First Reit Updated Target Price following Q1 2011 result release

First Reit Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
OCBC	BUY	0.8	21/04/11

Latest updates at Stock Target Price.

Related Posts

• First Reit Q1 2011 Quarterly Earnings Report

First Reit Q1 2011 Quarterly Earnings Report

First Reit Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the reporting quarter came in at 1.58 cents compared to 1.90 cents in 1Q 2010 as a result of the rights issue in December 2010, whereby the number of units in issue increased from 276 million in 1Q 2010 to 625 million. 
• On an annualised basis, DPU was higher than the forecast of 6.40 cents in projection year 2011 as provided in the Circular dated 10 November 2010. Distribution yield stood at 8.66% based on First REIT’s closing price of S$0.74 on 18 April 2011.
• Maiden contributions from newly acquired Mochtar Riady Comprehensive Cancer Centre and Siloam Hospitals Lippo Cikarang.
• The Books will close from 5pm on 29 April 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 30 May 2011.
• Gearing of 13.8% as at 31 Mar 2011.
• NAV per unit of 78.25 cents as at 31 Mar 2011.

Author's Note
The quarterly DPU of 1.58 cents will be paid on 30 May 2011. Book closure is on 29 Apr 2011.


The DPU was 0.87 cents in the previous quarter.

Note that the DPU for the reporting quarter is significantly higher than the previous quarter because of the maiden contribution from the newly acquired Mochtar Riady Comprehensive Cancer Centre and Siloam Hospitals Lippo Cikarang on 31 Dec 2010. Compared year-on-year to the DPU of 1.90 cents in Q1 2010, DPU of 1.58 cents for the reporting quarter is lower as a result of the rights issue in December 2010, whereby the number of units in issue increased from 276 million in 1Q 2010 to 625 million.



Related Posts

• Results Release 
• DPU Information Page   
• First Reit Q3 2010 Quarterly Earnings Report 
• First Reit Q4 2010 Quarterly Earnings Report

First Reit, SUNTEC Reit, Plife - Date of Result Release for Q1 2011

Updated date of Result Release for Q1 2011:
First Reit Apr 20
SUNTEC Reit APR 21
Plife May 5

Latest Update at Results Release.

First Reit - Updated Target Price following divestment announcement

First Reit - Updated Target Price following divestment announcement:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
First Reit	OCBC	BUY	0.800	28/02/11

Latest updates at Stock Target Price.

Related Posts

• First Reit to divest Adam Road Hospital

First Reit to divest Adam Road Hospital

SALE OF ADAM ROAD HOSPITAL, NO 19 ADAM ROAD SINGAPORE 289891:

• Press Release

Key Points

• First REIT has on 23 February 2011 entered into a sale and purchase agreement with Fortis Healthcare Singapore Pte. Limited (the “Purchaser”) and Fortis Global Healthcare Holdings Pte. Ltd. (the “Guarantor”) for the sale of Adam Road Hospital located at No 19 Adam Road Singapore 289891 to the Purchaser for a sale consideration of S$33.0 million.
• Adam Road Investment Property’s fair value was S$28.2 million as at 28 December 2010.

Related Posts

• First REIT completes acquisition of two Jakarta hospitals

First Reit Q4 2010 Quarterly Earnings Report

First Reit Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Number of units in issue has more than doubled to 622,195,888 with the listing of the new rights units on 31 December 2010.
• Adjusted DPU (excluding the new rights units issued on 31 December 2010) is 1.96 cents, up 2%.
• Including the new rights units, First REIT’s total number of units in issue has more than doubled to 622,195,888, resulting in a DPU of 0.87 cents in 4Q 2010.
• Newly acquired MRCCC and SHLC expected to raise distributable income by 89% to S$40.3 million in Projection Year 2011.
• Market capitalisation almost doubled to S$438.6 million as at 31 December 2010, from S$224.5 million a year ago.
• The Books will close from 5pm on 31 January 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 28 February 2011.
• The ex-dividend date will be on 27 January 2011 at 9.00am.
• Net asset value per unit at 77.00¢as at 31 Dec 2010 (based on enlarged share base a result of rights issue).
• Projected gearing of 17.25% for the year 2011.

Author's Note
The quarterly DPU of 0.87 cents will be paid on 28 Feb 2011. Book closure is on 27 Jan 2011.

The DPU was 1.94 cents in the previous quarter.

