Listed A-REITs

Editorials

Listed property Editorial, July 2010: Carpe diem 16/08/2010 10:56
The outlook for the next 12-months and beyond is that asset values will appreciate modestly due to new fund inflows and increasing M&A activity, possibly resulting in a re-rating of the sector. The transac... + more The outlook for the next 12-months and beyond is that asset values will appreciate modestly due to new fund inflows and increasing M&A activity, possibly resulting in a re-rating of the sector. The transactions executed by Mirvac to acquire Westpac Office Trust and the acquisition of equity interests in the $4B Brookfield Asset Management portfolio by NYSE-listed Brookfield Properties provide further proof. - less

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Equities Research

ING Industrial Fund (IIF) FY10 Result: Clearing the fog 06/09/2010 10:51
IIF reported FY10 operating income of $85M (pcp: $157M) before non-recurring refinancing costs. Balance-sheet and look-through gearing were 35% and 48% (falling to 26% post summit sale), respectively. Portfolio weighted avg cap rate was 8.4% and ... + more IIF reported FY10 operating income of $85M (pcp: $157M) before non-recurring refinancing costs. Balance-sheet and look-through gearing were 35% and 48% (falling to 26% post summit sale), respectively. Portfolio weighted avg cap rate was 8.4% and NTA was $0.57. Distributions were 1.6cpu. Portfolio occupancy was 96%, retention was 84%, and like-for-like net property income fell 3.3% (Canada dragged down the average). FY11 guidance is for operating income of 4.0cpu and DPU of 3.2cpu. LT ADD. - less

Aspen Group (APZ) FY10 Result: Positive on medium-term prospects 01/09/2010 17:02
APZ reported an operating profit before tax of $30M, up 23% on pcp; statutory NPAT of $12.6M (negative ~$65M in pcp); and operating EPS of 6.04cps. Distributions were 4.2cps. Portfolio net rental income strengthened, although funds management i... + more APZ reported an operating profit before tax of $30M, up 23% on pcp; statutory NPAT of $12.6M (negative ~$65M in pcp); and operating EPS of 6.04cps. Distributions were 4.2cps. Portfolio net rental income strengthened, although funds management income fell. Year-end NTA was $0.69. Balance-sheet gearing was 34% (versus a target range of 25%-35%). FY11 guidance is for operating EPS of 6.13cps and a payout ratio of 70%, which would equate to distributions of 4.3cps. ST NEUTRAL, LT BUY. - less

Abacus Property Group (ABP) FY10 Result: In search of value-add opportunities 31/08/2010 14:52
ABP reported underlying profit of $65M, down 10% from $72M in pcp, which ABP said was due to lower transactional earnings. This translates to EPS of 3.9cps, down by over half from 8.3cps in pcp. On a statutory basis, NPAT of $25M was a turnaround f... + more ABP reported underlying profit of $65M, down 10% from $72M in pcp, which ABP said was due to lower transactional earnings. This translates to EPS of 3.9cps, down by over half from 8.3cps in pcp. On a statutory basis, NPAT of $25M was a turnaround from the $102M loss in pcp. For the property portfolio, occupancy was 94.6%, like-for-like rental growth was 3.7%, WALE was 4.3yrs and the cap rate was 8.53%. NTA was 58cps, while gearing was 22.2%. Total FY10 distributions were 3.15cps. NEUTRAL. - less

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