GPT, MGR and APA are property trusts and infrastructure vehicles—franking is replaced with tax deferral, albeit APA has virtually no tax deferral in 2016 as mentioned on the first page of our report. AST has said a number of times that the 2016 distribution will be 8.53cents so the yield in our report is correct at 5.9%.

On Quintessentials: The Search For Yield Continues -