Note that the DPU for the reporting quarter is significantly lower than the previous quarter because of the rights issue exercise that more than double the number of units in issue. The acquistion of the 2 new Jakarta hospitals were only completed at the end of the quarter on 31 Dec 2010, thus their earnings have not really contributed to the DPU for the reporting quarter. The DPU is expected to return to around the pre rights issue period for the next quarterly distribution when earnings from the 2 new hospitals kick in.

Following is the projection of the DPU for 2011 from the presentation slides:

• Projected distribution per unit (DPU) stands at 6.4 cents
• Projected distribution yield for 2011 at 9.14%, based on a theoretical ex-rights price of S$0.70 (as per the Circular to unitholdersdated 10 November 2010)
• Based on the projected DPU of 6.4 cents and the closing price of S$0.765 as at 19 January 2011, the yield is 8.37%.

Related Posts

• Results Release 
• DPU Information Page   
• First Reit Q3 2010 Quarterly Earnings Report 
• First REIT completes acquisition of two Jakarta hospitals
• First Reit rights issue - Use of proceeds for MRCCC acquisition
• Issue and listing of new units in first reit for the rights issue
• First Reit - results of the rights issue
• Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre 
• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010 
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

MapletreeInd, First Reit, LMIR - Updated Target Price following Q4 2010 result release

MapletreeInd, First Reit, LMIR - Updated Target Price following Q4 2010 result release:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
First Reit	OCBC	BUY	0.820	18/02/11
LippoMapleTrust	OCBC	BUY	0.590	17/02/11
MapleTreeInd	CIMB	OUTPERFORM	1.240	18/02/11

Latest updates at Stock Target Price.

Related Posts

• LippoMapleTrust Q4 2010 Quarterly Earnings Report 
• MapletreeInd Q4 2010 Quarterly Earnings Report
• First Reit Q4 2010 Quarterly Earnings Report

Ascott, FCT, Starhill, First Reit, Suntec, Plife, CDL H-Trust - Updated Target Price

Updated Target Price:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
AscottReit	DBS Vickers	BUY	1.380	07/01/11
FrasersCT	OCBC	HOLD	1.580	11/01/11
Starhill Gbl	Kim Eng	BUY	0.800	11/01/11
First Reit	OCBC	BUY	0.840	07/01/11
Suntec	OCBC	HOLD	1.550	06/01/11
PLife	CIMB	OUTPERFORM	1.960	05/01/11
CDL H-Trust	Phillip Securities	BUY	2.380	05/01/11

Latest updates at Stock Target Price.

First REIT completes acquisition of two Jakarta hospitals

First REIT completes acquisition of two Jakarta hospitals:

• Press Release
• Announcement

Key Points

• First Reit has completed the acquisition of two new healthcare properties in Indonesia – Mochtar Riady Comprehensive Cancer Centre (“MRCCC”) on 30 December 2010 and Siloam Hospitals Lippo Cikarang (“SHLC”) on 31 December 2010 (collectively, the “Acquisitions”).
• With the completion of the Acquisitions, First REIT’s portfolio has been enlarged and comprises 10 assets located in Indonesia and Singapore, valued in aggregate at approximately S$612.8 million as at 31 December 2010.
• Aims to achieve a portfolio size of S$1 billion in the next two to three years.
• First REIT‟s sponsor, Lippo Karawaci, Indonesia's largest listed property company by total assets, revenue and net profit, will be the master tenant of both the properties after completion.
• The conditional master lease agreements entered into with Lippo Karawaci in relation to MRCCC and SHLC on 8 November 2010 are for a 15 year lease term, with an option to renew for a further term of 15 years, subject to the renewal of the Properties‟ HGB titles.
• On 13 December 2010, the National Land Office of Indonesia extended MRCCC‟s HGB title (which was scheduled to expire on 27 August 2015) for a period of 20 years.
• Based on projection year 2011, the gearing level will stand at about 17%, which is significantly lower than the regulatory limit of 35%, allowing sufficient headroom for future accretive acquisitions.
• Based on projection year 2011, our gearing level will stand at about 17%, which is significantly lower than the regulatory limit of 35%, giving us sufficient headroom for future accretive acquisitions.

Related Posts

• First Reit rights issue - Use of proceeds for MRCCC acquisition
• Issue and listing of new units in first reit for the rights issue
• First Reit - results of the rights issue
• Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre 
• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010 
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

First Reit rights issue - Use of proceeds for MRCCC acquisition

First Reit rights issue - Use of proceeds for MRCCC acquisition:

• Press Release

Key Points

• Out of the net proceeds of the Rights Issue of S$167.3 million, S$121.7 million has been used towards part financing the MRCCC Acquisition. Such use is in accordance with the stated use and in accordance with the percentage of the net proceeds of the Rights Issue allocated to such use. 
• The remainder of the cost of the MRCCC Acquisition will be financed by way of a transferable term loan of up to S$50.0 million for a term of four years from Oversea-Chinese Banking Corporation Limited.

