well thanks john!, page-3

There seems little point in even considering the yield from AJA, since it is clearly not sustainable, even at half the current level.

Net cashflow from operations/operating profit looks to be sitting at around $32m. A default on JPTD and JPTA that resulted in the lender taking control would appear to reduce that amount by around $10m. Recent debt re-structurings have resulted in a debt amortisation programme that will see a further $11m of that cash required to repay principal. It is possible there may also be demands for cash to repay tenancy deposits from JPTA and JPTD. Doubtless, there will be some amount of capex required also (say $4m minimum?). Rents are still in decline also.

Overall, perhaps looking at $5m free cash that could be put towards distributions? That would mean looking at something like 8-9cps distributable...perhaps more like a 4% yield?

Though they will get till at least November and probably close to financial year end before they hit defaults, so may not need to fall quite so far this year. However, in 2013, there is a further increase in debt amortisation to wear as well.

Much depends on what arrangements are reached with the lenders to JPTD and JPTA. Some of the uncertainty around this probably needs to dissipate before the share price is likely to rise.