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Property Valuations

Current levels of both long term nominal and real bond rates provide a helpful buffer to ensure future capitalisation rate stability.

A material difference between bond and cap rate movements

Property Valuations

The current spread between ALE’s capitalisation rates and Australian Government bond rates of around 2.8% remains at a high level

The following valuations are as at 30 June 2017 and reflect independent valuations conducted by CBRE and Todd Herron White on 33 properties and ALE director's valuations of the remaining 53 properties (based upon an extrapolation of the independent valuations)

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $606,142 4.70% $12,900,000
Brown Jug Hotel $650,415 5.04% $12,900,000
Colyton Hotel $939,562 5.07% $18,520,000
Crows Nest Hotel $931,871 4.90% $19,030,000
Melton Hotel $348,427 4.94% $7,050,000
Narrabeen Sands Hotel $800,122 5.16% $15,500,000
New Brighton Hotel $517,824 4.71% $11,000,000
Pioneer Tavern $646,454 4.65% $13,900,000
Pritchards Hotel $1,679,895 5.76% $29,140,000
Smithfield Hotel $469,145 4.91% $9,560,000
SUB TOTAL  $7,589,859 5.08% $149,500,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $860,329 4.99% $17,240,000
Alderley Arms Hotel $358,116 4.87% $7,350,000
Anglers Arms Hotel $562,911 5.36% $10,500,000
Balaclava Hotel $626,673 4.93% $12,710,000
Breakfast Creek Hotel $922,616 5.01% $18,410,000
Burleigh Heads Hotel $753,905 5.07% $14,880,000
Camp Hill Hotel $236,413 3.48% $6,800,000
Chardons Corner Hotel $124,778 3.80% $3,290,000
Dalrymple Hotel $607,704 4.82% $12,600,000
Edge Hill Tavern $322,810 5.04% $6,410,000
Edinburgh Castle Hotel $358,592 5.07% $7,080,000
Four Mile Creek $440,746 5.05% $8,725,000
Hamilton Hotel $617,870 4.26% $14,500,000
Holland Park Hotel $628,167 4.55% $13,800,000
Kedron Park Hotel $234,592 5.31% $4,420,000
Kirwan Tavern $586,606 5.06% $11,600,000
Lawnton Tavern $525,418 6.06% $8,680,000
Miami Hotel $677,535 5.14% $13,190,000
Mount Gravatt Hotel $353,619 5.07% $6,975,000
Mount Pleasant Hotel $524,407 5.35% $9,800,000
Noosa Reef Hotel $652,753 5.81% $11,240,000
Nudgee Beach Hotel $323,516 4.79% $6,750,000
Palm Beach Hotel $767,466 5.26% $14,580,000
Pelican Waters Hotel $470,424 5.52% $8,530,000
Prince of Wales $401,571 4.14% $9,700,000
Racehorse Hotel $195,627 3.01% $6,500,000
Redland Bay Hotel $500,506 5.01% $10,000,000
Royal Exchange Hotel $590,741 6.00% $9,850,000
Springwood Tavern $959,324 5.13% $18,710,000
Stones Corner Tavern $593,021 5.60% $10,590,000
Vale Hotel $747,871 5.34% $14,020,000
Wilsonton Hotel $570,011 5.09% $11,190,000
SUB TOTAL  $17,096,639 5.02% $340,620,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $396,917 5.75% $6,900,000
Eureka Hotel $358,657 5.98% $6,000,000
Exeter Hotel $241,235 5.52% $4,370,000
Finsbury Hotel $201,753 5.24% $3,850,000
Gepps Cross Hotel $294,267 4.76% $6,180,000
Hendon Hotel $214,751 5.32% $4,030,000
Stockade Tavern $348,484 5.89% $5,920,000
SUB TOTAL  $2,056,064 5.52% $37,250,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $470,353 4.94% $9,530,000
Bayswater Hotel $1,179,673 5.49% $21,500,000
Berwick Inn $1,200,035 5.83% $20,580,000
Blackburn Hotel $1,019,649 5.37% $19,000,000
Blue Bell Hotel $252,735 4.83% $5,230,000
Boundary Hotel $1,480,829 5.75% $25,750,000
Burvale Hotel $1,119,099 4.90% $22,840,000
Club Hotel $608,434 5.11% $11,910,000
Cramers Hotel $987,868 5.37% $18,400,000
Deer Park Hotel $831,950 5.37% $15,500,000
Doncaster Inn Hotel $1,313,745 5.31% $24,750,000
Ferntree Gully Hotel & Motel $494,868 5.60% $8,840,000
Gateway Hotel $406,954 5.02% $8,100,000
Keysborough Hotel $1,042,323 4.53% $23,000,000
Mac's Hotel $795,108 5.48% $14,500,000
Meadow Inn Hotel $937,340 5.36% $17,500,000
Mitcham Hotel $959,274 5.31% $18,070,000
Morwell Hotel $154,134 6.17% $2,500,000
Olinda Creek Hotel $461,598 5.29% $8,730,000
Pier Hotel/21st Century $895,140 5.45% $16,430,000
Plough Hotel $984,795 5.84% $16,860,000
Prince Mark Hotel $1,093,316 5.11% $21,410,000
Royal Exchange Hotel $286,074 5.61% $5,100,000
Sandbelt Hotel $1,249,649 5.22% $23,960,000
Sandown Park Hotel $680,907 5.04% $13,500,000
Sandringham Hotel $541,994 4.33% $12,520,000
Somerville Hotel $328,791 4.64% $7,080,000
Stamford Inn Hotel $1,380,560 4.88% $28,290,000
Sylvania Hotel $641,434 5.05% $12,690,000
The Vale Hotel $622,419 4.67% $13,330,000
Tudor Inn Hotel $629,636 5.05% $12,460,000
Village Green Hotel $1,312,880 5.15% $25,500,000
Young & Jacksons Hotel $572,325 3.54% $16,160,000
SUB TOTAL  $26,935,888 5.16% $521,520,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $541,384 5.41% $10,000,000
Sail & Anchor Pub Brewery $270,488 5.98% $4,520,000
Brass Monkey $577,669 6.11% $9,450,000
Balmoral $475,287 6.51% $7,300,000
SUB TOTAL  $1,864,828 5.96% $31,270,000

GRAND TOTAL $55,543,278 5.14% $1,080,160,000
1Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 31 December 2016 and reflect the November 2016 rent reviews utilising the June 2016 capitalisation rates. No independent valuations were done at December 2016.

