Listed A-REITs

Editorials

Listed Property Editorial, March 2012 - Of buyers and sellers 30/04/2012 10:19
As at the end of March 2012, the S&P/ASX 300 A-REIT index finished at 809.7 points, down 0.7% for the month and down 4.6% for the year. The broader S&P/ASX 300 index finished at 4338.6 points, up 0.8% for the month but down 10.5% for th... + more As at the end of March 2012, the S&P/ASX 300 A-REIT index finished at 809.7 points, down 0.7% for the month and down 4.6% for the year. The broader S&P/ASX 300 index finished at 4338.6 points, up 0.8% for the month but down 10.5% for the year. This month, we briefly revisit several topics previously discussed in the PIR Investment Monitor: (1) the importance of foreign buyers; (2) rescue capital and the unlisted retail funds; and (3) listed M&A (at a discount to NTA). - less

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Equities Research

Dexus Property Group (DXS) Watching the strategy 08/05/2012 11:05
DXS has sold its US central portfolio for net proceeds of ~US$660M. The interesting question, which ties into DXS’ ongoing strategic review of its remaining US West Coast assets, will be how DXS reinvests the sale proceeds. PIR be... + more DXS has sold its US central portfolio for net proceeds of ~US$660M. The interesting question, which ties into DXS’ ongoing strategic review of its remaining US West Coast assets, will be how DXS reinvests the sale proceeds. PIR believes the rationale for a hasty West Coast sale is not obvious. These assets are 95.3% occupied; their markets appear to be on the upswing; and with modest gearing, DXS is under no pressure to sell on the cheap. For now, Neutral. - less

Investa Office Fund (IOF) 1H12 result: Acquisitions the highlight 21/03/2012 17:21
Generally, this result came in line with our expectations. IOF has now sold most of its overseas assets and completed its share buyback. Its stock trades in line with our valuation and offers a distribution yield in the mid 6% range, so we r... + more Generally, this result came in line with our expectations. IOF has now sold most of its overseas assets and completed its share buyback. Its stock trades in line with our valuation and offers a distribution yield in the mid 6% range, so we remain Neutral. We consider the proposed related-party acquisition of assets from Investa a viable choice, given our assumptions that the Australia economy will “muddle through” and that office cap rates are unlikely to drastically blow out. - less

CFS Retail Property Trust (CFX) 1H12 result: Recycling ahoy 06/03/2012 09:30
CFX’s result contained no great surprises. Going forward, we are interested in what management may announce on the asset recycling front. CFX trades at a slight d... + more CFX’s result contained no great surprises. Going forward, we are interested in what management may announce on the asset recycling front. CFX trades at a slight discount to valuation and since we upgraded it to Add/Buy in August 2011, its share price has ticked slightly higher. On valuation grounds we downgrade to Add/Add. - less

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