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Doug, you want to keep in mind too, that depreciation isn't free cash flow. It should realistically be set aside in a sinking fund for building maintenance. And it is also subtracted from your cost base, so you pay cg tax on unspent depreciation.

good question Doug. To me, 'gearing' refers to your pre tax scenario. Depreciation is an after tax benefit. You negatively 'gear' to generate a tax advantage. So I say you are neutrally geared. Maybe it is more practical to consider after tax +/-CF.