First REIT

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(21-08-2013, 09:27 AM)Drizzt Wrote: If you factoring the cost to refinance at fixed rate it is likely that the cost of debt total will bump up to 4.2% plus but that is not end of the world.

Sabana and aims are fixed and they are at 4%+++

It just makes future acquisitions abit challenging.

Thanks Drizzt for sharing,

4% is not a problem, but for Sabana and other reits who already have 100% fixed loans, what you see is what you get, for First reit, you need to discount the increase in finance cost from the DPU, and hence there is no accurate projection into future DPU, of course you can take the extreme case and assume they change all their loans to fix and work out the sums. Also, the problem is since they are already gear to to the max, my guess is:

The placement or rights issue that is coming will not be a small one, they will need significant cash to buy properties that will make a impact on the total valuation of properties to make gearing below 30% (Their target)again. Lets assume that want gearing to go down to 28%, they will need to raise 200 million to increase the property base. With about 705 million of units, that will be coincidentally about 28% dilution with a rights price of $1. and if they want to make allowance for further gearing, or have a bigger discount, the bigger the placement/ rights

Of course, if they get good yield properties, and ask shareholders for rights, It might actually be a good thing if you have enough faith and money to subscript to all of it. Then they will be no dilution, but the extent of "discount" is still a risk (IMO). But if they do a placement then rights at a discount to shareholders, then dilution will happens regardless of warchest

If the use placement/rights proceeds to lower debt (I seriously think they won't), then its dilution without hope of DPU improvement...

Guess if one has money prepared for these and got First Reit at dirt cheap price, the gearing is not a issue, but I will give it a miss and look for details for their capital management before deciding whether it is worth the risk.
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Messages In This Thread
First REIT - by kazukirai - 21-09-2010, 08:58 AM
RE: First REIT - by kazukirai - 18-10-2010, 08:13 PM
RE: First REIT - by kazukirai - 22-10-2010, 02:12 PM
RE: First REIT - by pianist - 23-10-2010, 12:19 AM
RE: First REIT - by PassiveReturns - 23-10-2010, 01:12 AM
RE: First REIT - by pianist - 23-10-2010, 01:24 AM
RE: First REIT - by PassiveReturns - 23-10-2010, 01:38 AM
RE: First REIT - by Drizzt - 24-10-2010, 09:26 AM
RE: First REIT - by PassiveReturns - 24-10-2010, 12:01 PM
RE: First REIT - by pianist - 24-10-2010, 01:00 PM
RE: First REIT - by Drizzt - 24-10-2010, 04:26 PM
RE: First REIT - by piggo - 25-10-2010, 06:10 PM
RE: First REIT - by Drizzt - 26-10-2010, 03:18 PM
RE: First REIT - by Nick - 01-11-2010, 11:05 AM
