Ann: Earnings guidance and key organisational changes, page-16

$130 mill is MEA earnings read the report. The report then states 20% of earnings is made up of PM which is the $52m on the multiplier I suggested. Anyone with any experience of the real estate industry will agree with my multiple it's how rent rolls are traded and the earnings ratio. Irrespective of your view that is the value. PM fee could be a conservative estimate of 5% of income so would be $400,000,000+ collection of rent but that's irrelevant in this argument.