434	10.36%	0.1471	6.26%	9.65	2.07	13.53%
CFX	2.000	6,100,711,454	0.1361	6.81%	0.1360	6.80%	14.70	1.90	5.26%
CHC	4.140	1,469,764,087	0.2561	6.19%	0.2230	5.39%	16.17	2.38	73.95%
CQR	3.790	1,413,265,050	0.2395	6.32%	0.2730	7.20%	15.82	3.40	11.47%
CMW	0.940	1,626,261,874	0.1062	11.30%	0.0762	8.11%	8.85	0.73	28.77%
DXS	1.125	6,112,249,661	0.0826	7.34%	0.0626	5.56%	13.62	1.06	6.13%
FDC	2.590	3,697,591,653	0.3091	11.93%	0.1570	6.06%	8.38	2.37	9.28%
GMG	5.310	9,268,168,120	0.3820	7.19%	0.2070	3.90%	13.90	2.88	84.38%
GPT	3.870	6,522,733,896	0.3045	7.87%	0.2080	5.37%	12.71	3.82	1.31%
IOF	3.340	2,050,918,510	0.2990	8.95%	0.1850	5.54%	11.17	3.35	-0.30%
MGR	1.700	6,285,235,529	0.1219	7.17%	0.0900	5.29%	13.95	1.66	2.41%
SCP	1.710	1,109,154,427	0.1730	10.12%	0.1100	6.43%	9.88	1.64	4.27%
SCG	3.330	17,729,907,938	0.2150	6.46%	0.2150	6.46%	15.49	2.88	15.63%
SGP	3.940	9,254,062,171	0.2280	5.79%	0.2400	6.09%	17.28	3.53	11.61%
WFD	7.460	15,502,549,058	0.4380	5.87%	0.4380	5.87%	17.03	3.80	96.32%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		3-Oct-14	10-Oct-14
Abacus Property	ABP	2.590	2.580	-0.010	-0.39%
Australand_Property	ALZ	4.450	4.460	0.010	0.22%
BWP Trust	BWP	2.400	2.350	-0.050	-2.08%
CFS Retail Trust	CFX	2.020	2.000	-0.020	-0.99%
Charter Hall	CHC	4.100	4.140	0.040	0.98%
Charter Hall Retail	CQR	3.850	3.790	-0.060	-1.56%
Cromwell	CMW	0.955	0.940	-0.015	-1.57%
Dexus	DXS	1.125	1.125	0.000	0.00%
Federation Centres	FDC	2.570	2.590	0.020	0.78%
Goodman Group	GMG	5.300	5.310	0.010	0.19%
GPT Group	GPT	3.870	3.870	0.000	0.00%
Investa Office	IOF	3.380	3.340	-0.040	-1.18%
Mirvac Group	MGR	1.685	1.700	0.015	0.89%
SCA Property Group	SCP	1.710	1.710	0.000	0.00%
Scentre Group	SCG	3.330	3.330	0.000	0.00%
Stockland Property	SGP	3.960	3.940	-0.020	-0.51%
Westfield Corporation	WFD	7.430	7.460	0.030	0.40%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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 · 18 October 2014

A-REIT Sector: Weekending Friday 17 October 2014

If you looked at the changes in the share prices of the shares that make up the A-REIT Sector for this week versus last week, you would be forgiven for thinking that there wasn't much change for the week. And you would be right. With the exception of Shopping Centers Australia (scp) which dropped 2.63% for the week, the rest of the share prices appear to have barely moved between last Fridays closing prices and the previous Fridays closing prices.

But they did move. In fact the individual share prices moved dramatically during the week, particularly on Thursday when the whole ASX All-Ords was down 80 points at one stage before recovering to finish the day in the green. The A-REIT sector was the same with many share prices falling past recent entry levels then rebounding to finish the day in the green. The hard part being able to decide whether it was safe to enter or not. And if you braved an entry, at what point should you exit? It is a hard call and not one someone else can make for you. Good luck.