RE: First REIT - by kazukirai - 09-11-2010, 10:47 AM
RE: First REIT - by Nick - 09-11-2010, 11:27 AM
RE: First REIT - by d.o.g. - 09-11-2010, 03:21 PM
RE: First REIT - by Nick - 09-11-2010, 06:33 PM
RE: First REIT - by iisterry - 09-11-2010, 08:48 PM
RE: First REIT - by Stocker - 09-11-2010, 11:02 PM
RE: First REIT - by cyborg - 09-11-2010, 11:16 PM
RE: First REIT - by pianist - 10-11-2010, 11:57 PM
RE: First REIT - by Nick - 11-11-2010, 12:45 AM
RE: First REIT - by PassiveReturns - 11-11-2010, 12:58 AM
RE: First REIT - by Drizzt - 11-11-2010, 03:44 AM
RE: First REIT - by changwk - 11-11-2010, 05:34 AM
RE: First REIT - by gimbeng - 11-11-2010, 08:11 AM
RE: First REIT - by piggo - 11-11-2010, 08:28 AM
RE: First REIT - by gimbeng - 11-11-2010, 09:15 AM
RE: First REIT - by intellect - 13-11-2010, 01:15 AM
RE: First REIT - by Drizzt - 13-11-2010, 06:35 AM
RE: First REIT - by intellect - 13-11-2010, 08:09 AM
RE: First REIT - by pianist - 13-11-2010, 12:00 PM
RE: First REIT - by Drizzt - 13-11-2010, 01:14 PM
RE: First REIT - by brt77 - 16-11-2010, 02:18 PM
RE: First REIT - by mottainai - 16-11-2010, 04:14 PM
RE: First REIT - by cyborg - 16-11-2010, 07:29 PM
RE: First REIT - by Drizzt - 17-11-2010, 07:52 AM
RE: First REIT - by Blackjack - 18-11-2010, 02:31 PM
RE: First REIT - by cookieguy - 22-11-2010, 02:06 AM
RE: First REIT - by stilicon - 11-12-2010, 05:37 PM
RE: First REIT - by Nick - 11-12-2010, 05:45 PM
RE: First REIT - by stilicon - 12-12-2010, 12:28 AM
RE: First REIT - by Nick - 12-12-2010, 01:14 AM
RE: First REIT - by stilicon - 12-12-2010, 05:40 PM
RE: First REIT - by Nick - 12-12-2010, 06:25 PM
RE: First REIT - by Blackjack - 12-12-2010, 10:53 PM
RE: First REIT - by kazukirai - 12-12-2010, 11:34 PM
RE: First REIT - by Nick - 12-12-2010, 11:38 PM
RE: First REIT - by Blackjack - 13-12-2010, 11:19 AM
RE: First REIT - by FFNow - 13-12-2010, 12:15 PM
RE: First REIT - by Nick - 13-12-2010, 12:18 PM
RE: First REIT - by EnSabahNur - 13-12-2010, 10:38 PM
RE: First REIT - by FFNow - 13-12-2010, 12:49 PM
RE: First REIT - by iisterry - 13-12-2010, 02:37 PM
RE: First REIT - by Nick - 13-12-2010, 05:45 PM
RE: First REIT - by bullrunner - 13-12-2010, 06:10 PM
RE: First REIT - by FFNow - 14-12-2010, 04:53 AM
RE: First REIT - by iisterry - 14-12-2010, 09:38 AM
RE: First REIT - by lonewolf - 14-12-2010, 10:15 AM
RE: First REIT - by iisterry - 14-12-2010, 10:50 AM
RE: First REIT - by level13 - 14-12-2010, 12:15 PM
RE: First REIT - by iisterry - 14-12-2010, 12:17 PM
RE: First REIT - by gimbeng - 14-12-2010, 05:05 PM
RE: First REIT - by iisterry - 14-12-2010, 05:24 PM
RE: First REIT - by lonewolf - 14-12-2010, 06:26 PM
RE: First REIT - by iisterry - 14-12-2010, 06:45 PM
RE: First REIT - by lonewolf - 14-12-2010, 08:07 PM
RE: First REIT - by Nick - 14-12-2010, 06:50 PM
RE: First REIT - by iisterry - 14-12-2010, 07:26 PM
RE: First REIT - by Nick - 22-12-2010, 11:53 AM
RE: First REIT - by Blackjack - 22-12-2010, 12:06 PM
RE: First REIT - by Nick - 28-12-2010, 11:00 PM
