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LMIR: 3Q 2012 DPU 0.73c.
By A Singaporean Stockmarket Investor (ASSI)  •  November 11, 2012

A reader sent me an email and asked if I would be writing about LMIR's 3Q 2012 results. I admit that I was wondering if I should just skip it this time.


LMIR announced a DPU of 0.73c which is lower than the 0.79c declared in 2Q 2012. This is despite the fact the distributable income improved 37.9%, year on year.

In my blog post on the REIT's 2Q 2012 results, I was optimistic that the REIT's DPU would improve further as its gearing of 9.3% meant that it had plenty of debt headroom for yield accretive purchases. However, the management has squandered the enviable low gearing level as a slew of recent acquisitions were DPU dilutive in nature. Post rights, I estimated a DPU of 0.815c and it does not look like it is going to happen anytime soon.

Unless unitholders were active in acquiring ...

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By A Singaporean Stockmarket Investor (ASSI)
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