PRIME REIT just
released its 1Q results. And i bet I am probably the first one to report on its latest results among all the financial bloggers.
Summary (TLDR)
- Revenue Flat
- Net Income (down by 20%)
- Overall Dividends likely to be down by at least 30% (6.52 cents down to 4.5 cents annualised)
- Target Price of $0.32 (as a 12.5% Dividend Yielder)
Shareholder Friendly Action
To me, this is the best act by the REIT manager. Previously an AGM question (fielded by me) is that the REIT manager was taking a lotof proportion of fees in shares and given the current low REIT price, shareholders were
getting diluted badly and future dividends will be badly affected at a compound rate of 2% per year. (Question 3 under Section C Distribution, PDF Page 8)
With the management taking full cash, this has caused the distribution to fall by 10%; but the long term value of shareholders stake in PRIME's property...