RE: First REIT - by Risk Adverse - 29-12-2010, 09:41 PM
RE: First REIT - by FFNow - 30-12-2010, 12:06 AM
RE: First REIT - by Nick - 30-12-2010, 01:11 AM
RE: First REIT - by Risk Adverse - 30-12-2010, 06:55 PM
RE: First REIT - by Nick - 31-12-2010, 05:03 PM
RE: First REIT - by Musicwhiz - 01-01-2011, 08:25 AM
RE: First REIT - by Nick - 07-01-2011, 06:44 PM
RE: First REIT - by Nick - 12-01-2011, 09:45 PM
RE: First REIT - by Nick - 21-01-2011, 09:33 PM
RE: First REIT - by Nick - 26-01-2011, 11:18 PM
RE: First REIT - by Nick - 18-02-2011, 06:46 PM
RE: First REIT - by Nick - 23-02-2011, 11:12 PM
RE: First REIT - by Nick - 01-03-2011, 12:32 PM
RE: First REIT - by Nick - 10-03-2011, 06:24 PM
RE: First REIT - by kazukirai - 19-04-2011, 02:39 PM
RE: First REIT - by Nick - 19-04-2011, 02:42 PM
RE: First REIT - by kazukirai - 21-04-2011, 10:22 AM
RE: First REIT - by freedom - 19-04-2011, 03:28 PM
RE: First REIT - by Nick - 21-04-2011, 12:46 PM
RE: First REIT - by Nick - 31-05-2011, 03:11 PM
RE: First REIT - by changwk - 31-05-2011, 03:40 PM
RE: First REIT - by Nick - 31-05-2011, 03:51 PM
RE: First REIT - by Nick - 01-06-2011, 06:12 PM
RE: First REIT - by Nick - 08-07-2011, 06:07 PM
RE: First REIT - by Nick - 08-07-2011, 07:11 PM
RE: First REIT - by Nick - 12-07-2011, 07:25 PM
RE: First REIT - by FFNow - 12-07-2011, 10:30 PM
RE: First REIT - by kazukirai - 21-07-2011, 04:38 PM
RE: First REIT - by kazukirai - 22-07-2011, 10:47 AM
RE: First REIT - by Nick - 22-07-2011, 02:40 PM
RE: First REIT - by Drizzt - 22-07-2011, 08:36 PM
RE: First REIT - by Gregg - 22-07-2011, 08:56 PM
RE: First REIT - by Drizzt - 22-07-2011, 09:18 PM
RE: First REIT - by Gregg - 22-07-2011, 09:28 PM
RE: First REIT - by Drizzt - 25-07-2011, 12:24 PM
RE: First REIT - by Gregg - 25-07-2011, 01:28 PM
RE: First REIT - by Nick - 25-07-2011, 01:32 PM
RE: First REIT - by momoeagle - 27-07-2011, 10:36 AM
RE: First REIT - by changwk - 27-07-2011, 01:09 PM
RE: First REIT - by Gregg - 27-07-2011, 01:41 PM
RE: First REIT - by changwk - 28-07-2011, 07:23 PM
RE: First REIT - by Nick - 28-07-2011, 07:28 PM
RE: First REIT - by Gregg - 28-07-2011, 11:51 PM
RE: First REIT - by Drizzt - 29-07-2011, 06:17 AM
RE: First REIT - by Gregg - 29-07-2011, 06:22 AM
RE: First REIT - by Drizzt - 29-07-2011, 10:43 AM
RE: First REIT - by Gregg - 29-07-2011, 11:55 AM
RE: First REIT - by changwk - 29-07-2011, 12:30 PM
RE: First REIT - by kichialo - 29-07-2011, 02:33 PM
RE: First REIT - by Nick - 29-07-2011, 02:49 PM
RE: First REIT - by Gregg - 29-07-2011, 03:27 PM
RE: First REIT - by kichialo - 29-07-2011, 07:30 PM
RE: First REIT - by Drizzt - 29-07-2011, 12:54 PM
RE: First REIT - by Gregg - 29-07-2011, 01:59 PM
RE: First REIT - by Nick - 29-07-2011, 02:06 PM
RE: First REIT - by Gregg - 29-07-2011, 05:34 PM
RE: First REIT - by Nick - 29-07-2011, 06:14 PM
RE: First REIT - by Gregg - 29-07-2011, 06:35 PM
RE: First REIT - by Drizzt - 29-07-2011, 07:00 PM
RE: First REIT - by Gregg - 29-07-2011, 07:16 PM