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $606,142 4.97% $12,200,000
Brown Jug Hotel $650,415 5.23% $12,440,000
Colyton Hotel $939,562 5.37% $17,510,000
Crows Nest Hotel $931,871 5.18% $17,990,000
Melton Hotel $348,427 5.23% $6,660,000
Narrabeen Sands Hotel $785,692 5.46% $14,400,000
New Brighton Hotel $517,824 4.97% $10,430,000
Pioneer Tavern $646,454 5.01% $12,900,000
Pritchards Hotel $1,679,895 6.10% $27,550,000
Smithfield Hotel $469,145 5.19% $9,040,000
SUB TOTAL  $7,575,429 5.37% $141,120,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $860,079 5.36% $16,050,000
Alderley Arms Hotel $358,366 5.57% $6,430,000
Anglers Arms Hotel $516,328 5.74% $8,990,000
Balaclava Hotel $626,673 5.29% $11,840,000
Breakfast Creek Hotel $925,416 5.37% $17,230,000
Burleigh Heads Hotel $755,605 5.43% $13,920,000
Camp Hill Hotel $236,413 5.48% $4,310,000
Chardons Corner Hotel $127,428 4.07% $3,130,000
Dalrymple Hotel $607,704 5.18% $11,730,000
Edge Hill Tavern $323,660 5.40% $5,990,000
Edinburgh Castle Hotel $359,092 5.43% $6,610,000
Four Mile Creek $432,790 5.94% $7,290,000
Hamilton Hotel $617,870 4.84% $12,770,000
Holland Park Hotel $633,667 4.89% $12,960,000
Kedron Park Hotel $231,192 5.69% $4,060,000
Kirwan Tavern $586,606 5.48% $10,710,000
Lawnton Tavern $524,143 6.49% $8,080,000
Miami Hotel $715,535 5.51% $13,000,000
Mount Gravatt Hotel $355,619 5.66% $6,280,000
Mount Pleasant Hotel $527,240 5.35% $9,850,000
Noosa Reef Hotel $643,530 6.22% $10,340,000
Nudgee Beach Hotel $325,391 5.66% $5,750,000
Palm Beach Hotel $780,466 5.64% $13,840,000
Pelican Waters Hotel $473,484 5.91% $8,010,000
Prince of Wales $399,446 5.93% $6,740,000
Racehorse Hotel $195,627 3.20% $6,110,000
Redland Bay Hotel $500,506 4.76% $10,510,000
Royal Exchange Hotel $593,866 5.84% $10,170,000
Springwood Tavern $959,324 5.51% $17,420,000
Stones Corner Tavern $609,854 6.00% $10,160,000
Vale Hotel $747,871 5.73% $13,050,000
Wilsonton Hotel $572,511 5.47% $10,470,000
SUB TOTAL  $17,123,303 5.46% $313,800,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $396,917 5.97% $6,650,000
Eureka Hotel $358,657 6.38% $5,620,000
Exeter Hotel $241,235 5.81% $4,150,000
Finsbury Hotel $201,753 5.55% $3,640,000
Gepps Cross Hotel $294,267 5.01% $5,870,000
Hendon Hotel $214,751 5.60% $3,830,000
Stockade Tavern $348,484 6.20% $5,620,000
SUB TOTAL  $2,056,064 5.81% $35,380,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $470,353 5.30% $8,870,000
Bayswater Hotel $1,179,673 5.88% $20,070,000
Berwick Inn $1,170,819 6.26% $18,700,000
Blackburn Hotel $1,019,649 5.76% $17,690,000
Blue Bell Hotel $252,735 5.19% $4,870,000
Boundary Hotel $1,480,829 6.38% $23,220,000
Burvale Hotel $1,119,099 5.26% $21,280,000
Club Hotel $608,434 5.48% $11,090,000
Cramers Hotel $987,868 5.64% $17,500,000
Deer Park Hotel $831,950 5.65% $14,720,000
Doncaster Inn Hotel $1,313,745 5.65% $23,240,000
Ferntree Gully Hotel & Motel $494,868 6.01% $8,230,000
Gateway Hotel $406,954 5.21% $7,810,000
Keysborough Hotel $1,042,323 5.26% $19,800,000
Mac's Hotel $795,108 5.66% $14,050,000
Meadow Inn Hotel $937,340 5.86% $15,990,000
Mitcham Hotel $959,274 5.70% $16,830,000
Morwell Hotel $154,134 5.62% $2,740,000
Olinda Creek Hotel $461,598 5.68% $8,130,000
Pier Hotel/21st Century $895,140 5.85% $15,300,000
Plough Hotel $984,795 6.27% $15,710,000
Prince Mark Hotel $1,093,316 5.48% $19,940,000
Royal Exchange Hotel $286,074 5.64% $5,070,000
Sandbelt Hotel $1,249,649 5.60% $22,320,000
Sandown Park Hotel $680,907 5.43% $12,550,000
Sandringham Hotel $541,994 4.65% $11,660,000
Somerville Hotel $328,791 4.98% $6,600,000
Stamford Inn Hotel $1,380,560 5.24% $26,350,000
Sylvania Hotel $641,434 5.43% $11,820,000
The Vale Hotel $622,419 5.01% $12,420,000
Tudor Inn Hotel $629,636 5.43% $11,600,000
Village Green Hotel $1,312,880 5.44% $24,120,000
Young & Jacksons Hotel $572,325 3.80% $15,050,000
SUB TOTAL  $26,906,672 5.54% $485,340,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $541,384 6.49% $8,340,000
Sail & Anchor Pub Brewery $270,488 5.98% $4,520,000
Brass Monkey $577,669 6.11% $9,450,000
Balmoral $473,543 7.29% $6,500,000
SUB TOTAL  $1,863,084 6.47% $28,810,000

GRAND TOTAL $55,524,552 5.53% $1,004,450,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 30 June 2016 and reflect independent valuations conducted by CBRE and Todd Herron White on 31 properties and ALE director's valuations of the remaining 55 properties (based upon an extrapolation of the independent valuations).

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $596,260 4.97% $12,000,000
Brown Jug Hotel $639,811 5.23% $12,230,000
Colyton Hotel $924,243 5.37% $17,220,000
Crows Nest Hotel $916,678 5.18% $17,700,000
Melton Hotel $342,746 5.23% $6,550,000
Narrabeen Sands Hotel $785,692 5.46% $14,400,000
New Brighton Hotel $509,381 4.97% $10,260,000
Pioneer Tavern $635,914 5.01% $12,690,000
Pritchards Hotel $1,630,966 6.10% $26,750,000
Smithfield Hotel $461,496 5.19% $8,900,000
SUB TOTAL  $7,443,188 5.37% $138,700,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $846,591 5.36% $15,800,000
Alderley Arms Hotel $352,246 5.57% $6,320,000
Anglers Arms Hotel $508,076 5.74% $8,840,000
Balaclava Hotel $616,942 5.29% $11,650,000
Breakfast Creek Hotel $910,754 5.37% $16,950,000
Burleigh Heads Hotel $744,385 5.43% $13,700,000
Camp Hill Hotel $232,156 5.48% $4,240,000
Chardons Corner Hotel $124,750 4.07% $3,070,000
Dalrymple Hotel $598,337 5.18% $11,550,000
Edge Hill Tavern $318,320 5.40% $5,900,000
Edinburgh Castle Hotel $353,205 5.43% $6,500,000
Four Mile Creek $432,507 5.94% $7,280,000
Hamilton Hotel $607,006 4.84% $12,550,000
Holland Park Hotel $623,550 4.89% $12,750,000
Kedron Park Hotel $227,427 5.69% $4,000,000
Kirwan Tavern $577,460 5.48% $10,540,000
Lawnton Tavern $515,724 6.49% $7,950,000
Miami Hotel $702,051 5.51% $12,750,000
Mount Gravatt Hotel $349,484 5.66% $6,170,000
Mount Pleasant Hotel $519,281 5.35% $9,700,000
Noosa Reef Hotel $641,780 6.22% $10,310,000
Nudgee Beach Hotel $332,873 5.66% $5,880,000
Palm Beach Hotel $768,186 5.64% $13,620,000
Pelican Waters Hotel $466,595 5.91% $7,900,000
Prince of Wales $393,091 5.93% $6,630,000
Racehorse Hotel $191,789 3.20% $6,000,000
Redland Bay Hotel $491,470 4.76% $10,320,000
Royal Exchange Hotel $584,354 5.84% $10,000,000
Springwood Tavern $943,742 5.51% $17,130,000
Stones Corner Tavern $600,033 6.00% $10,000,000
Vale Hotel $736,460 5.73% $12,850,000
Wilsonton Hotel $563,555 5.47% $10,300,000
SUB TOTAL  $16,874,181 5.46% $309,150,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $392,157 5.97% $6,570,000
Eureka Hotel $354,356 6.38% $5,560,000
Exeter Hotel $238,342 5.81% $4,100,000
Finsbury Hotel $199,333 5.55% $3,590,000
Gepps Cross Hotel $290,738 5.01% $5,800,000
Hendon Hotel $212,176 5.60% $3,790,000
Stockade Tavern $344,304 6.20% $5,550,000
SUB TOTAL  $2,031,406 5.81% $34,960,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $463,886 5.30% $8,750,000
Bayswater Hotel $1,163,453 5.88% $19,790,000
Berwick Inn $1,170,819 6.26% $18,700,000
Blackburn Hotel $1,005,630 5.76% $17,450,000
Blue Bell Hotel $249,260 5.19% $4,800,000
Boundary Hotel $1,460,469 6.38% $22,900,000
Burvale Hotel $1,103,713 5.26% $21,000,000
Club Hotel $600,068 5.48% $10,940,000
Cramers Hotel $974,286 5.64% $17,260,000
Deer Park Hotel $820,512 5.65% $14,520,000
Doncaster Inn Hotel $1,295,683 5.65% $22,920,000
Ferntree Gully Hotel & Motel $488,064 6.01% $8,120,000
Gateway Hotel $401,359 5.21% $7,710,000
Keysborough Hotel $1,027,992 5.26% $19,530,000
Mac's Hotel $784,176 5.66% $13,850,000
Meadow Inn Hotel $924,453 5.86% $15,770,000
Mitcham Hotel $946,085 5.70% $16,600,000
Morwell Hotel $152,015 5.62% $2,710,000
Olinda Creek Hotel $455,251 5.68% $8,020,000
Pier Hotel/21st Century $882,833 5.85% $15,100,000
Plough Hotel $971,255 6.27% $15,500,000
Prince Mark Hotel $1,078,284 5.48% $19,660,000
Royal Exchange Hotel $282,141 5.64% $5,000,000
Sandbelt Hotel $1,232,468 5.60% $22,000,000
Sandown Park Hotel $671,545 5.43% $12,380,000
Sandringham Hotel $534,542 4.65% $11,500,000
Somerville Hotel $324,270 4.98% $6,510,000
Stamford Inn Hotel $1,361,579 5.24% $26,000,000
Sylvania Hotel $632,615 5.43% $11,660,000
The Vale Hotel $613,862 5.01% $12,240,000
Tudor Inn Hotel $620,979 5.43% $11,440,000
Village Green Hotel $1,294,830 5.44% $23,790,000
Young & Jacksons Hotel $564,457 3.80% $14,840,000
SUB TOTAL  $26,552,833 5.54% $478,960,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $538,891 6.49% $8,300,000
Sail & Anchor Pub Brewery $269,242 5.98% $4,500,000
Brass Monkey $575,000 6.11% $9,410,000
Balmoral $473,543 7.29% $6,500,000
SUB TOTAL  $1,848,923 6.46% $28,600,000

