First REIT

[sreitinvestor]

Q3 2010 results for First Reit:
Key Points
* DPU for the reporting quarter is 1.94 cents.
* Based on its annualised DPU of 7.70 Singapore cents and the closing
price of S$0.95 on 20 October 2010, First REIT achieved a distribution yield of 8.1%.
* Continued focus on asset enhancements to drive revenue and growth.
* Acquisition growth is expected to gain momentum.
* The Books will close from 5pm on 1 November 2010 for the purpose of determining Unitholders’ entitlement to the distribution.
* The distribution will be paid on 29 November 2010.
* The ex-dividend date will be on 28 October 2010 at 9.00am.

[stilicon]

In its latest survey of the Sing REITs space (dated dec. 10th), OCBC mentions for FIRST REIT a consensus DPU for the next FY of 5,5c and then 4,6c the year after.

I was rather expecting a stable post-emission price of 70c and a DPU of about 6 / 6,2c, as they mention in the acquisition presentation themselves.

I don't understand this discrepancy. Did I forget something obvious ? Is it an aggressive hypothesis on the IDR/SGD evolution ?
I wonder if someone understand this better than me, or if OCBC made a typo error ?

[winston]

Not vested

FIRST REAL ESTATE INVESTMENT TRUST - Singapore healthcare real estate investment trust First REIT said on Friday it had completed the acquisition of two Jakarta hospitals, which have nearly doubled its assets under management to S$612.8 million ($475.6 million).


Source: Reuters

[winston]

Not vested

FIRST REAL ESTATE INVESTMENT TRUST - First REIT said on Wednesday its first quarter distribution per unit was 1.58 Singapore cents, down from 1.90 cents a year earlier, after a rights issue in December 2010.

But distributable income rose 88.5 percent year-on-year mainly due to the contributions from a cancer centre and a hospital in Indonesia. [


Source: Reuters

[winston]

Not vested

First Real Estate Investment Trust, which owns hospital assets, said it bought its first South Korean hospital for $13 million.

Source: Reuters

[winston]

Not vested

RESEARCH ALERT-OCBC ups First REIT target to S$0.835, keeps buy

SINGAPORE, July 12 (Reuters) - OCBC Investment Research has raised its target price for First Real Estate Investment Trust to S$0.835 from S$0.80 and kept its buy rating.

STATEMENT: OCBC has raised its estimates for First REIT after it bought its first hospital in South Korea for about $13 million. The brokerage said it expects the net property income yield of the hospital to be about 9 percent, higher than its estimated distribution yield of 7.7 percent for 2011.

"We also like the fact that First REIT's first venture into Korea would provide a means of diversifying its revenue stream as current assets comprise three nursing homes in Singapore and six properties in Indonesia," said OCBC in a report.

The brokerage said it expects First REIT to capitalise on the favourable interest rate environment and seek more yield-accretive assets in the near term.

At 0102 GMT, shares of First REIT were 0.6 percent higher at S$0.81, and have gained about 15 percent since the start of the year.

Source: Reuters

[winston]

not vested

OCBC downgrades First REIT

OCBC Investment Research cut its rating on healthcare real estate investment trust First REIT to hold from buy, due to the strong unit price performance this year, but raised its price target to S$0.935 from S$0.89.

First REIT units were down 0.5 percent at S$0.92, having risen 22 percent so far this year.

While the hospitals owned by First REIT and operated by its sponsor, Lippo Karawaci, continued to grow with higher revenue in 2011 fiscal year than a year ago, the growth rates of some of these hospitals have eased partly due to the higher base effect, OCBC said.

OCBC said organic growth for First REIT would likely be relatively stable in 2012 and it expects base rents for the company's Indonesian assets to rise 2 percent.

Source: Reuters

[winston]

STOCKS NEWS SINGAPORE-OCBC upgrades First REIT to buy

OCBC Investment Research upgraded healthcare real estate investment trust First REIT to 'buy' from 'hold' and raised its target price to S$0.96 from S$0.935, citing the possibility of acquisitions.

Units of First REIT were flat at S$0.915 on Friday and have gained around 21 percent so far this year.

OCBC said First REIT could see a distribution per unit accretion of 9 to 13 percent in 2013 fiscal year, assuming the firm acquires two hospitals for around S$88.9 million ($69.43 million).

It expects minimal dilution risk as any acquisitions would likely be fully debt-funded. First REIT will not have any refinancing requirements until 2015 following the firm's recent S$168 million transferable term loan facility, OCBC added.

OCBC also said First REIT's defensive income streams and stability from its long-term master leases are attractive as volatility in the macro economy and global markets is unlikely to dissipate in the near term.

Source: Reuters

[winston]

not vested

First Reit posts DPU of 1.68 S'pore cents for Q3 2012

FIRST Real Estate Investment Trust - which owns 10 healthcare and related properties in Indonesia, Singapore and South Korae - has posted distribution per unt (DPU) of 1.68 Singapore cents for the third quarter ended Sept 30, 2012, down 12.5 per cent from the same period last year.

Distributable amount also slipped 12.1 per cent year-on-year to S$10.6 million.

The decline was due to other gain distribution in Q3 2011 of 34 Singapore cents per unit from a portion of the total gain on divestment of the Adam Road property.

The Q3 2012 payout reflects an annualised figure of 7.17 Singapore cents - translating to an annualised distribution yield of 6.7 per cent based on First Reit's closing price of S$1.075 on Oct 23, 2012.

Net property income rose 5.2 per cent y-on-y to S$14.2 million in Q3 2012.

Gross revenue increased 3.7 per cent over the same period to S$14.2 million.

The books closure date for the third quarter payout is 5 pm, Nov 2. The payout will be made on Nov 29 and First Reit will go ex-dividend at 9 am on Oct 31.


Source: Business Times

[winston]

not vested

S'pore's First REIT to raise up to $25 mln via placement

SINGAPORE, Nov 15 (Reuters) - Singapore's First Real Estate Investment Trust , which owns healthcare assets, is placing up to 31.6 million units at an indicative price range of S$0.95-S$0.97 each, raising as much as S$30.7 million ($25.1 million).

The First REIT units will yield around 7.4-7.6 percent based on the offer price, according to a term sheet seen by Reuters.

First REIT units, which are suspended from trading, were last transacted at S$0.985, down 1.5 percent. The trust is sponsored by Indonesia's Lippo Karawaci.

Source: Reuters