RE: First REIT - by Jared Seah - 29-07-2011, 08:08 PM
RE: First REIT - by Drizzt - 29-07-2011, 11:54 PM
RE: First REIT - by Gregg - 30-07-2011, 08:47 AM
RE: First REIT - by Gregg - 21-10-2011, 09:18 PM
RE: First REIT - by Nick - 21-10-2011, 09:24 PM
RE: First REIT - by Gregg - 21-10-2011, 10:31 PM
RE: First REIT - by Nick - 21-10-2011, 11:26 PM
RE: First REIT - by weijian - 22-10-2011, 10:21 AM
RE: First REIT - by Gregg - 27-10-2011, 11:03 AM
RE: First REIT - by Jared Seah - 27-10-2011, 02:12 PM
RE: First REIT - by Gregg - 31-10-2011, 09:56 AM
RE: First REIT - by Gregg - 01-11-2011, 08:43 AM
RE: First REIT - by Gregg - 01-12-2011, 08:05 PM
RE: First REIT - by Nick - 01-12-2011, 08:20 PM
RE: First REIT - by Gregg - 01-12-2011, 10:11 PM
RE: First REIT - by Gregg - 28-12-2011, 08:13 PM
RE: First REIT - by PeterSoh - 17-01-2012, 04:14 PM
RE: First REIT - by Nick - 17-01-2012, 08:25 PM
RE: First REIT - by Gregg - 26-01-2012, 06:47 PM
RE: First REIT - by KopiKat - 26-01-2012, 09:11 PM
RE: First REIT - by Gregg - 26-01-2012, 09:17 PM
RE: First REIT - by Nick - 01-02-2012, 11:51 AM
RE: First REIT - by weijian - 01-02-2012, 02:27 PM
RE: First REIT - by Nick - 01-02-2012, 05:27 PM
RE: First REIT - by FFNow - 07-02-2012, 08:00 PM
RE: First REIT - by rstopel - 17-03-2012, 10:30 PM
RE: First REIT - by Gregg - 20-04-2012, 06:40 AM
RE: First REIT - by FFNow - 20-04-2012, 10:57 PM
RE: First REIT - by Nick - 21-06-2012, 03:43 PM
RE: First REIT - by kazukirai - 21-06-2012, 04:34 PM
RE: First REIT - by Gregg - 25-06-2012, 07:58 PM
RE: First REIT - by FFNow - 10-07-2012, 01:32 PM
RE: First REIT - by pianist - 10-07-2012, 11:03 PM
RE: First REIT - by Nick - 07-08-2012, 06:52 PM
RE: First REIT - by Nick - 21-09-2012, 09:09 PM
RE: First REIT - by Share Investor - 22-09-2012, 07:57 AM
RE: First REIT - by KopiKat - 22-09-2012, 10:15 AM
RE: First REIT - by Share Investor - 22-09-2012, 01:45 PM
RE: First REIT - by Willow_Will - 13-10-2012, 11:04 PM
RE: First REIT - by Nick - 13-10-2012, 11:13 PM
RE: First REIT - by Willow_Will - 13-10-2012, 11:42 PM
RE: First REIT - by Nick - 14-10-2012, 03:05 PM
RE: First REIT - by Willow_Will - 14-10-2012, 05:59 PM
RE: First REIT - by Noob - 15-11-2012, 12:04 PM
RE: First REIT - by Nick - 15-11-2012, 03:12 PM
RE: First REIT - by shanrui_91 - 16-11-2012, 08:38 AM
RE: First REIT - by weijian - 16-11-2012, 07:46 PM
RE: First REIT - by shanrui_91 - 16-11-2012, 09:03 PM
RE: First REIT - by Stocker - 17-11-2012, 08:51 AM
RE: First REIT - by Drizzt - 17-11-2012, 09:00 AM
RE: First REIT - by changwk - 17-11-2012, 12:40 PM
RE: First REIT - by jovialger - 17-11-2012, 01:59 PM
RE: First REIT - by Nick - 17-11-2012, 03:27 PM
RE: First REIT - by cfa - 17-11-2012, 02:03 PM
RE: First REIT - by changwk - 17-11-2012, 05:14 PM
RE: First REIT - by Nick - 27-03-2013, 02:26 PM
RE: First REIT - by vingaard - 01-04-2013, 07:00 PM
RE: First REIT - by HitandRun - 27-03-2013, 09:18 PM
RE: First REIT - by Musicwhiz - 28-03-2013, 07:54 AM
