I been in and out of First REIT because it pays a good dividends and it is not very volatile. I usually hold some of my money there in this volatile time.
Today First REIT announces their third quarter results. Here are the highlights:
- Dividend payout is $0.0192, much higher than the $0.0158 paid out in the past 2 quarters
- Gross revenue for Q3 decrease by 0.5% to $13.7 mil compared to forecast mainly due to the absence of the rental income form the Adam Road property as a result of the divestment offset by the maiden contribution from Sarang Hospital acquired in August 2011
- Net Debt to Asset is currently 9.8%
- The trust has been engaging in preliminary discussions with its sponsor to acquire some of its upcoming properties to which First REIT has a first right of refusal
Overall a good set of results, but things to worry about is that First REIT’s distributable income is higher than Net Profit, due to Management fees paid in units and distribution from other gain.
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