FCT recently released its FY17 Q2 results. I am posting a very simple, top line quick glance of their results. These figures are the usual set of indicators I look at for very stable REITs such as FCT. should there be nothing that looks out of the norm, my homework for the REIT stops here. Nothing more nothing less, short and simple.
Overview
Revenue: $45m, a 2.9% drop y-o-y
NPI: $32m, similar 3.3% drop y-o-y
NPI Margin: 71.2% vs 71.5% last year. same.
Income available for distribution: $28.5m vs $28.9m last year. minimal change.
Q2 DPU: 3.04c, same as last year.
Balance Sheet
Gearing saw a slight increase to 29.4% from 28.3% end FY16.
Interest Cover continues to be healthy at 7.56 times compared to 7.44 times end FY16.
but do note that FCT has a significant amount of ......