Last week kicked off with two more financial results for businesses currently held in the Income First model portfolio. G8 Education reported a solid result, albeit slightly behind our numbers on an underlying basis, but the report shows continued profit growth and conservative forecasts imply that the company is trading on a PE near 12 times FY16 earnings, a discount to the broader market. ARF’s report was rock solid, showing the defensive nature of the business and the upside available from development opportunities. ARF upgraded its full year distribution guidance. Both GEM and ARF pay quarterly distributions, so no dividend announcements were necessary.