First REIT

[kazukirai]

First REIT annouces possible new acquisitions.

Nothing to be happy about until the details are released. Will have to see how the deal's being funded. Also, no guarantee it'll go through as with the Tuas logistics facility deal that fell through (although chances are higher since this time it's a building owned by the Sponsor).

The official annoucement as follows:

PROPERTY ACQUISITIONS

Bowsprit Capital Corporation Limited, as manager of First Real Estate Investment Trust ("First REIT",
and as manager of First REIT, the "Manager"), wishes to refer to the 2010 Second Quarter Unaudited
Financial Statements & Distribution Announcement of First REIT dated 26 July 2010 stating, among
other things, that First REIT has been actively considering acquisition opportunities that are available
through its sponsor, PT. Lippo Karawaci Tbk (the "Sponsor"), which has a robust pipeline of
healthcare assets in Indonesia.
The Manager wishes to announce that it is currently in discussions with the Sponsor in relation to the
acquisition of two healthcare properties located in Indonesia, being Mochtar Riady Comprehensive
Cancer Centre and Siloam Hospitals Lippo Cikarang. It is intended that these properties be leased by
First REIT to the Sponsor under long term master lease agreements.
The terms of the above transactions are currently being negotiated and the transactions would be
subject to, among other things, the valuations of the properties, the approval of the relevant
regulators, the Audit Committee of the Manager and unitholders of First REIT ("Unitholders"). The
Manager is in the midst of evaluating various sources of funding to finance the acquisitions, but would
like to state that no firm decision has been taken to proceed with any specific means of funding.
The Manager will, in compliance with its obligations under Listing Manual (the "Listing Manual") of
Singapore Exchange Securities Trading Limited (the "SGX-ST"), make the relevant announcements
on SGXNET once a firm decision has been made on matters which require disclosure pursuant to the
Listing Manual.
In the meantime, Unitholders are advised to refrain from taking any action in respect of their units in
First REIT ("Units") which may be prejudicial to their interests, and to exercise caution when dealing
with Units.

By Order of the Board
Dr Ronnie Tan Keh Poo
Chief Executive Officer
Bowsprit Capital Corporation Limited
(Company Registration No: 200607070D)
As Manager of First Real Estate Investment Trust
20 September 2010

[kazukirai]

First REIT releases 3Q10 results on 22 Oct 10.

Will they release more info on their possible acquisitions of the Indonesian hospitals?

Anyway expect DPU of 1.92 cents as per last quarter. But not cheap at current prices.

Full annoucement here.

[kazukirai]

First REIT's 3Q results out.

Net Property Income up approx. $0.3 mil y.o.y.
Distributable Income up approx. $0.1 mil y.o.y.
DPU up to 1.94 cents compared to the same period a year ago.

Other highlights from the Press Release:
- Pacific Cancer Centre @ Adam Road is slated for completion second half 2011.

- New extension block to be added to their Lentor Residence. This is pending approval from authorities.

- No mention on their previously annouced plans regarding the acquisition of two other hospitals in Indonesia that are currently under the Lippo group.

Press Release here.

Unaudited Income 3Q financial statements here.

[pianist]

this reit is selling at price higher than its nav..is it a sign of overvaluation by mr market?

[PassiveReturns]

pianist, what is your analysis on this stock ? Look forward to learn from your view.

[pianist]

hi passivereturns, i afraid i dun have an analysis..so far the mgt seems quite prudent in running a reit

..what are your views instead?

[PassiveReturns]

pianist, I also do not have any yet, but I am thinking to add this reit into my portfolio too, so I will have to spend some time reading its related material and information. Hope I can contribute some of my thoughts later.

[Drizzt]

i am vested in this counter but i think its probably a dead stock.

people like it because its healthcare which should still garner the occupancy required during downturn.

its gearing of only 15% makes it safe as well.

that balanced out that it is in a predominately inflationary country in indonesia but although all the rents are set in SGD.

It is also a geographically volatile country.

I think the yield accretive move is to gain more hospitals via rights issue, but the growth is limited.

first reit have a lease of around 15 years (if i remember correctly) with the option to extend another 15 years from parent . any yield accretive buys will not change much since the property yields are pretty high already.

i written to them some months back seeking clarification on issues of insurance and inflation. so i would share it with everyone.

First REIT: Hedging Inflation and Geographical Risks

[PassiveReturns]

i am vested in this counter but i think its probably a dead stock.

people like it because its healthcare which should still garner the occupancy required during downturn.

its gearing of only 15% makes it safe as well.

that balanced out that it is in a predominately inflationary country in indonesia but although all the rents are set in SGD.

It is also a geographically volatile country.

I think the yield accretive move is to gain more hospitals via rights issue, but the growth is limited.

first reit have a lease of around 15 years (if i remember correctly) with the option to extend another 15 years from parent . any yield accretive buys will not change much since the property yields are pretty high already.

i written to them some months back seeking clarification on issues of insurance and inflation. so i would share it with everyone.

First REIT: Hedging Inflation and Geographical Risks

Drizzt, good to see your opinion and thank you for sharing.

[pianist]

i like dead stock like first reit, no cash call so far, low gearing, dry and boring, high dividend yield and only until recently ppl began to notice and push up its price until above nav now which i am a bit concerned..