First REIT declared a DPU of 0.86c. This is for the period of 22 May to 30 June 2013. This will be paid on 29 August 2013.

Including 0.99c paid for the period of 1 April to 21 May 2013, the total DPU for the quarter is 1.85c.

Gearing ratio: 33.4%

No debt will be due until 2016 once a fixed rate loan is finalised next month.

NAV/unit: 89.65c

Unit holders have to be prepared for more private placements as the REIT's managers have stated their intention to keep gearing at 30% even as they embark on future acquisitions and AEIs.

With unit price way above the NAV/unit, it is less expensive for the REIT to raise funds through issuing more equity now. As long as they are able to grow DPU in spite of a larger number of units in issue, I ...