First REIT

[Gregg]

Steady set of results. Looking forward to more yield accretive acquisitions in the future.

Vested

Hi Nick,

(Still learning how to interpret the financial statement, newbie to this)
Those are the question that going to email first REIT, probably you can enlighten me if you have the answer.

1) Captured from the statement, “Other expenses for 3Q 2011 increased to S$1.3 million compared to 3Q 2010 mainly due to unrealised exchange loss on USD loan translated at end of the period. This loan was used to finance the acquisition of Sarang Hospital.”
a. Is this due to weaken USD/SGD in Q3 2011?
b. Then, what is the impact to Q4 since USD is actually strengthen against most of currency in October.

2) There is one Foreign Currency Gain $1.1 Mil, what is this?

3) Captured from the statement “ This includes other gain distribution out of a portion of the total gain on divestment of the Adam Road property of about S$8.7 million. The balance will be distributed to unitholders at the discretion of the Manager of First REIT in future periods”
a. How much is the balance?
b. Q3 2011 distributable Amount, $12078 k vs Q2 2011 $9886k, delta ~$2192K (Assuming Q3 distributable amount w/o divestment same with Q2), is it correct to say that First REIT still keep ~$6.4 mil?

4) The other expenses spike up to $1.3mil vs Q2 $0.39mil, what are the expenses? Excluding this expenses, First REIT should be capable in achieving higher Net Income in this quarter, $9.9mil (Q2:$10.8mil)

5) There is debt $48mil repayable within one year, what is the First REIT strategy for the debt payment or re-financing? Impact on the DPU in future?