First REIT is acquiring two properties from its sponsor, PT Lippo Karawaci Tbk. The two are Siloam Hospitals Manado & Hotel Aryaduta Manado at S$83.6 million, and Siloam Hospitals Makassar at S$59.3 million. The prices are at a discount of 10.78% and 9.81% to valuations, respectively. The purchases will be funded through debt and a private placement. Some pro forma numbers: Total asset size: S$782.2m or an increase of 26.4%. NAV/unit: 84c. Annual DPU: 7.45c. 6.77c. Read press release: here. What really interests me is the DPU here. An annual value of 7.45c 6.77c will approximate 1.86c 1.692c per quarter. Regular readers will remember that I said a safer way to value First REIT was to use a quarterly DPU of 1.6c as it would remove the special distributions resulting from the sale of the REIT's Adam Road property. This is especially ......