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

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

ABP	2.600	1,337,562,548	0.2227	8.57%	0.1675	6.44%	11.67	2.38	9.24%
ALZ	4.460	2,594,818,732	0.3080	6.91%	0.2638	5.91%	14.48	3.68	21.20%
BWP	2.360	1,509,750,589	0.2434	10.31%	0.1471	6.23%	9.70	2.07	14.01%
CFX	2.000	6,100,711,454	0.1361	6.81%	0.1360	6.80%	14.70	1.90	5.26%
CHC	4.180	1,483,964,706	0.2561	6.13%	0.2230	5.33%	16.32	2.38	75.63%
CQR	3.800	1,416,993,981	0.2395	6.30%	0.2730	7.18%	15.87	3.40	11.76%
CMW	0.950	1,643,562,532	0.1062	11.18%	0.0762	8.02%	8.95	0.73	30.14%
DXS	1.140	6,193,746,323	0.0826	7.25%	0.0626	5.49%	13.80	1.06	7.55%
FDC	2.590	3,697,591,653	0.3091	11.93%	0.1570	6.06%	8.38	2.37	9.28%
GMG	5.320	9,285,622,297	0.3820	7.18%	0.2070	3.89%	13.93	2.88	84.72%
GPT	3.890	6,556,443,115	0.3045	7.83%	0.2080	5.35%	12.78	3.82	1.83%
IOF	3.360	2,063,199,459	0.2990	8.90%	0.1850	5.51%	11.24	3.35	0.30%
MGR	1.705	6,303,721,516	0.1219	7.15%	0.0900	5.28%	13.99	1.66	2.71%
SCP	1.665	1,079,966,153	0.1730	10.39%	0.1100	6.61%	9.62	1.64	1.52%
SCG	3.340	17,783,150,905	0.2150	6.44%	0.2150	6.44%	15.53	2.88	15.97%
SGP	3.960	9,301,037,106	0.2280	5.76%	0.2400	6.06%	17.37	3.53	12.18%
WFD	7.380	15,336,301,883	0.4380	5.93%	0.4380	5.93%	16.85	3.80	94.21%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		17-Oct-14	17-Oct-14
Abacus Property	ABP	2.580	2.600	0.020	0.78%
Australand_Property	ALZ	4.460	4.460	0.000	0.00%
BWP Trust	BWP	2.350	2.360	0.010	0.43%
CFS Retail Trust	CFX	2.000	2.000	0.000	0.00%
Charter Hall	CHC	4.140	4.180	0.040	0.97%
Charter Hall Retail	CQR	3.790	3.800	0.010	0.26%
Cromwell	CMW	0.940	0.950	0.010	1.06%
Dexus	DXS	1.125	1.140	0.015	1.33%
Federation Centres	FDC	2.590	2.590	0.000	0.00%
Goodman Group	GMG	5.310	5.320	0.010	0.19%
GPT Group	GPT	3.870	3.890	0.020	0.52%
Investa Office	IOF	3.340	3.360	0.020	0.60%
Mirvac Group	MGR	1.700	1.705	0.005	0.29%
SCA Property Group	SCP	1.710	1.665	-0.045	-2.63%
Scentre Group	SCG	3.330	3.340	0.010	0.30%
Stockland Property	SGP	3.940	3.960	0.020	0.51%
Westfield Corporation	WFD	7.460	7.380	-0.080	-1.07%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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 · 26 October 2014

A-REIT Sector: Weekending Friday 24 October 2014

With the world markets fluctuating on a daily basis, from confidence to fear and back again, it was a pleasant sight to see the A-REIT sector run up for five days straight finishing up for the week around 2-3 percent. The biggest improver this week was last weeks lagard "scp", finishing up for the week 4.5%. The worst performer was ""scg" which could only manage 0.6% improvement on last weeks finish.