GRAND TOTAL $54,758,285 5.53% $990,480,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 31 December 2015 and reflect independent valuations conducted by CBRE on 38 properties and ALE director's valuations of the remaining 48 properties (based upon an extrapolation of the independent valuations).

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $596,260 5.27% $11,310,000
Brown Jug Hotel $639,811 5.36% $11,940,000
Colyton Hotel $924,243 5.50% $16,800,000
Crows Nest Hotel $916,678 5.43% $16,900,000
Melton Hotel $342,746 5.36% $6,400,000
Narrabeen Sands Hotel $770,541 5.36% $14,370,000
New Brighton Hotel $509,381 5.09% $10,000,000
Pioneer Tavern $635,914 5.14% $12,380,000
Pritchards Hotel $1,630,966 6.25% $26,100,000
Smithfield Hotel $461,496 5.23% $8,830,000
SUB TOTAL  $7,428,037 5.50% $135,030,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $846,841 5.60% $15,120,000
Alderley Arms Hotel $352,496 5.82% $6,060,000
Anglers Arms Hotel $517,076 6.00% $8,625,000
Balaclava Hotel $615,442 5.45% $11,300,000
Breakfast Creek Hotel $916,954 5.58% $16,420,000
Burleigh Heads Hotel $745,518 5.85% $12,750,000
Camp Hill Hotel $232,156 5.72% $4,060,000
Chardons Corner Hotel $127,400 4.25% $3,000,000
Dalrymple Hotel $598,337 5.18% $11,550,000
Edge Hill Tavern $318,887 5.64% $5,650,000
Edinburgh Castle Hotel $353,705 6.44% $5,490,000
Four Mile Creek $425,374 6.20% $6,860,000
Hamilton Hotel $607,006 4.98% $12,200,000
Holland Park Hotel $629,050 5.24% $12,000,000
Kedron Park Hotel $219,877 5.80% $3,790,000
Kirwan Tavern $577,460 5.72% $10,100,000
Lawnton Tavern $516,149 6.45% $8,000,000
Miami Hotel $732,552 5.75% $12,750,000
Mount Gravatt Hotel $351,484 5.91% $5,950,000
Mount Pleasant Hotel $515,031 5.51% $9,350,000
Noosa Reef Hotel $632,079 6.50% $9,725,000
Nudgee Beach Hotel $319,748 5.91% $5,410,000
Palm Beach Hotel $777,686 5.89% $13,200,000
Pelican Waters Hotel $469,995 6.20% $7,580,000
Prince of Wales $398,053 6.19% $6,430,000
Racehorse Hotel $191,789 4.86% $3,950,000
Redland Bay Hotel $491,470 4.97% $9,880,000
Royal Exchange Hotel $587,479 5.82% $10,100,000
Springwood Tavern $943,742 5.67% $16,650,000
Stones Corner Tavern $615,533 6.16% $9,990,000
Vale Hotel $738,060 5.75% $12,830,000
Wilsonton Hotel $566,055 5.60% $10,110,000
SUB TOTAL  $16,930,485 5.70% $296,880,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $392,157 6.03% $6,500,000
Eureka Hotel $354,356 6.44% $5,500,000
Exeter Hotel $238,342 5.87% $4,060,000
Finsbury Hotel $199,333 5.60% $3,560,000
Gepps Cross Hotel $290,738 6.09% $4,770,000
Hendon Hotel $212,176 5.66% $3,750,000
Stockade Tavern $344,304 6.26% $5,500,000
SUB TOTAL  $2,031,406 6.04% $33,640,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $463,886 5.64% $8,230,000
Bayswater Hotel $1,163,453 6.12% $19,000,000
Berwick Inn $1,151,341 6.40% $18,000,000
Blackburn Hotel $1,005,630 6.00% $16,750,000
Blue Bell Hotel $249,260 5.21% $4,790,000
Boundary Hotel $1,460,469 6.64% $22,000,000
Burvale Hotel $1,103,713 5.86% $18,850,000
Club Hotel $600,068 5.71% $10,500,000
Cramers Hotel $974,286 5.88% $16,580,000
Deer Park Hotel $820,512 5.89% $13,940,000
Doncaster Inn Hotel $1,295,683 5.89% $22,020,000
Ferntree Gully Hotel & Motel $488,064 6.26% $7,800,000
Gateway Hotel $401,359 5.42% $7,400,000
Keysborough Hotel $1,027,992 5.48% $18,750,000
Mac's Hotel $784,176 5.89% $13,300,000
Meadow Inn Hotel $924,453 6.10% $15,150,000
Mitcham Hotel $946,085 5.88% $16,100,000
Morwell Hotel $152,015 5.85% $2,600,000
Olinda Creek Hotel $455,251 5.91% $7,700,000
Pier Hotel/21st Century $882,833 5.86% $15,070,000
Plough Hotel $971,255 6.51% $14,930,000
Prince Mark Hotel $1,078,284 5.71% $18,900,000
Royal Exchange Hotel $282,141 5.66% $4,990,000
Sandbelt Hotel $1,232,468 5.88% $20,970,000
Sandown Park Hotel $671,545 5.65% $11,890,000
Sandringham Hotel $534,542 4.99% $10,710,000
Somerville Hotel $324,270 5.19% $6,250,000
Stamford Inn Hotel $1,361,579 5.34% $25,500,000
Sylvania Hotel $632,615 5.65% $11,200,000
The Vale Hotel $613,862 5.22% $11,750,000
Tudor Inn Hotel $620,979 5.65% $11,000,000
Village Green Hotel $1,294,830 5.67% $22,840,000
Young & Jacksons Hotel $564,457 3.96% $14,250,000
SUB TOTAL  $26,533,355 5.77% $459,710,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $538,891 6.49% $8,300,000
Sail & Anchor Pub Brewery $269,242 5.98% $4,500,000
Brass Monkey $574,223 6.11% $9,400,000
Balmoral $466,567 7.29% $6,400,000
SUB TOTAL  $1,848,923 6.46% $28,600,000

