FCOT released results late April, which appears to be a mixed bag. The share price has been dented slightly, retreating below its 1.5+ level, and also partly due to the share going XD.

THE BAD:

1) Microsoft is preterminating its lease at AHT 2 years  ahead of the original expiry date. The microsoft lease is 3.1% of gross rental income of FCOT.

2) The limp AUD continues to be a revenue drag for its Australian properties. FCOT has three AU properties, which represents around 50% of FCOT's NPI. See factsheet here.

3) FCOT 2QFY19 NPI decreased 10% from 22M to 20M compared to same period last year. The biggest contributor of the drop is AHT, whose NPI dropped 26% from 6.3M to 4.7M in the same period.

4) FCOT maintained a 2.4cents a share payout, which amounted to a total dividend payout of 21.6M, which exceeded the NPI for that period. This means that the

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