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

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

ABP	2.640	1,358,140,434	0.2227	8.44%	0.1675	6.34%	11.85	2.38	10.92%
ALZ	4.460	2,594,818,732	0.3080	6.91%	0.2638	5.91%	14.48	3.68	21.20%
BWP	2.460	1,573,723,072	0.2434	9.89%	0.1471	5.98%	10.11	2.07	18.84%
CFX	2.050	6,253,229,240	0.1361	6.64%	0.1360	6.63%	15.06	1.90	7.89%
CHC	4.300	1,526,566,564	0.2561	5.96%	0.2230	5.19%	16.79	2.38	80.67%
CQR	3.910	1,458,012,228	0.2395	6.13%	0.2730	6.98%	16.33	3.40	15.00%
CMW	0.975	1,686,814,177	0.1062	10.89%	0.0762	7.82%	9.18	0.73	33.56%
DXS	1.190	6,465,401,864	0.0826	6.94%	0.0626	5.26%	14.41	1.06	12.26%
FDC	2.690	3,840,355,810	0.3091	11.49%	0.1570	5.84%	8.70	2.37	13.50%
GMG	5.470	9,547,434,956	0.3820	6.98%	0.2070	3.78%	14.32	2.88	89.93%
GPT	4.020	6,775,553,039	0.3045	7.57%	0.2080	5.17%	13.20	3.82	5.24%
IOF	3.470	2,130,744,679	0.2990	8.62%	0.1850	5.33%	11.61	3.35	3.58%
MGR	1.730	6,396,151,450	0.1219	7.05%	0.0900	5.20%	14.19	1.66	4.22%
SCP	1.740	1,128,613,277	0.1730	9.94%	0.1100	6.32%	10.06	1.64	6.10%
SCG	3.360	17,889,636,838	0.2150	6.40%	0.2150	6.40%	15.63	2.88	16.67%
SGP	4.060	9,535,911,781	0.2280	5.62%	0.2400	5.91%	17.81	3.53	15.01%
WFD	7.590	15,772,700,717	0.4380	5.77%	0.4380	5.77%	17.33	3.80	99.74%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		17-Oct-14	24-Oct-14
Abacus Property	ABP	2.600	2.640	0.040	1.54%
Australand_Property	ALZ	4.460	4.460	0.000	0.00%
BWP Trust	BWP	2.360	2.460	0.100	4.24%
CFS Retail Trust	CFX	2.000	2.050	0.050	2.50%
Charter Hall	CHC	4.180	4.300	0.120	2.87%
Charter Hall Retail	CQR	3.800	3.910	0.110	2.89%
Cromwell	CMW	0.950	0.975	0.025	2.63%
Dexus	DXS	1.140	1.190	0.050	4.39%
Federation Centres	FDC	2.590	2.690	0.100	3.86%
Goodman Group	GMG	5.320	5.470	0.150	2.82%
GPT Group	GPT	3.890	4.020	0.130	3.34%
Investa Office	IOF	3.360	3.470	0.110	3.27%
Mirvac Group	MGR	1.705	1.730	0.025	1.47%
SCA Property Group	SCP	1.665	1.740	0.075	4.50%
Scentre Group	SCG	3.340	3.360	0.020	0.60%
Stockland Property	SGP	3.960	4.060	0.100	2.53%
Westfield Corporation	WFD	7.380	7.590	0.210	2.85%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. With the 98% acquisition of Australand by the Singapore Fraser based property group, I expect that ALZ will shortly be deleted from the 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 12 September 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 12 September. "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

.

coolcup · 26 October 2014

Probably worth discontinuing ALZ on the table given it is now in suspension pending compulsory acquisition by Frasers.

nulla nulla · 1 November 2014

A-REIT Sector: Weekending Friday 31 October 2014

The linked article of news on the forum opening page from thebull.com.au "World Stocks rally after Japanese Stimulus" pretty much sums up what happened on Friday 31 October 2014.

http://www.thebull.com.au/articles/a/49875-world-stocks-rally-after-japanese-stimulus.html

Shares in the A-REIT Property Sector spiked upward as once again a sunami of money poured into the Australian share market.

The A-REIT Table for closing prices for week ending 31 October 2014 follows:

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

ABP	2.700	1,389,007,262	0.2227	8.25%	0.1675	6.20%	12.12	2.38	13.45%
BWP	2.520	1,612,106,562	0.2434	9.66%	0.1471	5.84%	10.35	2.07	21.74%
CFX	2.100	6,405,747,027	0.1361	6.48%	0.1360	6.48%	15.43	1.90	10.53%
CHC	4.370	1,551,417,648	0.2561	5.86%	0.2230	5.10%	17.06	2.38	83.61%
CQR	4.070	1,517,675,133	0.2395	5.88%	0.2730	6.71%	16.99	3.40	19.71%
CMW	0.990	1,712,765,165	0.1062	10.73%	0.0762	7.70%	9.32	0.73	35.62%
DXS	1.210	6,574,064,080	0.0826	6.83%	0.0626	5.17%	14.65	1.06	14.15%
FDC	2.720	3,883,185,057	0.3091	11.36%	0.1570	5.77%	8.80	2.37	14.77%
GMG	5.540	9,669,614,197	0.3820	6.90%	0.2070	3.74%	14.50	2.88	92.36%
GPT	4.120	6,944,099,135	0.3045	7.39%	0.2080	5.05%	13.53	3.82	7.85%
IOF	3.560	2,186,008,950	0.2990	8.40%	0.1850	5.20%	11.91	3.35	6.27%
MGR	1.795	6,636,469,279	0.1219	6.79%	0.0900	5.01%	14.73	1.66	8.13%
SCP	1.810	1,174,017,259	0.1730	9.56%	0.1100	6.08%	10.46	1.64	10.37%
SCG	3.540	18,848,010,240	0.2150	6.07%	0.2150	6.07%	16.47	2.88	22.92%
SGP	4.240	9,958,686,195	0.2280	5.38%	0.2400	5.66%	18.60	3.53	20.11%
WFD	7.920	16,458,470,313	0.4380	5.53%	0.4380	5.53%	18.08	3.80	108.42%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		24-Oct-14	31-Oct-14
Abacus Property	ABP	2.640	2.700	0.060	2.27%
BWP Trust	BWP	2.460	2.520	0.060	2.44%
CFS Retail Trust	CFX	2.050	2.100	0.050	2.44%
Charter Hall	CHC	4.300	4.370	0.070	1.63%
Charter Hall Retail	CQR	3.910	4.070	0.160	4.09%
Cromwell	CMW	0.975	0.990	0.015	1.54%
Dexus	DXS	1.190	1.210	0.020	1.68%
Federation Centres	FDC	2.690	2.720	0.030	1.12%
Goodman Group	GMG	5.470	5.540	0.070	1.28%
GPT Group	GPT	4.020	4.120	0.100	2.49%
Investa Office	IOF	3.470	3.560	0.090	2.59%
Mirvac Group	MGR	1.730	1.795	0.065	3.76%
SCA Property Group	SCP	1.740	1.810	0.070	4.02%
Scentre Group	SCG	3.360	3.540	0.180	5.36%
Stockland Property	SGP	4.060	4.240	0.180	4.43%
Westfield Corporation	WFD	7.590	7.920	0.330	4.35%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. ALZ has been deleted from this 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 12 September 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 12 September. "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 · 8 November 2014

