hmmm, ok but the two issues i have with that $33 figure is...

hmmm, ok but the two issues i have with that $33 figure is firstly its in excess of what ubn's own documentation on pricing claims ($2pm or $24pa), secondly the revenue divided by the units simply doesn't add up to anywhere near that figure?

You can see the simple mathematical logic i use, and its all come from audited documents released by the company. So either, ive missed something within the docs and im happy to be corrected, or the audited docs contain errors, or someone is telling you an absolute maximum price that isn't representative of the average across the portfolio. Can you for instance see any flaw in my basic math logic?

A quick google reveals that in 2012 there were less than 1.1m apartments in Australia so im not quite sure how that figure has more than doubled in the last 5 years? the total properties were around 9m which kind of makes sense given the size of the population, so looking at this from a different angle surely a quarter of the population don't live in apartments?

All that aside, the facts of the PICA contract are that its strata revenue per annum is around $1.5m per year for 200,000 doors which is $7.50 per annum. I dont understand how that could ever be $33?

I appreciate you asking your source but i wonder if they are some kind of outlying client paying what appears to be vastly more than ubn charges across the rest of its portfolio.