Key Points
- Distribution in projection year 2011 is expected to rise from 8.57% to 9.14% following the acquisition of two new healthcare properties in Indonesia.
- This is based on a forecast annualised DPU of 6.40 Singapore cents for the full financial year ending 31 December 2011, in relation to its enlarged portfolio and financing through a combination of the underwritten renounceable rights issue of 345,664,382 new Units at an issue price of S$0.50 per Rights Unit and bank loan.
- Upon completion of the Acquisitions, First REIT’s aggregate leverage will also be lowered from 18.60% to 17.25% for the Projection Year 2011.
- On completion of the Acquisitions, the conditional master lease agreements entered into with Lippo in relation to the Properties will commence for a 15 year lease term.
- Rental income of both Properties comprise a base rent component which is payable quarterly in advance, and subject to a stepped up increase every year thereafter at a rate equal to 2 times of the percentage increase of Singapore’s Consumer Price Index for the preceding calendar year; as well as a variable rent component.
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