GRAND TOTAL $54,772,207 5.74% $953,860,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 30 June 2015 and reflect independent valuations conducted by CBRE on 38 properties and ALE director's valuations of the remaining 48 properties (based upon an extrapolation of the independent valuations).

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $585,279 5.41% $10,810,000
Brown Jug Hotel $628,028 5.51% $11,410,000
Colyton Hotel $907,222 5.71% $15,900,000
Crows Nest Hotel $899,796 5.57% $16,150,000
Melton Hotel $336,434 5.61% $6,000,000
Narrabeen Sands Hotel $770,541 5.51% $13,990,000
New Brighton Hotel $500,000 5.10% $9,800,000
Pioneer Tavern $624,203 5.28% $11,830,000
Pritchards Hotel $1,583,463 6.36% $24,900,000
Smithfield Hotel $452,997 5.37% $8,430,000
Sub Total $7,287,963 5.64% $129,220,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $833,352 6.05% $13,780,000
Alderley Arms Hotel $344,376 6.08% $5,660,000
Anglers Arms Hotel $508,823 6.24% $8,150,000
Balaclava Hotel $605,711 6.12% $9,900,000
Breakfast Creek Hotel $902,392 5.84% $15,450,000
Burleigh Heads Hotel $734,299 6.11% $12,010,000
Camp Hill Hotel $227,898 5.99% $3,810,000
Chardons Corner Hotel $124,721 4.62% $2,700,000
Dalrymple Hotel $588,971 5.64% $10,450,000
Edge Hill Tavern $313,831 6.15% $5,100,000
Edinburgh Castle Hotel $346,819 6.74% $5,150,000
Four Mile Creek $425,374 6.49% $6,560,000
Hamilton Hotel $596,142 5.25% $11,350,000
Holland Park Hotel $618,932 5.63% $11,000,000
Kedron Park Hotel $216,112 6.06% $3,560,000
Kirwan Tavern $568,313 6.18% $9,200,000
Lawnton Tavern $508,154 6.75% $7,530,000
Miami Hotel $720,402 6.00% $12,000,000
Mount Gravatt Hotel $345,349 6.18% $5,590,000
Mount Pleasant Hotel $507,072 5.86% $8,650,000
Noosa Reef Hotel $632,079 6.52% $9,700,000
Nudgee Beach Hotel $314,105 6.18% $5,080,000
Palm Beach Hotel $765,406 6.22% $12,300,000
Pelican Waters Hotel $462,765 6.49% $7,130,000
Prince of Wales $389,601 6.48% $6,020,000
Racehorse Hotel $187,951 5.25% $3,580,000
Redland Bay Hotel $482,435 5.20% $9,280,000
Royal Exchange Hotel $577,968 6.08% $9,500,000
Springwood Tavern $928,160 6.11% $15,200,000
Stones Corner Tavern $602,712 6.45% $9,350,000
Vale Hotel $725,049 6.21% $11,670,000
Wilsonton Hotel $557,100 6.05% $9,210,000
Sub Total $16,662,376 6.05% $275,620,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $387,763 6.17% $6,290,000
Eureka Hotel $350,386 6.49% $5,400,000
Exeter Hotel $235,671 6.00% $3,930,000
Finsbury Hotel $197,100 5.73% $3,440,000
Gepps Cross Hotel $287,481 6.23% $4,610,000
Hendon Hotel $209,799 5.99% $3,500,000
Stockade Tavern $340,447 6.36% $5,350,000
Sub Total $2,008,646 6.18% $32,520,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $457,419 5.88% $7,780,000
Bayswater Hotel $1,147,234 6.23% $18,400,000
Berwick Inn $1,151,341 6.58% $17,500,000
Blackburn Hotel $991,611 6.20% $16,000,000
Blue Bell Hotel $245,785 5.43% $4,530,000
Boundary Hotel $1,440,109 6.86% $21,000,000
Burvale Hotel $1,088,326 6.11% $17,820,000
Club Hotel $591,703 6.04% $9,800,000
Cramers Hotel $960,704 6.13% $15,680,000
Deer Park Hotel $809,073 6.14% $13,180,000
Doncaster Inn Hotel $1,277,620 6.14% $20,820,000
Ferntree Gully Hotel & Motel $481,260 6.50% $7,400,000
Gateway Hotel $395,764 5.65% $7,000,000
Keysborough Hotel $1,013,661 5.76% $17,600,000
Mac's Hotel $773,245 6.15% $12,580,000
Meadow Inn Hotel $911,565 6.36% $14,320,000
Mitcham Hotel $932,896 6.13% $15,220,000
Morwell Hotel $149,896 6.25% $2,400,000
Olinda Creek Hotel $448,905 6.15% $7,300,000
Pier Hotel/21st Century $870,526 6.11% $14,250,000
Plough Hotel $957,715 6.79% $14,110,000
Prince Mark Hotel $1,063,253 5.91% $18,000,000
Royal Exchange Hotel $278,208 5.90% $4,710,000
Sandbelt Hotel $1,215,286 6.13% $19,830,000
Sandown Park Hotel $662,184 5.89% $11,240,000
Sandringham Hotel $527,090 5.20% $10,130,000
Somerville Hotel $319,750 5.61% $5,700,000
Stamford Inn Hotel $1,342,598 5.62% $23,900,000
Sylvania Hotel $623,796 5.88% $10,600,000
The Vale Hotel $605,304 5.36% $11,300,000
Tudor Inn Hotel $612,323 6.19% $9,900,000
Village Green Hotel $1,276,779 5.91% $21,600,000
Young & Jacksons Hotel $556,588 4.09% $13,600,000
Sub Total $26,179,517 6.02%< $435,200,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $532,909 6.34% $8,210,000
Sail & Anchor Pub Brewery $266,253 6.19% $4,300,000
Brass Monkey $574,223 6.38% $9,000,000
Balmoral $466,567 7.12% $6,400,000
Sub Total $1,839,952 6.59% $27,910,000

GRAND TOTAL $53,978,454 5.99% $900,470,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 31 December 2014 and reflect the November 2014 rent reviews utilising the June 2014 capitalisation rates. No independent valuations were done at December 2014.