A-REIT Sector: Weekending Friday 07 November 2014

A volatile week with the Aud$ falling against the US$. Normally this would be accompanied by an exodus of foreign investment funds from the Australian Share market, particularly in the A-REIT Sector. However the sunami of funds generated by the Japanese version of "quantative easing" has seen an influx of investment funds into world markets including the A-REIT Sector. It would seem that any exodus of funds linked to he falling Aud$ has been offset by Japanese investors chasing yields. Some up, some down and plenty of volatility in the mix for the brave.

The merry-go-round continues but for some reason, lately, the tune seems more reminiscent of "musical chairs".

The A-REIT Table for closing prices for week ending 07 November 2014 follows:

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

ABP	2.790	1,435,307,504	0.2227	7.98%	0.1675	6.00%	12.53	2.38	17.23%
BWP	2.550	1,631,298,306	0.2434	9.55%	0.1471	5.77%	10.48	2.07	23.19%
CHC	4.560	1,618,870,589	0.2561	5.62%	0.2230	4.89%	17.81	2.38	91.60%
CQR	4.080	1,521,404,064	0.2395	5.87%	0.2730	6.69%	17.04	3.40	20.00%
CMW	0.975	1,689,803,859	0.1062	10.89%	0.0769	7.89%	9.18	0.73	33.56%
DXS	7.300	6,610,284,824	0.4956	6.79%	0.3758	5.15%	14.73	1.06	588.68%
FDC	2.740	3,911,737,888	0.3091	11.28%	0.1570	5.73%	8.86	2.37	15.61%
GMG	5.650	9,861,849,345	0.3820	6.76%	0.2070	3.66%	14.79	2.88	96.18%
GPT	4.170	7,028,372,182	0.3045	7.30%	0.2080	4.99%	13.69	3.82	9.16%
IOF	3.580	2,198,289,900	0.2990	8.35%	0.1850	5.17%	11.97	3.35	6.87%
MGR	1.770	6,544,039,345	0.1219	6.89%	0.0900	5.08%	14.52	1.66	6.63%
NVN	2.100	6,405,747,027	0.1361	6.48%	0.1360	6.48%	15.43	1.90	10.53%
SCP	1.790	1,161,044,693	0.1730	9.66%	0.1100	6.15%	10.35	1.64	9.15%
SCG	3.560	18,954,496,174	0.2150	6.04%	0.2150	6.04%	16.56	2.88	23.61%
SGP	4.200	9,864,736,325	0.2280	5.43%	0.2400	5.71%	18.42	3.53	18.98%
WFD	8.040	16,707,841,075	0.4380	5.45%	0.4380	5.45%	18.36	3.80	111.58%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		31-Oct-14	7-Nov-14
Abacus Property	ABP	2.700	2.790	0.090	3.33%
BWP Trust	BWP	2.520	2.550	0.030	1.19%
Charter Hall	CHC	4.370	4.560	0.190	4.35%
Charter Hall Retail	CQR	4.070	4.080	0.010	0.25%
Cromwell	CMW	0.990	0.975	-0.015	-1.52%
Dexus	DXS	7.260	7.300	0.040	0.55%
Federation Centres	FDC	2.720	2.740	0.020	0.74%
Goodman Group	GMG	5.540	5.650	0.110	1.99%
GPT Group	GPT	4.120	4.170	0.050	1.21%
Investa Office	IOF	3.560	3.580	0.020	0.56%
Mirvac Group	MGR	1.795	1.770	-0.025	-1.39%
Novion Property Group	NVN	2.100	2.100	0.000	0.00%
SCA Property Group	SCP	1.810	1.790	-0.020	-1.10%
Scentre Group	SCG	3.540	3.560	0.020	0.56%
Stockland Property	SGP	4.240	4.200	-0.040	-0.94%
Westfield Corporation	WFD	7.920	8.040	0.120	1.52%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. Australand has now been removed from the list. CFS Retail property (CFX) has been renamed to Novion Property Group (NVN) and Dexus has consolidated their shares on the bases of 1 for 6.

