Yes they have, its a large multi-family complex in North Carolina. Meantime are selling down their portfolio of USA residential houses. Basically going forward are swapping capital gains ( on the house sales) and moving across to own/rent out these apartment complexes. Argue that it will generate more sustainable income in the long run. Probably right. Can only sell a house once. At 50c this still looks like a good divvy stock, but I reckon ( my guess) is they will pare back the divvy a bit henceforth. The fact they have now gone back to 6 monthly divvies instead of 3 monthly suggest they are putting a bit more focus on income sustainability which may account for the slow progressive slide from mid 60's to now 50c. Whilst its history now, I still have not worked out without going through all the financial statements since listing how/why the shares have fallen from the IPO of $1 to when it was about 65c about 2 months back when their assets ( houses) have been improving in value in $US terms since the company listed, moreover we should also have benefited from the lower $A exchange rate as I think it was higher against the $US when the company listed. Can anyone out there explain?
USR Price at posting:
44.0¢ Sentiment: Hold Disclosure: Held