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $585,279 6.39% $9,160,000
Brown Jug Hotel $628,028 6.50% $9,660,000
Colyton Hotel $907,222 6.60% $13,750,000
Crows Nest Hotel $899,796 6.58% $13,680,000
Melton Hotel $336,434 5.90% $5,700,000
Narrabeen Sands Hotel $757,554 6.50% $11,650,000
New Brighton Hotel $854,358 6.50% $13,140,000
Pioneer Tavern $624,203 6.23% $10,020,000
Pritchards Hotel $1,583,463 7.84% $20,190,000
Smithfield Hotel $452,997 6.34% $7,140,000
Sub Total $7,629,335 6.69% $114,090,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $833,352 6.62% $12,590,000
Alderley Arms Hotel $347,376 6.19% $5,610,000
Anglers Arms Hotel $511,823 6.39% $8,010,000
Balaclava Hotel $401,352 6.51% $6,170,000
Breakfast Creek Hotel $902,392 5.94% $15,190,000
Burleigh Heads Hotel $734,299 6.22% $11,810,000
Camp Hill Hotel $227,898 6.09% $3,740,000
Chardons Corner Hotel $124,721 5.68% $2,200,000
Dalrymple Hotel $383,971 6.51% $5,900,000
Edge Hill Tavern $313,831 6.51% $4,820,000
Edinburgh Castle Hotel $348,319 6.86% $5,080,000
Four Mile Creek $419,195 6.60% $6,350,000
Hamilton Hotel $596,142 6.01% $9,920,000
Holland Park Hotel $417,432 6.25% $6,680,000
Kedron Park Hotel $216,112 6.17% $3,500,000
Kirwan Tavern $568,313 6.33% $8,980,000
Lawnton Tavern $508,154 6.87% $7,400,000
Miami Hotel $505,735 5.59% $9,050,000
Mount Gravatt Hotel $345,349 6.29% $5,490,000
Mount Pleasant Hotel $227,072 6.53% $3,480,000
Noosa Reef Hotel $770,427 6.29% $12,250,000
Nudgee Beach Hotel $315,980 6.29% $5,020,000
Palm Beach Hotel $766,406 6.58% $11,650,000
Pelican Waters Hotel $450,565 6.60% $6,825,000
Prince of Wales $392,746 6.59% $5,960,000
Racehorse Hotel $187,951 5.74% $3,270,000
Redland Bay Hotel $482,435 5.29% $9,120,000
Royal Exchange Hotel $577,968 6.19% $9,340,000
Springwood Tavern $928,160 6.57% $14,130,000
Stones Corner Tavern $607,212 6.56% $9,260,000
Vale Hotel $725,049 6.80% $10,670,000
Wilsonton Hotel $546,600 6.62% $8,260,000
Sub Total $15,684,339 6.33% $247,725,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $387,763 6.49% $5,970,000
Eureka Hotel $400,386 6.76% $5,920,000
Exeter Hotel $235,671 6.32% $3,730,000
Finsbury Hotel $197,100 6.03% $3,270,000
Gepps Cross Hotel $287,481 6.56% $4,380,000
Hendon Hotel $209,799 6.54% $3,210,000
Stockade Tavern $520,447 6.61% $7,880,000
Sub Total $2,238,645 6.52% $34,360,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $457,419 6.23% $7,340,000
Bayswater Hotel $1,147,234 6.50% $17,650,000
Berwick Inn $1,337,371 7.19% $18,610,000
Blackburn Hotel $991,611 6.50% $15,260,000
Blue Bell Hotel $245,785 5.75% $4,270,000
Boundary Hotel $1,440,109 6.66% $21,620,000
Burvale Hotel $1,088,326 6.47% $16,830,000
Club Hotel $591,703 5.94% $9,970,000
Cramers Hotel $960,704 6.49% $14,800,000
Deer Park Hotel $809,073 6.50% $12,450,000
Doncaster Inn Hotel $1,277,620 6.50% $19,660,000
Ferntree Gully Hotel & Motel $581,260 6.20% $9,380,000
Gateway Hotel $395,764 5.99% $6,610,000
Keysborough Hotel $1,013,661 6.71% $15,110,000
Mac's Hotel $773,245 6.51% $11,880,000
Meadow Inn Hotel $911,565 6.74% $13,520,000
Mitcham Hotel $932,896 6.49% $14,370,000
Morwell Hotel $199,896 5.95% $3,360,000
Olinda Creek Hotel $448,905 6.47% $6,940,000
Pier Hotel/21st Century $870,526 6.47% $13,460,000
Plough Hotel $957,715 7.19% $13,330,000
Prince Mark Hotel $1,063,253 6.18% $17,210,000
Royal Exchange Hotel $278,208 6.25% $4,450,000
Sandbelt Hotel $1,215,286 6.49% $18,730,000
Sandown Park Hotel $662,184 6.24% $10,610,000
Sandringham Hotel $527,090 5.51% $9,570,000
Somerville Hotel $319,750 5.94% $5,390,000
Stamford Inn Hotel $1,342,598 6.71% $20,020,000
Sylvania Hotel $623,796 5.94% $10,510,000
The Vale Hotel $605,304 5.99% $10,110,000
Tudor Inn Hotel $612,323 6.25% $9,800,000
Village Green Hotel $1,276,779 6.26% $20,400,000
Young & Jacksons Hotel $556,588 5.23% $10,630,000
Sub Total $26,515,546 6.41% $413,850,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $532,909 6.49% $8,210,000
Sail & Anchor Pub Brewery $316,253 6.63% $4,770,000
Brass Monkey $574,223 6.67% $8,610,000
Balmoral $457,410 7.29% $6,275,000
Sub Total $1,880,796 6.75% $27,865,000

GRAND TOTAL $53,948,661 6.44% $837,890,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 30 June 2014 and reflect independent valuations conducted by Urbis, Colliers and CBRE on 31 properties and ALE director's valuations of the remaining 56 properties (based upon an extrapolation of the independent valuations).

