hard to say mike I bought this at 11.5 and its in the bottom drawer now but better value elsewhere at todays price
check out the obscure MAFCA. Its been trashed along with the rest of the REITS but this one is quality. owns or part owns 4 premium office blocks in Sydney and Melbourne and was paying around 4c a year dist, share price now 7.5
recent guidance affirms trust is OK on all debt covenants
I see this one getting back to 4c annual distribution within 12 months. the only problem they have is their interest rate hedge book which is badly out of the money and means they need to keep an eye on capital management as the debt covenants either take into account the unrealised M to M loss or the counterparty to the hedge may want more collateral
even so its senstational value MAFCA. Bear in mind they can make a call of 40c a unit if they need to, which actually is the reason I like it.
TCQ Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