Related Posts

• Issue and listing of new units in first reit for the rights issue
• First Reit - results of the rights issue
• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010 

Issue and listing of new units in first reit for the rights issue

Issue and listing of new units in first reit for the rights issue:

• Press Release

Key Points

• An aggregate of 345,664,382 Rights Units has been issued, bringing the total number of First REIT units (“Units”) in issue to 622,195,888 Units.
• The Rights Units will, upon allotment and issue, rank pari passu in all respects with the existing Units in issue as at the date of issue of the Rights Units, including the right to any distributions which may accrue for the period from 1 October 2010 to 31 December 2010 as well as all distributions thereafter.
• The Rights Units will be listed and quoted on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) with effect from 9.00 a.m. on 31 December 2010.

Author's Note
The newly issued units will also be eligible for the upcoming quarterly distribution from 1 Oct 2010 to 31 Dec 2010. The official completion of the 2 new acquisitions has not been announced. So far only the news of the Use of proceeds of rights issue for the MRCCC acquisition has been released. Since the earnings of the 2 new properties has not come in, the upcoming DPU is expected to be diluted. It will only be back to normal after the new properties start contributing their earnings.

Related Posts

• First Reit rights issue - Use of proceeds for MRCCC acquisition
• First Reit - results of the rights issue
• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010  

First Reit - results of the rights issue

First Reit - results of the rights issue:

• Press Release

Key Points

• Valid acceptances and excess applications for a total of 425,875,570 Right
  Units (as defined herein), representing approximately 123.2% of the total number of Rights Units available under the underwritten renounceable rights issue (the “Rights Issue”) of 345,664,382 new units in First REIT (“Rights Units”), were received as at the close of the Rights Issue on 22 December 2010.
• The Manager expects that the Rights Units will be issued on or about 30 December 2010.
• The Manager further expects that the Rights Units will be listed and quoted on the Main Board of the SGX-ST with effect from 9.00 a.m. on 31 December 2010.

Related Posts

• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre

Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre (MRCCC):

• Press Release

Key Points

• This announcement is further to:
• the announcement dated 9 November 2010 in which Bowsprit Capital Corporation Limited,in its capacity as manager of First Real Estate Investment Trust (“First REIT” and asmanager of First REIT, the “Manager”), proposed the acquisition by First REIT of MochtarRiady Comprehensive Cancer Centre (“MRCCC” and the proposed acquisition of MRCCC,the “MRCCC Acquisition”) subject to, among others, the condition precedent that the in-principle approval for the renewal of the “Right to Build” (Hak Guna Bangunan or “HGB”1)title in relation to MRCCC be obtained from Badan Pertanahan Nasional (or the NationalLand Office of Indonesia).
• the circular dated 10 November 2010 issued to unitholders of First REIT (“Unitholders”) to seek Unitholders’ approval for, among others, the MRCCC Acquisition.
• the approval by Unitholders of the MRCCC Acquisition at First REIT’s Extraordinary General Meeting on 29 November 2010.
• the National Land Office of Indonesia has extended the HGB title in relation to MRCCC (which was scheduled to expire on 27 August 2015) for a period of 20 years subject to, among others, the payment of a nominal premium and certain other standard conditions, and therefore the condition precedent described above has been satisfied. 
• The amount of premium payable is approximately 193.2 million Indonesian Rupiah (approximately S$28,006.252) and is payable by the vendor of MRCCC. 

Related Posts

• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010

First Reit - Lodgement and despatch of offer information statement.

• Announcement 
• Offer Information Statement (OIS)
• Guidelines

Key Points

• The manager of First REIT has today lodged with the MAS the offer information statement (“Offer Information Statement”) in relation to the issue of 345,664,382 new units in First REIT on a fully underwritten and renounceable basis to Eligible Unitholders on a pro rata basis of five Rights Units for every four existing Units held as at 5.00 p.m. on 3 December 2010 at the issue price of S$0.50 per Rights Unit, fractional entitlements to be disregarded, to raise gross proceeds of approximately S$172.8 million.
• The Offer Information Statement is available on the website of the MAS at www.mas.gov.sg and will be despatched on 8 December 2010 to Eligible Unitholders.