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $572,651 6.39% $8,960,000
Brown Jug Hotel $614,478 6.50% $9,450,000
Colyton Hotel $887,648 6.60% $13,450,000
Crows Nest Hotel $880,382 6.58% $13,380,000
Melton Hotel $329,175 5.90% $5,580,000
Narrabeen Sands Hotel $757,554 6.50% $11,650,000
New Brighton Hotel $835,925 5.57% $15,010,000
Pioneer Tavern $610,735 6.23% $9,800,000
Pritchards Hotel $1,537,342 7.84% $19,600,000
Smithfield Hotel $443,223 6.34% $6,990,000
Sub Total $7,469,114 6.56% $113,870,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $807,589 6.62% $12,200,000
Alderley Arms Hotel $331,048 6.19% $5,350,000
Anglers Arms Hotel $497,896 6.39% $7,790,000
Balaclava Hotel $390,112 6.51% $5,990,000
Breakfast Creek Hotel $872,193 5.94% $14,680,000
Burleigh Heads Hotel $715,366 6.22% $11,500,000
Camp Hill Hotel $220,713 6.09% $3,625,000
Chardons Corner Hotel $120,202 5.68% $2,120,000
Dalrymple Hotel $373,362 6.51% $5,740,000
Edge Hill Tavern $305,299 6.51% $4,690,000
Edinburgh Castle Hotel $338,386 6.86% $4,940,000
Four Mile Creek $419,195 6.60% $6,350,000
Hamilton Hotel $577,809 6.01% $9,610,000
Holland Park Hotel $401,057 6.25% $6,420,000
Kedron Park Hotel $209,758 6.17% $3,400,000
Kirwan Tavern $552,879 6.33% $8,730,000
Lawnton Tavern $494,664 6.87% $7,200,000
Miami Hotel $491,316 5.59% $8,790,000
Mount Gravatt Hotel $334,997 6.29% $5,325,000
Mount Pleasant Hotel $220,740 6.53% $3,380,000
Noosa Reef Hotel $770,427 6.29% $12,250,000
Nudgee Beach Hotel $298,958 6.29% $4,750,000
Palm Beach Hotel $745,683 6.58% $11,340,000
Pelican Waters Hotel $450,565 6.60% $6,825,000
Prince of Wales $382,022 6.59% $5,800,000
Racehorse Hotel $181,475 5.74% $3,160,000
Redland Bay Hotel $467,187 5.29% $8,825,000
Royal Exchange Hotel $561,918 6.19% $9,075,000
Springwood Tavern $901,866 6.57% $13,730,000
Stones Corner Tavern $590,639 6.56% $9,010,000
Vale Hotel $705,793 6.80% $10,390,000
Wilsonton Hotel $526,988 6.62% $7,960,000
Sub Total $15,258,101 6.33% $240,945,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $379,707 6.49% $5,850,000
Eureka Hotel $392,068 6.76% $5,800,000
Exeter Hotel $230,775 6.32% $3,650,000
Finsbury Hotel $193,005 6.03% $3,200,000
Gepps Cross Hotel $281,508 6.56% $4,290,000
Hendon Hotel $205,440 6.54% $3,140,000
Stockade Tavern $509,635 6.61% $7,710,000
Sub Total $2,192,139 6.52% $33,640,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $448,365 6.23% $7,200,000
Bayswater Hotel $1,124,528 6.50% $17,300,000
Berwick Inn $1,337,371 7.19% $18,610,000
Blackburn Hotel $971,984 6.50% $14,950,000
Blue Bell Hotel $240,920 5.75% $4,190,000
Boundary Hotel $1,411,606 6.66% $21,190,000
Burvale Hotel $1,066,785 6.47% $16,490,000
Club Hotel $579,992 5.94% $9,770,000
Cramers Hotel $941,689 6.49% $14,500,000
Deer Park Hotel $793,060 6.50% $12,200,000
Doncaster Inn Hotel $1,252,333 6.50% $19,270,000
Ferntree Gully Hotel & Motel $569,755 6.20% $9,190,000
Gateway Hotel $387,930 5.99% $6,480,000
Keysborough Hotel $993,598 6.71% $14,810,000
Mac's Hotel $757,940 6.51% $11,650,000
Meadow Inn Hotel $893,523 6.74% $13,250,000
Mitcham Hotel $914,432 6.49% $14,100,000
Morwell Hotel $195,939 5.95% $3,290,000
Olinda Creek Hotel $440,020 6.47% $6,800,000
Pier Hotel/21st Century $853,296 6.47% $13,190,000
Plough Hotel $938,759 7.19% $13,060,000
Prince Mark Hotel $1,042,208 6.18% $16,870,000
Royal Exchange Hotel $272,701 6.25% $4,360,000
Sandbelt Hotel $1,191,233 6.49% $18,350,000
Sandown Park Hotel $649,077 6.24% $10,400,000
Sandringham Hotel $516,658 5.51% $9,380,000
Somerville Hotel $313,421 5.94% $5,280,000
Stamford Inn Hotel $1,316,024 6.71% $19,620,000
Sylvania Hotel $611,450 5.94% $10,300,000
The Vale Hotel $593,323 5.99% $9,900,000
Tudor Inn Hotel $600,203 6.25% $9,600,000
Village Green Hotel $1,251,508 6.26% $20,000,000
Young & Jacksons Hotel $545,571 5.23% $10,420,000
Sub Total $26,017,204 6.41% $405,970,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $519,450 6.49% $8,000,000
Sail & Anchor Pub Brewery $308,266 6.63% $4,650,000
Brass Monkey $555,874 6.67% $8,330,000
Balmoral $457,410 7.29% $6,275,000
Sub Total $1,840,999 6.75% $27,255,000

GRAND TOTAL $52,777,556 6.42% $821,680,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 31 December 2013 and reflect the November 2013 rent reviews utilising the June 2013 capitalisation rates. No independent valuations were done at December 2013.

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $572,651 6.43% $8,910,000
Brown Jug Hotel $614,478 6.52% $9,420,000
Colyton Hotel $887,648 6.64% $13,370,000
Crows Nest Hotel $880,382 6.62% $13,300,000
Melton Hotel $329,175 5.94% $5,540,000
Narrabeen Sands Hotel $738,074 6.56% $11,250,000
New Brighton Hotel $835,925 5.60% $14,920,000
Pioneer Tavern $610,735 6.28% $9,730,000
Pritchards Hotel $1,537,342 7.89% $19,480,000
Smithfield Hotel $443,223 6.38% $6,950,000
Sub Total $7,449,634 6.60% $112,870,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $810,589 6.66% $12,170,000
Alderley Arms Hotel $331,048 6.18% $5,360,000
Anglers Arms Hotel $497,896 6.43% $7,740,000
Balaclava Hotel $390,112 6.55% $5,960,000
Breakfast Creek Hotel $872,193 5.98% $14,590,000
Burleigh Heads Hotel $714,516 6.26% $11,410,000
Camp Hill Hotel $220,713 6.39% $3,450,000
Chardons Corner Hotel $120,202 5.71% $2,100,000
Dalrymple Hotel $373,362 6.55% $5,700,000
Edge Hill Tavern $305,299 6.55% $4,660,000
Edinburgh Castle Hotel $338,386 6.90% $4,900,000
Four Mile Creek $404,312 6.73% $6,000,000
Hamilton Hotel $577,809 6.05% $9,550,000
Holland Park Hotel $401,057 6.29% $6,380,000
Kedron Park Hotel $200,083 6.21% $3,220,000
Kirwan Tavern $552,879 6.37% $8,680,000
Lawnton Tavern $490,839 6.91% $7,100,000
Miami Hotel $488,316 5.62% $8,680,000
Mount Gravatt Hotel $334,997 6.35% $5,280,000
Mount Pleasant Hotel $220,740 6.57% $3,360,000
Noosa Reef Hotel $745,571 6.33% $11,780,000
Nudgee Beach Hotel $278,083 6.37% $4,370,000
Palm Beach Hotel $750,183 6.62% $11,330,000
Pelican Waters Hotel $450,565 6.71% $6,710,000
Prince of Wales $392,987 6.70% $5,860,000
Racehorse Hotel $181,475 5.78% $3,140,000
Redland Bay Hotel $435,187 5.15% $8,450,000
Royal Exchange Hotel $561,918 6.20% $9,060,000
Springwood Tavern $901,866 6.61% $13,640,000
Stones Corner Tavern $590,639 6.60% $8,950,000
Vale Hotel $705,793 6.84% $10,320,000
Wilsonton Hotel $531,488 6.66% $7,980,000
Sub Total $15,171,102 6.38% $237,880,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $379,707 6.76% $5,620,000
Eureka Hotel $392,068 6.75% $5,810,000
Exeter Hotel $230,775 6.50% $3,550,000
Finsbury Hotel $193,005 6.44% $3,000,000
Gepps Cross Hotel $281,508 6.75% $4,170,000
Hendon Hotel $205,440 6.73% $3,050,000
Stockade Tavern $509,635 6.80% $7,490,000
Sub Total $2,192,139 6.71% $32,690,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $448,365 6.50% $6,900,000
Bayswater Hotel $1,124,528 6.70% $16,790,000
Berwick Inn $1,300,539 7.50% $17,340,000
Blackburn Hotel $971,984 6.75% $14,400,000
Blue Bell Hotel $240,920 6.00% $4,020,000
Boundary Hotel $1,411,606 6.95% $20,310,000
Burvale Hotel $1,066,785 6.75% $15,800,000
Club Hotel $579,992 6.20% $9,360,000
Cramers Hotel $941,689 6.45% $14,610,000
Deer Park Hotel $793,060 6.79% $11,670,000
Doncaster Inn Hotel $1,252,333 6.43% $19,480,000
Ferntree Gully Hotel & Motel $569,755 6.47% $8,810,000
Gateway Hotel $387,930 6.25% $6,210,000
Keysborough Hotel $993,598 7.00% $14,190,000
Mac's Hotel $757,940 6.79% $11,160,000
Meadow Inn Hotel $893,523 6.81% $13,130,000
Mitcham Hotel $914,432 6.81% $13,440,000
Morwell Hotel $195,939 6.21% $3,160,000
Olinda Creek Hotel $440,020 6.75% $6,520,000
Pier Hotel/21st Century $853,296 6.75% $12,640,000
Plough Hotel $938,759 7.50% $12,520,000
Prince Mark Hotel $1,042,208 6.45% $16,160,000
Royal Exchange Hotel $272,701 6.20% $4,400,000
Sandbelt Hotel $1,191,233 7.06% $16,880,000
Sandown Park Hotel $649,077 6.54% $9,920,000
Sandringham Hotel $516,658 5.75% $8,990,000
Somerville Hotel $313,421 6.20% $5,060,000
Stamford Inn Hotel $1,316,024 7.00% $18,800,000
Sylvania Hotel $611,450 6.20% $9,870,000
The Vale Hotel $593,323 6.54% $9,070,000
Tudor Inn Hotel $600,203 6.54% $9,170,000
Victoria Hotel $285,608 6.35% $4,500,000
Village Green Hotel $1,251,508 7.07% $17,710,000
Young & Jacksons Hotel $545,571 5.46% $9,990,000
Sub Total $26,265,980 6.68% $392,980,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $519,450 6.58% $7,890,000
Sail & Anchor Pub Brewery $308,266 6.71% $4,590,000
Brass Monkey $555,874 6.75% $8,240,000
Balmoral $444,328 7.34% $6,050,000
Sub Total $1,827,917 6.83% $26,770,000

