aud back below us88c, page-5

rents on industrial property are typically 3+ years. They have escalators for cpi usually - but inflation isn't high at the moment so these wont account for much. Think portfolio wale is over 5 years from memory - so you wont see more than 20% of rents renegotiated each year.

The way you will see any rental growth will be through directors valuations on 6 monthly reports.

Because it is so lumpy that will likely trigger fairly significant step shifts as normalisation continues.

Next one is due later this month so watch for that.

as per my earlier posts - I expect to hit the sweet spot of a significant 'step shift' in capital values for the portfolio toward end of this year and into first half 2015.

the lag of confidence in bulky goods demand (re-established in last 6 months really), then flowing through to increased demand for space, then flowing through to valuations in reports - is typically 12 months minimum.

then once it gets a head of steam up - it has a 'rubber band' effect as more and more properties within a portfolio are valued. (they only revalue a % of properties each year)

hope that helps.

note these are my own opinions only. please form your own views.