Listed A-REITs

Editorials

Listed Property Editorial, December 2011 - New year old worries 19/01/2012 17:11
As at the end of December 2011, the S&P/ASX 300 A-REIT index finished at 767 points, down 4.1% over the month and down 7.5% for the year. The broader S&P/ASX 300 index... + more As at the end of December 2011, the S&P/ASX 300 A-REIT index finished at 767 points, down 4.1% over the month and down 7.5% for the year. The broader S&P/ASX 300 index finished at 4052 points, down 1.6% for the month and down 14.9% for the year. Breaking this down a bit more finely, we can say calendar 2011 was a year of two halves. - less

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Equities Research

Charter Hall Retail (CQR) Marching to the tune of fair value 18/01/2012 16:53
CQR’s share price has rallied ~10% since we upgraded it to Add/Buy during last August’s market turmoil. However, the uncertain macro outlook suggests a more cautious approach may be in order. CQR is relatively highly g... + more CQR’s share price has rallied ~10% since we upgraded it to Add/Buy during last August’s market turmoil. However, the uncertain macro outlook suggests a more cautious approach may be in order. CQR is relatively highly geared compared to the rest of our universe, and while it benefits from a heavy weighting towards supermarket anchor tenants, any downturn would still heighten the risks for its specialty portfolio. Downgrade to Neutral. - less

Charter Hall Office (CQO) Sell on-market 07/12/2011 10:10
CQO’s independent directors have agreed with the takeover consortium on a price of $2.49/unit for CQO’s Australian assets. Following this, the CQO share price has risen to a... + more CQO’s independent directors have agreed with the takeover consortium on a price of $2.49/unit for CQO’s Australian assets. Following this, the CQO share price has risen to almost (offer price + US sale proceeds). As such, further upside is negligible in the absence of a superior offer and we recommend CQO investors SELL their holdings on-market. - less

Australian Education Trust (AEU) Initiation of coverage: A high yielding specialist A-REIT 05/12/2011 17:43
AEU is a specialist A-REIT that owns circa 330 childcare centres located in Australia and New Zealand. The Trust’s primary objective is to provide stable income distributions to investors, with moderate growth over the medium to long ter... + more AEU is a specialist A-REIT that owns circa 330 childcare centres located in Australia and New Zealand. The Trust’s primary objective is to provide stable income distributions to investors, with moderate growth over the medium to long term. It mainly derives income from leasing its portfolio to leading childcare providers, and its leases typically extend for 15 years. AEU trades at an attractive 24% discount to its NTA and offers a high distribution yield. ST ADD/ LT BUY. - less

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