RE: First REIT - by waiyip - 31-03-2013, 05:37 PM
RE: First REIT - by Nick - 31-03-2013, 05:45 PM
RE: First REIT - by waiyip - 31-03-2013, 08:47 PM
RE: First REIT - by Nick - 31-03-2013, 09:21 PM
RE: First REIT - by waiyip - 06-04-2013, 08:30 PM
RE: First REIT - by Nick - 08-04-2013, 12:33 PM
RE: First REIT - by HitandRun - 03-05-2013, 07:55 AM
RE: First REIT - by Dividend Warrior - 09-06-2013, 10:52 PM
RE: First REIT - by toiletsiao - 09-06-2013, 11:57 PM
RE: First REIT - by BlueKelah - 12-06-2013, 02:40 PM
RE: First REIT - by Dividend Warrior - 12-06-2013, 05:30 PM
RE: First REIT - by BlueKelah - 12-06-2013, 10:28 PM
RE: First REIT - by Dividend Warrior - 28-07-2013, 08:44 AM
RE: First REIT - by toiletsiao - 28-07-2013, 10:15 AM
RE: First REIT - by Greenrookie - 20-08-2013, 10:39 PM
RE: First REIT - by AlphaQuant - 21-08-2013, 07:39 AM
RE: First REIT - by l0nEr - 21-08-2013, 08:33 AM
RE: First REIT - by Greenrookie - 21-08-2013, 08:49 AM
RE: First REIT - by KopiKat - 21-08-2013, 09:13 AM
RE: First REIT - by felixleong - 20-08-2013, 11:18 PM
RE: First REIT - by Drizzt - 21-08-2013, 09:27 AM
RE: First REIT - by Greenrookie - 21-08-2013, 10:59 AM
RE: First REIT - by Dividend Warrior - 21-08-2013, 09:52 AM
RE: First REIT - by Drizzt - 21-08-2013, 10:08 AM
RE: First REIT - by BlueKelah - 21-08-2013, 10:38 AM
RE: First REIT - by corydorus - 21-08-2013, 10:40 AM
RE: First REIT - by Nick - 21-08-2013, 11:09 AM
RE: First REIT - by Dividend Warrior - 21-08-2013, 01:21 PM
RE: First REIT - by KopiKat - 21-08-2013, 11:17 AM
RE: First REIT - by Drizzt - 21-08-2013, 11:28 AM
RE: First REIT - by l0nEr - 21-08-2013, 03:34 PM
RE: First REIT - by BlueKelah - 08-02-2014, 09:15 PM
RE: First REIT - by ahyu02 - 17-11-2013, 11:05 AM
RE: First REIT - by arriyana - 10-02-2014, 01:05 PM
RE: First REIT - by waiyip - 13-03-2014, 03:56 PM
RE: First REIT - by flinger - 13-03-2014, 04:17 PM
RE: First REIT - by lvpierre - 13-03-2014, 04:27 PM
RE: First REIT - by Nick - 13-03-2014, 05:09 PM
RE: First REIT - by lvpierre - 13-03-2014, 07:02 PM
RE: First REIT - by Nick - 13-03-2014, 07:05 PM
RE: First REIT - by lvpierre - 13-03-2014, 07:14 PM
RE: First REIT - by Nick - 13-03-2014, 08:02 PM
RE: First REIT - by AlphaQuant - 13-03-2014, 07:25 PM
RE: First REIT - by Drizzt - 13-03-2014, 08:07 PM
RE: First REIT - by lvpierre - 13-03-2014, 08:12 PM
RE: First REIT - by mkmk - 29-04-2014, 10:39 PM
RE: First REIT - by Cheerios - 03-05-2014, 12:48 AM
RE: First REIT - by AlphaQuant - 03-05-2014, 10:01 AM
RE: First REIT - by Cheerios - 06-05-2014, 07:03 AM
RE: First REIT - by LLI - 08-05-2014, 07:33 AM
RE: First REIT - by LikeWise - 30-10-2014, 09:57 AM
RE: First REIT - by zerobeta - 15-01-2015, 04:12 PM
RE: First REIT - by Nick - 15-01-2015, 11:40 PM
RE: First REIT - by piggo - 15-01-2015, 05:30 PM
RE: First REIT - by zerobeta - 22-01-2015, 01:47 PM
RE: First REIT - by gzbkel - 30-01-2015, 09:58 PM
RE: First REIT - by chezball - 30-05-2015, 12:08 AM