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 07 November 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 07 November 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 table 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. SCG has advised on 6 November 2014 "Scentre Group reconfirms its forecast FFO of 10.88 cents per security with a distribution forecast of 10.2 cents per security for the six months ending 31 December 2014".

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 · 15 November 2014

A-REIT Sector: Weekending Friday 14 November 2014

After a good start to the week, with the A-REIT Sector lifting on Monday/Tuesday, the music suddenly stopped and the shortage of chairs saw the market fall Wednesday and Thursday. Even though there was a slight recovery on Friday, the sector still finished down for the week. I suspect it would have been worse but for the efforts of Westfield investors which closed up the week $0.18, roughly 2.86%, (while Scentre Group managed to finish down for the week 2.81%, go figure?).

The A-REIT Table for closing prices for week ending 14 November 2014 follows:

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

ABP	2.840	1,461,029,861	0.2227	7.84%	0.1675	5.90%	12.75	2.38	19.33%
BWP	2.520	1,612,106,562	0.2434	9.66%	0.1471	5.84%	10.35	2.07	21.74%
CHC	4.560	1,618,870,589	0.2561	5.62%	0.2230	4.89%	17.81	2.38	91.60%
CQR	4.110	1,532,590,859	0.2395	5.83%	0.2730	6.64%	17.16	3.40	20.88%
CMW	0.985	1,707,135,181	0.1062	10.78%	0.0769	7.81%	9.27	0.73	34.93%
DXS	7.260	6,574,064,085	0.4956	6.83%	0.3758	5.18%	14.65	1.06	584.91%
FDC	2.780	3,968,843,551	0.3091	11.12%	0.1570	5.65%	8.99	2.37	17.30%
GMG	5.640	9,844,394,744	0.3820	6.77%	0.2070	3.67%	14.76	2.88	95.83%
GPT	4.200	7,078,936,011	0.3045	7.25%	0.2080	4.95%	13.79	3.82	9.95%
IOF	3.550	2,179,868,476	0.2990	8.42%	0.1850	5.21%	11.87	3.35	5.97%
MGR	1.770	6,544,039,345	0.1219	6.89%	0.0900	5.08%	14.52	1.66	6.63%
NVN	2.090	6,375,243,469	0.1361	6.51%	0.1360	6.51%	15.36	1.90	10.00%
SCP	1.805	1,170,774,118	0.1730	9.58%	0.1100	6.09%	10.43	1.64	10.06%
SCG	3.460	18,422,066,506	0.2150	6.21%	0.2150	6.21%	16.09	2.88	20.14%
SGP	4.190	9,841,248,857	0.2280	5.44%	0.2400	5.73%	18.38	3.53	18.70%
WFD	8.270	17,185,801,703	0.4380	5.30%	0.4380	5.30%	18.88	3.80	117.63%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		7-Nov-14	14-Nov-14
Abacus Property	ABP	2.790	2.840	0.050	1.79%
BWP Trust	BWP	2.550	2.520	-0.030	-1.18%
Charter Hall	CHC	4.560	4.560	0.000	0.00%
Charter Hall Retail	CQR	4.080	4.110	0.030	0.74%
Cromwell	CMW	0.975	0.985	0.010	1.03%
Dexus	DXS	7.300	7.260	-0.040	-0.55%
Federation Centres	FDC	2.740	2.780	0.040	1.46%
Goodman Group	GMG	5.650	5.640	-0.010	-0.18%
GPT Group	GPT	4.170	4.200	0.030	0.72%
Investa Office	IOF	3.580	3.550	-0.030	-0.84%
Mirvac Group	MGR	1.770	1.770	0.000	0.00%
Novion Property Group	NVN	2.100	2.090	-0.010	-0.48%
SCA Property Group	SCP	1.790	1.805	0.015	0.84%
Scentre Group	SCG	3.560	3.460	-0.100	-2.81%
Stockland Property	SGP	4.200	4.190	-0.010	-0.24%
Westfield Corporation	WFD	8.040	8.270	0.230	2.86%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. Australand has now been removed from the list. CFS Retail property (CFX) has been renamed to Novion Property Group (NVN) and Dexus has consolidated their shares on the bases of 1 for 6.

