Bulk sale falls over but 10% buyback announced - individual sales recommence - rents increasing 10% - activists on the register and still trades >50% discount to pretax NAV...
Might be time for another update. Assuming they achieve the US$150m targeted asset sales in 2024 (run-rating Feb-YTD sales exceeds this number), adjusting for mandatory debt repayment, transaction costs, negative FFO and $5m in buy-backs delivers c.13c of potential special distributions this calendar year with 2/3rds of the portfolio remaining (and probably still trading at a discount to NAV). Sensitising for a lower sale program and appreciating AUD still looks unusually attractive.
Might be time for another update. Assuming they achieve the US$150m targeted asset sales in 2024 (run-rating Feb-YTD sales exceeds this number), adjusting for mandatory debt repayment, transaction costs, negative FFO and $5m in buy-backs delivers c.13c of potential special distributions this calendar year with 2/3rds of the portfolio remaining (and probably still trading at a discount to NAV). Sensitising for a lower sale program and appreciating AUD still looks unusually attractive.
Amazing work!