GRAND TOTAL $52,906,772 6.59% $803,190,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 30 June 2013 and reflect independent valuations conducted by Urbis and CBRE on 30 properties and ALE director's valuations of the remaining 57 properties (based upon an extrapolation of the independent valuations).

New South Wales

Properties 1Net Rent Yield Value
Blacktown Inn Hotel $561,121 6.43% $8,720,000
Brown Jug Hotel $602,105 6.52% $9,230,000
Colyton Hotel $869,776 6.64% $13,100,000
Crows Nest Hotel $862,656 6.62% $13,030,000
Melton Hotel $322,548 5.94% $5,430,000
Narrabeen Sands Hotel $738,074 6.56% $11,250,000
New Brighton Hotel $819,094 5.60% $14,620,000
Pioneer Tavern $598,439 6.28% $9,530,000
Pritchards Hotel $1,492,565 7.89% $18,910,000
Smithfield Hotel $434,299 6.38% $6,810,000
Sub Total $7,300,678 6.60% $110,630,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern $786,042 6.66% $11,800,000
Alderley Arms Hotel $322,632 6.18% $5,220,000
Anglers Arms Hotel $486,549 6.43% $7,570,000
Balaclava Hotel $380,954 6.55% $5,820,000
Breakfast Creek Hotel $852,170 5.98% $14,240,000
Burleigh Heads Hotel $699,089 6.26% $11,160,000
Camp Hill Hotel $218,609 6.39% $3,420,000
Chardons Corner Hotel $120,269 5.71% $2,110,000
Dalrymple Hotel $364,617 6.55% $5,570,000
Edge Hill Tavern $298,348 6.55% $4,560,000
Edinburgh Castle Hotel $330,292 6.90% $4,790,000
Four Mile Creek $404,312 6.73% $6,000,000
Hamilton Hotel $562,871 6.05% $9,300,000
Holland Park Hotel $391,380 6.29% $6,220,000
Kedron Park Hotel $202,331 6.21% $3,260,000
Kirwan Tavern $540,302 6.37% $8,480,000
Lawnton Tavern $479,846 6.91% $6,940,000
Miami Hotel $476,567 5.62% $8,480,000
Mount Gravatt Hotel $316,061 6.35% $4,980,000
Mount Pleasant Hotel $215,580 6.57% $3,280,000
Noosa Reef Hotel $745,518 6.33% $11,780,000
Nudgee Beach Hotel $270,324 6.37% $4,240,000
Palm Beach Hotel $733,297 6.62% $11,080,000
Pelican Waters Hotel $440,625 6.71% $6,560,000
Prince of Wales $384,249 6.70% $5,730,000
Racehorse Hotel $176,198 5.78% $3,050,000
Redland Bay Hotel $422,763 5.15% $8,210,000
Royal Exchange Hotel $548,840 6.20% $8,850,000
Springwood Tavern $880,441 6.61% $13,320,000
Stones Corner Tavern $577,135 6.60% $8,740,000
Vale Hotel $690,103 6.84% $10,090,000
Wilsonton Hotel $519,174 6.66% $7,790,000
Sub Total $14,837,490 6.38% $232,640,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub Tavern $372,384 6.76% $5,510,000
Eureka Hotel $384,506 6.75% $5,700,000
Exeter Hotel $226,324 6.50% $3,480,000
Finsbury Hotel $189,283 6.44% $2,940,000
Gepps Cross Hotel $276,079 6.75% $4,090,000
Hendon Hotel $201,478 6.73% $2,990,000
Stockade Tavern $499,806 6.80% $7,350,000
Sub Total $2,149,861 6.71% $32,060,000

Victoria

Properties 1Net Rent Yield Value
Ashley Hotel $438,019 6.50% $6,740,000
Bayswater Hotel $1,098,577 6.70% $16,400,000
Berwick Inn $1,300,539 7.50% $17,340,000
Blackburn Hotel $949,554 6.75% $14,070,000
Blue Bell Hotel $235,361 6.00% $3,920,000
Boundary Hotel $1,379,030 6.95% $19,840,000
Burvale Hotel $1,042,167 6.75% $15,440,000
Club Hotel $566,607 6.20% $9,140,000
Cramers Hotel $919,958 6.45% $14,270,000
Deer Park Hotel $774,758 6.79% $11,400,000
Doncaster Inn Hotel $1,223,433 6.43% $19,030,000
Ferntree Gully Hotel & Motel $556,607 6.47% $8,610,000
Gateway Hotel $378,978 6.25% $6,060,000
Keysborough Hotel $970,669 7.00% $13,870,000
Mac's Hotel $740,449 6.79% $10,900,000
Meadow Inn Hotel $872,903 6.81% $12,830,000
Mitcham Hotel $893,329 6.81% $13,130,000
Morwell Hotel $191,418 6.21% $3,080,000
Olinda Creek Hotel $429,865 6.75% $6,370,000
Pier Hotel/21st Century $833,604 6.75% $12,350,000
Plough Hotel $917,096 7.50% $12,230,000
Prince Mark Hotel $1,018,157 6.45% $15,790,000
Royal Exchange Hotel $266,408 6.20% $4,300,000
Sandbelt Hotel $1,163,743 7.06% $16,490,000
Sandown Park Hotel $634,099 6.54% $9,690,000
Sandringham Hotel $504,735 5.75% $8,780,000
Somerville Hotel $306,188 6.20% $4,940,000
Stamford Inn Hotel $1,285,655 7.00% $18,370,000
Sylvania Hotel $597,339 6.20% $9,640,000
The Vale Hotel $579,631 6.54% $8,860,000
Tudor Inn Hotel $586,352 6.54% $8,960,000
Victoria Hotel $279,017 6.20% $4,500,000
Village Green Hotel $1,222,627 7.07% $17,300,000
Young & Jacksons Hotel $532,981 5.46% $9,760,000
Sub Total $25,689,854 6.68% $384,400,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern $506,488 6.58% $7,700,000
Sail & Anchor Pub Brewery $300,574 6.71% $4,480,000
Brass Monkey $542,382 6.75% $8,040,000
Balmoral $444,328 7.34% $6,050,000
Sub Total $1,793,772 6.83% $26,270,000

GRAND TOTAL $51,771,655 6.59% $786,000,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.