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 07 November 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 07 November 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 table 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. SCG has advised on 6 November 2014 "Scentre Group reconfirms its forecast FFO of 10.88 cents per security with a distribution forecast of 10.2 cents per security for the six months ending 31 December 2014".

5. The share codes listed in both Tables now hyper-link to the last page of the corresponding ASF thread for that share.

6. 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 November 2014

A-REIT Sector: Weekending Friday 21 November 2014

Not a good week for the ASX and not a good week for the A-REIT Sector also. Japan has gone into recession again (I didn't know that they had come out of their long running recession, I must have blinked) so the markets reacted badly to the news. Also it is likely that some of the Japanese Quantative easing funds that made their way into Australian "Yield" shares in the last few weeks have been pulled out as well, rather quickly.

Iron ore prices have retreated to 5 year lows, the Australian economy is looking shaky and market confidence is falling. Under the circumstances, our dollar is doing well to hold up around the US$0.86 area. The volatility continues.

The A-REIT Table for closing prices for week ending 21 November 2014 follows:

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

ABP	2.80	1,440,451,975	0.2227	7.95%	0.1675	5.98%	12.57	2.38	17.65%
BWP	2.49	1,592,914,817	0.2434	9.78%	0.1471	5.91%	10.23	2.07	20.29%
CHC	4.46	1,583,529,868	0.2561	5.74%	0.2230	5.00%	17.42	2.38	87.39%
CQR	4.03	1,502,759,407	0.2395	5.94%	0.2730	6.77%	16.83	3.40	18.53%
CMW	0.98	1,700,593,787	0.1062	10.84%	0.0789	8.05%	9.23	0.73	34.25%
DXS	6.97	6,311,556,625	0.4956	7.11%	0.3756	5.39%	14.06	6.36	9.59%
FDC	2.65	3,783,250,147	0.3091	11.66%	0.1570	5.92%	8.57	2.37	11.81%
GMG	5.47	9,547,666,534	0.3820	6.98%	0.2070	3.78%	14.32	2.88	89.93%
GPT	4.08	6,876,680,696	0.3045	7.46%	0.2080	5.10%	13.40	3.82	6.81%
IOF	3.46	2,124,604,205	0.2990	8.64%	0.1850	5.35%	11.57	3.35	3.28%
MGR	1.73	6,396,151,450	0.1219	7.05%	0.0900	5.20%	14.19	1.66	4.22%
NVN	2.05	6,253,229,240	0.1361	6.64%	0.1360	6.63%	15.06	1.90	7.89%
SCP	1.74	1,125,370,135	0.1220	7.03%	0.1080	6.22%	14.22	1.57	10.51%
SCG	3.44	18,315,580,572	0.2150	6.25%	0.2150	6.25%	16.00	2.88	19.44%
SGP	4.08	9,582,886,716	0.2280	5.59%	0.2400	5.88%	17.89	3.53	15.58%
WFD	7.99	16,603,936,591	0.4380	5.48%	0.4380	5.48%	18.24	3.80	110.26%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		14-Nov-14	21-Nov-14
Abacus Property	ABP	2.84	2.80	-0.04	-1.41%
BWP Trust	BWP	2.52	2.49	-0.03	-1.19%
Charter Hall	CHC	4.56	4.46	-0.10	-2.19%
Charter Hall Retail	CQR	4.11	4.03	-0.08	-1.95%
Cromwell	CMW	0.99	0.98	-0.01	-0.51%
Dexus	DXS	7.26	6.97	-0.29	-3.99%
Federation Centres	FDC	2.78	2.65	-0.13	-4.68%
Goodman Group	GMG	5.64	5.47	-0.17	-3.01%
GPT Group	GPT	4.20	4.08	-0.12	-2.86%
Investa Office	IOF	3.55	3.46	-0.09	-2.54%
Mirvac Group	MGR	1.77	1.73	-0.04	-2.26%
Novion Property Group	NVN	2.09	2.05	-0.04	-1.91%
SCA Property Group	SCP	1.81	1.74	-0.07	-3.88%
Scentre Group	SCG	3.46	3.44	-0.02	-0.58%
Stockland Property	SGP	4.19	4.08	-0.11	-2.63%
Westfield Corporation	WFD	8.27	7.99	-0.28	-3.39%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. Australand has now been removed from the list. CFS Retail property (CFX) has been renamed to Novion Property Group (NVN) and Dexus has consolidated their shares on the bases of 1 for 6.