RE: First REIT - by arriyana - 04-08-2015, 09:35 PM
RE: First REIT - by Dosser - 31-10-2015, 06:07 AM
RE: First REIT - by desmondxyz - 31-10-2015, 09:09 AM
RE: First REIT - by Bytesizedinvestments - 02-12-2015, 01:01 AM
RE: First REIT - by HitandRun - 31-10-2015, 10:46 AM
RE: First REIT - by snapsnap - 02-11-2015, 05:14 PM
RE: First REIT - by greengiraffe - 19-11-2015, 08:15 AM
RE: First REIT - by Nick - 02-12-2015, 02:36 AM
RE: First REIT - by krowten - 02-12-2015, 04:59 PM
RE: First REIT - by CityFarmer - 02-12-2015, 05:16 PM
RE: First REIT - by Bytesizedinvestments - 05-01-2016, 06:52 PM
RE: First REIT - by marandaz - 05-01-2016, 07:50 PM
RE: First REIT - by Bytesizedinvestments - 06-01-2016, 01:35 AM
RE: First REIT - by Bytesizedinvestments - 08-02-2016, 01:02 PM
First REIT - by vingaard - 06-09-2017, 09:42 PM
RE: First REIT - by wonghw12 - 06-09-2017, 10:01 PM
RE: First REIT - by WH Cheng - 08-09-2017, 12:35 AM
RE: First REIT - by wonghw12 - 08-09-2017, 01:29 PM
RE: First REIT - by WH Cheng - 12-09-2017, 04:36 PM
RE: First REIT - by vingaard - 07-09-2017, 07:20 AM
RE: First REIT - by cyclone - 07-08-2018, 09:51 PM
RE: First REIT - by cyclone - 18-09-2018, 12:34 PM
RE: First REIT - by cyclone - 18-09-2018, 01:34 PM
RE: First REIT - by Dosser - 19-11-2018, 05:41 PM
RE: First REIT - by cmeng_chan - 19-11-2018, 08:28 PM
RE: First REIT - by kelvesy - 20-11-2018, 09:54 PM
RE: First REIT - by Ray168 - 21-11-2018, 01:22 PM
RE: First REIT - by weijian - 12-03-2019, 09:24 PM
First REIT - by Xiaosaint - 01-10-2019, 06:27 AM
RE: First REIT - by Ray168 - 01-10-2019, 03:19 PM
RE: First REIT - by WH Cheng - 06-10-2019, 01:57 PM
RE: First REIT - by mobo - 07-10-2019, 10:29 AM
RE: First REIT - by specuvestor - 07-10-2019, 06:52 PM
RE: First REIT - by corydorus - 08-10-2019, 09:06 AM
First REIT - by Xiaosaint - 14-10-2019, 01:09 AM
First REIT - by Xiaosaint - 21-10-2019, 08:42 AM
RE: First REIT - by weijian - 02-06-2020, 02:53 PM
RE: First REIT - by AQ. - 03-06-2020, 09:01 AM
RE: First REIT - by Dosser - 21-07-2020, 05:51 AM
RE: First REIT - by weijian - 21-07-2020, 08:20 AM
RE: First REIT - by mobo - 21-07-2020, 10:36 AM
RE: First REIT - by weijian - 21-07-2020, 12:30 PM
RE: First REIT - by starcraft_76 - 04-09-2020, 10:28 AM
RE: First REIT - by weijian - 21-09-2020, 09:32 AM
RE: First REIT - by mobo - 30-11-2020, 09:56 AM
RE: First REIT - by weijian - 30-11-2020, 10:28 AM
RE: First REIT - by hohk - 30-11-2020, 10:52 AM
RE: First REIT - by weijian - 28-12-2020, 10:19 AM
RE: First REIT - by brattzz - 28-12-2020, 03:19 PM
RE: First REIT - by weijian - 09-01-2021, 09:14 AM
RE: First REIT - by weijian - 20-02-2021, 09:49 AM
Declaration via SWIFT MT599 - by runicx - 08-02-2014, 12:13 AM
RE: First REIT - by maximillian - 08-02-2014, 08:47 PM
RE: Declaration via SWIFT MT599 - by runicx - 08-02-2014, 12:28 AM
RE: First REIT - by CityFarmer - 08-02-2014, 03:47 PM
RE: First REIT - by runicx - 09-02-2014, 06:22 PM

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