The following valuations are as at 31 December 2012 and reflect the November 2012 rent reviews utilising the June 2012 capitalisation rates. No independent valuations were done at December 2012.

New South Wales

Properties 1Net Rent Yield Value
Blacktown Hotel, Blacktown  $561,121 6.45% $8,700,000
Brown Jug Hotel, Fairfield Heights  $602,105 6.55% $9,190,000
Colyton Hotel, Colyton $869,776 6.67% $13,040,000
Crows Nest Hotel, Crows Nest  $862,656 6.69% $12,890,000
Melton Hotel, Auburn $322,548 5.87% $5,490,000
Narrabeen Sands Hotel, Narrabeen $720,072 6.59% $10,920,000
New Brighton Hotel, Manly  $819,094 5.63% $14,550,000
Pioneer Hotel, Penrith $598,439 6.31% $9,490,000
Pritchard's Hotel, Mt Pritchard $1,492,565 7.93% $18,820,000
Smithfield Tavern, Smithfield  $434,299 6.45% $6,740,000
Sub Total $7,282,676 6.63% $109,830,000

Queensland

Properties 1Net Rent Yield Value
Albany Creek Tavern, Albany Creek  $783,042 6.71% $11,660,000
Alderley Arms Hotel, Alderley  $319,632 6.20% $5,160,000
Anglers Arms Hotel, Southport $480,549 6.45% $7,450,000
Balaclava Hotel, Cairns $380,954 6.57% $5,800,000
Breakfast Creek Hotel, Breakfast Creek  $852,170 6.00% $14,210,000
Burleigh Heads Hotel, Burleigh Heads $697,389 6.24% $11,180,000
Camp Hill Hotel, Camp Hill  $211,859 6.41% $3,300,000
Chardons Corner Hotel, Annerly  $112,769 5.73% $1,970,000
Dalrymple Hotel, Townsville  $364,717 6.57% $5,550,000
Edge Hill Tavern, Cairns $298,348 6.57% $4,540,000
Edinburgh Castle Hotel, Kedron  $330,292 6.96% $4,750,000
Four Mile Creek, Strathpine  $394,810 6.75% $5,840,000
Hamilton Hotel, Hamilton  $562,871 6.07% $9,270,000
Holland Park Hotel, Holland Park  $388,380 6.23% $6,230,000
Kedron Park Hotel, Kedron Park $200,081 6.00% $3,340,000
Kirwan Tavern, Townsville  $540,302 6.39% $8,460,000
Lawnton Tavern, Lawnton $478,146 6.96% $6,870,000
Miami Hotel, Miami  $469,067 5.64% $8,320,000
Mount Gravatt Hotel, Mount Gravatt $310,561 6.37% $4,880,000
Mount Pleasant Tavern, Mackay $215,580 6.72% $3,210,000
Noosa Reef Hotel, Noosa Heads $724,009 6.35% $11,410,000
Nudgee Beach Hotel, Nudgee  $264,824 6.39% $4,140,000
Palm Beach Hotel, Palm Beach  $730,297 6.64% $11,000,000
Pelican Waters, Caloundra  $432,101 6.73% $6,420,000
Prince of Wales Hotel, Nundah $375,249 6.72% $5,580,000
Racehorse Hotel, Booval $176,198 6.01% $2,930,000
Redland Bay Hotel, Redland Bay $422,763 5.16% $8,190,000
Royal Exchange Hotel, Toowong $548,840 6.22% $8,830,000
Springwood Hotel, Springwood $880,441 6.63% $13,280,000
Stones Corner Hotel, Stones Corner $574,135 6.48% $8,870,000
Vale Hotel Motel, Townsville  $690,103 7.04% $9,800,000
Wilstonton Hotel, Toowomba $519,174 6.72% $7,730,000
Sub Total $14,729,655 6.40% $230,170,000

South Australia

Properties 1Net Rent Yield Value
Aberfoyle Hub, Aberfoyle Park  $372,384 6.70% $5,560,000
Eureka, Salisbury $384,506 6.69% $5,750,000
Exeter, Exeter $226,324 6.47% $3,500,000
Finsbury, Woodville North $189,283 6.38% $2,970,000
Gepps Cross, Blair Athol  $276,079 6.67% $4,140,000
Hendon, Royal Park $201,478 6.67% $3,020,000
Stockade Tavern, Salisbury $499,806 6.74% $7,420,000
Sub Total $2,149,861 6.64% $32,360,000

Victoria

Properties 1Net Rent Yield Value
Ashley, Braybrook $438,019 6.60% $6,640,000
Bayswater, Bayswater $1,098,577 6.66% $16,500,000
Berwick Inn, Berwick $1,268,788 7.12% $17,810,000
Blackburn, Blackburn $949,554 7.02% $13,540,000
Blue Bell, Wendouree $235,361 5.82% $4,040,000
Boundary Hotel, East Bentleigh $1,379,030 6.91% $19,960,000
Burvale, Nunawading $1,042,167 6.60% $15,780,000
Club Hotel, Ferntree Gully $566,607 6.16% $9,200,000
Cramers, Preston $919,958 6.41% $14,350,000
Deer Park, Deer Park $774,758 6.75% $11,470,000
Doncaster Hotel/Motel, Doncaster  $1,223,433 6.39% $19,150,000
Ferntree Gully Hotel/Motel, Ferntree Gully  $556,607 6.43% $8,660,000
Gateway, Corio $378,978 6.35% $5,970,000
Keysborough, Keysborough  $970,669 7.05% $13,780,000
Mac's Melton, Melton $740,449 6.75% $10,960,000
Meadow Inn, Fawkner $872,903 6.77% $12,900,000
Mitcham, Mitcham $893,329 6.77% $13,200,000
Morwell, Morwell $191,418 6.17% $3,100,000
Olinda Creek, Lliydale $429,865 6.61% $6,510,000
Pier, Frankston $833,604 7.05% $11,820,000
Plough, Mill Park $917,096 7.36% $12,470,000
Prince Mark, Doveton $1,018,157 6.41% $15,880,000
Royal Exchange, Traralgon  $266,408 6.16% $4,320,000
Sandbelt Club, Moorabbin  $1,163,743 7.02% $16,590,000
Sandown Park, Noble Park $634,099 6.50% $9,750,000
Sandringham Hotel, Sandringham  $504,735 5.83% $8,650,000
Somerville, Somerville  $306,188 6.16% $4,970,000
Stamford, Rowville $1,285,655 6.80% $18,910,000
Sylvania, Campbellfield $597,339 6.16% $9,700,000
The Vale, Mulgrave $579,631 6.50% $8,910,000
Tudor Inn, Cheltenham $586,352 6.50% $9,010,000
Victoria, Shepparton $279,017 6.36% $4,380,000
Village Green, Mulgrave $1,222,627 7.03% $17,400,000
Young & Jackson, Melbourne $532,981 5.43% $9,820,000
Sub Total $25,658,103 6.65% $386,100,000

Western Australia

Properties 1Net Rent Yield Value
Queens Tavern, Highgate  $506,488 6.58% $7,700,000
Sail & Anchor Hotel, Fremantle  $300,574 6.71% $4,480,000
Brass Monkey $542,382 6.75% $8,040,000
Balmoral $435,189 7.34% $5,930,000
Sub Total $1,784,633 6.82% $26,150,000

GRAND TOTAL $51,604,928 6.58% $784,610,000
1 Net rents are after the deduction of any property expenses being Queensland land tax.