Author's Note
For holders of the rights, do take note of the IMPORTANT DATES AND TIMES as indicated in the guidelines and OIS: 

Last date and time for trading of Rights Entitlements	16 December 2010 at 5.00 p.m.
Last date and time for acceptance of Rights Entitlements and payment for Right Units	22 December 2010 at 5.00 p.m. (9.30 p.m. for Electronic Applications through ATMs of Participating Banks)
Last date and time for application and payment for Excess Rights Units	22 December 2010 at 5.00 p.m. (9.30 p.m. for Electronic Applications through ATMs of Participating Banks)

The Offer Information Statement can also be found in the MAS Opera site. Look under the category Collective Investment Scheme Offers, and click on the Latest link.

Related Posts

• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010
• All about REIT - Rights Issue Part 2: What happens during a Rights Issue 
• All about REIT - Rights Issue Part 1: Terms and Definition

First Reit - Notice of Rights Issue Books Closure Date

First Reit - Notice of Rights Issue Books Closure Date.

Press Release

This is further to the announcement dated 10 November 2010 about the rights issue exercise and acquisition of 2 properties in Indonesia.

Key Points

• The book closure date will be on 3 December 2010 at 5.00 p.m. for the purpose of determining the provisional allotments of Rights Units of Eligible Unitholders under the Rights Issue.
• Eligible Unitholders whose securities accounts with CDP are credited with Units on 3 December 2010 at 5.00 p.m. will be entitled to participate in the Rights Issue.
• The Rights Issue exercise is subject to approval by Unitholders at the extraordinary general meeting of Unitholders to be held on Monday, 29 November 2010.

Related Posts

• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

The Expanded First Reit Post Rights Issue and Acquisitions

First Reit has announced its proposed acquisitions of 2 Jakarta hospitals, and 5 for 4 rights issue on 9 Nov 2010, followed by more details on 11 Nov 2010. I have come across a couple of blog articles with the analysis of the rights issue and acquisitions in details, and have provided the links under the "Related Links" section below. I shall not be going through the numbers in details here, but will be taking a broader view of the whole exercise and also some additional points. Before that, for those who are new to First Reit, following are some background information.

Background
First Reit is a healthcare reit which has a portfolio of mainly hospitals and a hotel in Indonesia. It also owns some nursing homes and a hospital in Singapore. Its sponsor is the Lippo Group, which also co-sponsored the LippoMaple Indonesia Trust, an Indonesian retail reit, with Mapletree Pte Ltd, a fully owned subsidiary of Temasek Holdings. Following is a brief description of the Lippo Group:

"The Lippo Group is a major Indonesian conglomerate founded by its Chairman, Dr. Mochtar Riady in the 1950s. It consists of private and public companies in China mainland, Hong Kong and Macau; Indonesia, Philippines, Singapore and South Korea with US$11 billion in assets. Lippo Group has over 15 public-listed companies in different parts of Asia including Hong Kong, Indonesia and Singapore."

Developments Since 2009
First Reit has been rather quiet for the past 2 years. Other than some asset enhancement works, it has not undertaken any major moves such as acquisition of new properties that would have made significant impact on its DPU. Thus its DPU has been rather stable from quarter to quarter around 1.9 cents since 2009. Its stock price has also not been moving up as quickly as most of the other s-reits, and because of that its dividend yield has consistently been one of the top among the s-reits. Recently its share price has seen a very impressive surge, closing at a all time high of 0.980 cents on 8 Nov 2010, just a day before the release of the acquisitions and rights issue announcement. On 9 Nov 2010, the reit announced the proposed acquisitions of 2 Jakarta hospitals as well as a 5 for 4 rights issue. The details can be found under the "Related Posts" below.

What is the effect of the acquisition and rights exercise?
At first glance the whole exercise does not seem to be very favourable for the reit. The 5 for 4 rights issue is going to more than double the share base, and at a relatively cheap price of S$0.50. The gearing as at 30 Sep 2010 was 16.5%, which is at a very low level. Doesn't it make more sense to finance the acquisitions primarily by debt, with a smaller scale rights issue or private placement that is going to have less impact on the share base?

If we take a closer look at the total asset value of the reit as at 30 Sep 2010, we will find that there is very little room for the reit to borrow much without hitting the gearing limit. The total asset is only S$346.1m. To my knowledge, at the time of this writing First Reit does not having a rating by Fitch, Moody's or S&P, which means that it can only gear up to 35%. So financing primarily by debt will leave the reit with less choices as acquisition targets, as it can only look for acquisitions of smaller scale. Furthermore, even a smaller scale acquisition can easily drive up its gearing close to the gearing limit because of its low asset base.

