First REIT

First REIT: Post-3Q13 results, Voyage believes that First REIT is progressing with its expansion plans of 1) acquiring some of its sponsor’s assets, 2) looking at healthcare related assets in Asia and 3) performing asset enhancement initiatives on some of its hospitals. After experiencing the positive DPU uplift from the recent four acquisitions, House expect to hear something about the new acquisitions over the next six months and asset enhancement initiatives over the next three months, further enhancing its DPU growth over the next six months. First REIT now offers an attractive annualized dividend yield of 6.9%. Voyage maintains Increase Exposure with TP $1.44.