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 21 November 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 also been updated as at 21 November 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 table 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. SCG has advised on 6 November 2014 "Scentre Group reconfirms its forecast FFO of 10.88 cents per security with a distribution forecast of 10.2 cents per security for the six months ending 31 December 2014".

5. The share codes listed in both Tables now hyper-link to the last page (mostly) of the corresponding ASF thread for that share.

6. 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 · 30 November 2014

A-REIT Sector: Weekending Friday 28 November 2014

The A-REIT Property Sector enjoyed a good week with share price rises across the sector. It could be the yield players are now positioning themselves for the December 2014 dividend. It will be interesting to see if the A-REIT yield chasers are prepared to pay up for their dividends or whether their will be any further dips between now and 24 December 2014. The volatility continues.

The A-REIT Table for closing prices for week ending 28 November 2014 follows:

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

ABP	2.870	1,476,463,275	0.2227	7.76%	0.1675	5.84%	12.89	2.38	20.59%
BWP	2.540	1,624,901,058	0.2434	9.58%	0.1471	5.79%	10.44	2.07	22.71%
CHC	4.580	1,626,136,053	0.2561	5.59%	0.2230	4.87%	17.88	2.38	92.44%
CQR	4.150	1,547,506,585	0.2395	5.77%	0.2730	6.58%	17.33	3.40	22.06%
CMW	1.005	1,743,976,282	0.1062	10.57%	0.0789	7.85%	9.46	0.73	37.67%
DXS	7.110	6,438,331,077	0.4956	6.97%	0.3756	5.28%	14.35	6.36	11.79%
FDC	2.770	3,954,567,135	0.3091	11.16%	0.1570	5.67%	8.96	2.37	16.88%
GMG	5.450	9,512,757,332	0.3820	7.01%	0.2070	3.80%	14.27	2.88	89.24%
GPT	4.140	6,977,808,354	0.3045	7.36%	0.2080	5.02%	13.60	3.82	8.38%
IOF	3.530	2,167,587,527	0.2990	8.47%	0.1850	5.24%	11.81	3.35	5.37%
MGR	1.755	6,488,581,384	0.1219	6.95%	0.0900	5.13%	14.40	1.66	5.72%
NVN	2.130	6,497,257,699	0.1361	6.39%	0.1360	6.38%	15.65	1.90	12.11%
SCP	1.785	1,157,801,551	0.1220	6.83%	0.1080	6.05%	14.63	1.57	13.69%
SCG	3.470	18,475,309,473	0.2150	6.20%	0.2150	6.20%	16.14	2.88	20.49%
SGP	4.120	9,676,836,585	0.2280	5.53%	0.2400	5.83%	18.07	3.53	16.71%
WFD	8.290	17,227,363,497	0.4380	5.28%	0.4380	5.28%	18.93	3.80	118.16%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		21-Nov-14	28-Nov-14
Abacus Property	ABP	2.800	2.870	0.07	2.50%
BWP Trust	BWP	2.490	2.540	0.05	2.01%
Charter Hall	CHC	4.460	4.580	0.12	2.69%
Charter Hall Retail	CQR	4.030	4.150	0.12	2.98%
Cromwell	CMW	0.980	1.005	0.02	2.55%
Dexus	DXS	6.970	7.110	0.14	2.01%
Federation Centres	FDC	2.650	2.770	0.12	4.53%
Goodman Group	GMG	5.470	5.450	-0.02	-0.37%
GPT Group	GPT	4.080	4.140	0.06	1.47%
Investa Office	IOF	3.460	3.530	0.07	2.02%
Mirvac Group	MGR	1.730	1.755	0.02	1.45%
Novion Property Group	NVN	2.050	2.130	0.08	3.90%
SCA Property Group	SCP	1.735	1.785	0.05	2.88%
Scentre Group	SCG	3.440	3.470	0.03	0.87%
Stockland Property	SGP	4.080	4.120	0.04	0.98%
Westfield Corporation	WFD	7.990	8.290	0.30	3.75%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. Australand has now been removed from the list. CFS Retail property (CFX) has been renamed to Novion Property Group (NVN) and Dexus has consolidated their shares on the bases of 1 for 6.

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 21 November 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 also been updated as at 21 November 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 table 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. SCG has advised on 6 November 2014 "Scentre Group reconfirms its forecast FFO of 10.88 cents per security with a distribution forecast of 10.2 cents per security for the six months ending 31 December 2014".

5. The share codes listed in both Tables now hyper-link to the last page (mostly) of the corresponding ASF thread for that share.

