I think there will still be a 4c dist in 6 months - and going...

I think there will still be a 4c dist in 6 months - and going forward. I think the payout policy amendment you are talking about is the cutting of the dividend from 15c -> 8c (this is where you will find the $68m comes from). I think you have to remember that long term holders (at least 5yrs) are in it for the returns, not the capital gains. If you listen to the annual meeting webcast http://www.macquarie.com.au/au/property/mcw/investor_centre/reports.htm - 1hr question time from the website (you have to just let it play out, as there are several sections), there were a lot of these holders very angry over the performance. An interesting listen though. They did are for guidance as the state of dividens going forward / sustainability etc and were met with the answer that things would not change from here. Now, I know that this may well chance, but apart from the share price, things (i.e. earnings) are very stable. Just an opportunity to top up IMHO.

Also, I managed to call into the Renmark property (page 3 of today's report show it's sign) on Saturday visiting an uncle. It was very modern for the area and well supported by the locals. Only BigW in a very large area and even people from Mildura travel to shop there. Out of about 20 shops, 1 free from memory (excluding BigW and Woolies).