The management may have wanted to make use of the recent positive reaction to equity raising exercises like rights issue, private placement and IPOs to undertake a larger scale equity raising, so that it will pave the way for future expansion plans. According to the press release on 11 Nov 2010. post acquisition and rights issue, the projected gearing is still at a low level of 17.25%. Though the gearing has not changed much from 16.5% before the exercise, the asset base is going to be almost doubled to S$603.4m, which is going to make a difference to the absolute amount of debt the reit can incur before hitting the gearing limit. This will allow the reit to have more choices to make further acquisitions, thus helping it to achieve its target of having a portfolio size of S$1 billion in the next two to three years.

DPU Post Exercise
The projected annual DPU post exercise is 6.40 Singapore cents. Based on the DPU of 1.94 Singapore cents for the quarter ending 30 Sep 2010, the annualized DPU before the exercise is 7.76 Singapore cents. Whichever way you may want to calculate and compare the yield before and after the exercise, whether it is by TERP or by using the last closing price before announcement of the rights issue, the absolute amount of distribution you are going to received per unit is going to be reduced. So for existing unit holders you must keep a close tab on the schedule for rights issue, and not forget to either sell the rights, exercise the rights, or partially sell and partially exercise the rights before the deadline in order not to lose out on anything.

Related Links

• http://singaporeanstocksinvestor.blogspot.com/2010/11/first-reit-rights-issue.html
• http://www.investmentmoats.com/money-management/reit/first-reit-announces-acquisition-and-rights-issue/

Related Posts

• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010
• All about REIT - Rights Issue Part 2: What happens during a Rights Issue 
• All about REIT - Rights Issue Part 1: Terms and Definition

First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010

Follow up details of the proposed acquisition and rights issue:

• Press Release
• Presentation Slides
• Circular 1
• Circular 2

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. 

Related Posts

• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

First Reit - proposed acquisitions and rights issue - 9 NOV 2010

First Reit - proposed acquisitions and rights issue & receipt of approval in-principle for the listing of new units:

• Press Release
• Announcements
• Presentation Slides

Key Points

• First Reit to acquire two Jakarta hospitals for a purchase consideration of S$205.5 million to be funded partially by Rights Issue of 345,664,382 new units.
• The Mochtar Riady Comprehensive Cancer Centre (“MRCCC”) is being acquired from Wincatch Limited, an unrelated third party, for S$170.5 million, and Siloam Hospitals Lippo Cikarang (“SHLC”) is being acquired from the sponsor of First REIT, PT Lippo Karawaci Tbk, for S$35.0 million.
• The respective purchase prices of MRCCC and SHLC represent an attractive discount of 19.7% and 13.8% respectively to the average of the properties' latest independent valuations.
• The Acquisitions will increase First REIT‟s assets by 74.3% to S$603.4 million.
• The rights issue will raise approximately S$172.8 million in gross proceeds.
• The rights issue will be on a pro rata basis of five Rights Units for every four existing Units, at S$0.50 each (fractional entitlements to be  disregarded).  
• The Rights Issue books closure date will be at 5.00 p.m. on 3 December 2010.
• The Issue Price represents a discount of 47.4% to the closing price of S$0.95 per Unit on 4 November 2010 (the “Closing Price”).

Author's Note

First Reit has finally announced new acquisitions after a long wait, and a very significant one relatively to its existing assets. For quite sometime the Reit has been rather quiet, with the DPU being relatively constant from quarter to quarter. However, there has been quite a noticeable surge in its share price recently, which closed at a all time high of 0.980 cents on 8 Nov 2010, just a day before the release of this announcement.

First Reit Q3 2010 Quarterly Earnings Report

Q3 2010 results for First Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the reporting quarter is 1.94 cents. 
• Based on its annualised DPU of 7.70 Singapore cents and the closing
  price of S$0.95 on 20 October 2010, First REIT achieved a distribution yield of 8.1%.
• Continued focus on asset enhancements to drive revenue and growth.
• Acquisition growth is expected to gain momentum.
• The Books will close from 5pm on 1 November 2010 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 29 November 2010. 
• The ex-dividend date will be on 28 October 2010 at 9.00am.

Author's Note
The DPU of 1.94 cents will be paid on 29 Nov 2010. Books closure is on 1 Nov 2010.

DPU was 1.92 cents in the previous quarter.

CacheLog, First Reit - Date of Result Release for Q3 2010

Updated date of Result Release for Q3 2010:
CacheLog    Oct 28
First Reit    Oct 22 

Latest Update at Results Release.