6. 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 · 7 December 2014

A-REIT Sector: Weekending Friday 05 December 2014

The share price rises across the A-REIT Property Sector continued with several shares testing previous highs. This was all the more remarkable in a week that saw the Aud$ drop below US$0.84. Yield players are clearly positioning themselves for the December 2014 dividends.

With 2-3 weeks to go before the Ex-div dates, it will be interesting to see whether share prices are pushed higher still or fluctuate at present levels. To me, Fridays late trading retraces suggests that the volatility will continue.

The A-REIT Table for closing prices for week ending 05 December 2014 follows:

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

ABP	2.890	1,486,752,217	0.2227	7.71%	0.1675	5.80%	12.98	2.38	21.43%
BWP	2.620	1,676,079,044	0.2434	9.29%	0.1471	5.61%	10.76	2.07	26.57%
CHC	4.720	1,675,843,269	0.2561	5.43%	0.2230	4.72%	18.43	2.38	98.32%
CQR	4.140	1,543,777,653	0.2395	5.79%	0.2730	6.59%	17.29	3.40	21.76%
CMW	1.015	1,761,329,280	0.1062	10.46%	0.0789	7.77%	9.56	0.73	39.04%
DXS	7.070	6,402,109,805	0.4956	7.01%	0.3756	5.31%	14.27	6.36	11.16%
FDC	2.800	3,997,396,382	0.3091	11.04%	0.1570	5.61%	9.06	2.37	18.14%
GMG	5.650	9,861,849,345	0.3820	6.76%	0.2070	3.66%	14.79	2.88	96.18%
GPT	4.250	7,163,209,059	0.3045	7.16%	0.2080	4.89%	13.96	3.82	11.26%
IOF	3.670	2,253,554,171	0.2990	8.15%	0.1850	5.04%	12.27	3.35	9.55%
MGR	1.805	6,673,441,253	0.1219	6.75%	0.0900	4.99%	14.81	1.66	8.73%
NVN	2.190	6,680,279,042	0.1361	6.21%	0.1360	6.21%	16.09	1.90	15.26%
SCP	1.835	1,190,232,967	0.1220	6.65%	0.1080	5.89%	15.04	1.57	16.88%
SCG	3.540	18,848,010,240	0.2150	6.07%	0.2150	6.07%	16.47	2.88	22.92%
SGP	4.200	9,864,736,325	0.2280	5.43%	0.2400	5.71%	18.42	3.53	18.98%
WFD	8.550	17,767,666,815	0.4380	5.12%	0.4380	5.12%	19.52	3.80	125.00%

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

Share	Code	Closing_Price	Closing_Price	Change$	Change%
		28-Nov-14	05-Dec-14
Abacus Property	ABP	2.870	2.890	0.02	0.70%
BWP Trust	BWP	2.540	2.620	0.08	3.15%
Charter Hall	CHC	4.580	4.720	0.14	3.06%
Charter Hall Retail	CQR	4.150	4.140	-0.01	-0.24%
Cromwell	CMW	1.005	1.015	0.01	1.00%
Dexus	DXS	7.110	7.070	-0.04	-0.56%
Federation Centres	FDC	2.770	2.800	0.03	1.08%
Goodman Group	GMG	5.450	5.650	0.20	3.67%
GPT Group	GPT	4.140	4.250	0.11	2.66%
Investa Office	IOF	3.530	3.670	0.14	3.97%
Mirvac Group	MGR	1.755	1.805	0.05	2.85%
Novion Property Group	NVN	2.130	2.190	0.06	2.82%
SCA Property Group	SCP	1.785	1.835	0.05	2.80%
Scentre Group	SCG	3.470	3.540	0.07	2.02%
Stockland Property	SGP	4.120	4.200	0.08	1.94%
Westfield Corporation	WFD	8.290	8.550	0.26	3.14%

Comments:

1. The shares listed in the tables above make up the XPJ A-REIT Property Sector. Australand has now been removed from the list. CFS Retail property (CFX) has been renamed to Novion Property Group (NVN) and Dexus has consolidated their shares on the bases of 1 for 6.

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 21 November 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 also been updated as at 21 November 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 table 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. SCG has advised on 6 November 2014 "Scentre Group reconfirms its forecast FFO of 10.88 cents per security with a distribution forecast of 10.2 cents per security for the six months ending 31 December 2014".

5. The share codes listed in both Tables now hyper-link to the last page (mostly) of the corresponding ASF thread for that share.

6. 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 · 7 December 2014

yes been impressive the turn around in a number of the stocks, thanks nulla nulla another fine update

its a great discussion the pros/cons of long term hold vs the dividend play,

A-REIT valuation model

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