First REIT: Announced 1Q11 results which were within expectations and slightly ahead of mgt forecasts, with 1Q11 rev at $14.6m, +95.6% YoY and +92.1% QoQ. Distributable income at $9.9m, +88.5% YoY and +83.3% QoQ. However DPU at 1.58c, -16.8% YoY and -19.4% QoQ due to a rights issue in Dec10 which boosted share units to 625m from 276m…..
Strong rev performance was on back of recently acquired properties. During the qtr, FIRT announced divestment of Pacific Cancer Centre to Fortis Global Healthcare, which provided a $8.3m net gain, helping lower gearing to 13.8%. Going forward, grp aims to raise asset base from current $584.6m to $1.0b in the next 2-3 yrs….
We note that at current price, REIT trades at 0.95xP/B, and annualized yield of 8.6% vs historical average of 0.77x P/B and vs larger peer Parkway Life REIT of 1.21 P/B and 5.6% yield.
No comments:
Post a Comment