This morning we got news that First REIT will acquire two more properties from parent Lippo Group. You can see the announcement here. Details here. The details of the acquisition are as follows

1. Acquired at 12.5 – 13.3% discounts to last valuation
2. Initial NPI Yield of 9%
3. It will be funded by debt facility and issuing new units to parent sponsor Lippo Group
4. New NAV at 90 cents thus new Price to NAV is 1.36 times

We will not know the new DPU but the annualized Q3 2012 Net Distribution Income (NDI) is  42.2 mil (This is the most untainted NDI as no Adam Road distribution and no Sept 2012 acquisition distribution) September acquisition NDI = 5.1mil Bali and Simatupang NDI = 7.6 mil Estimate new NDI = 42.2 + 5.1 + 7.6 =  54.9mil New outstanding number of shares ......