LMIR: 2Q 2013 DPU 0.93c.

LMIR has delivered stellar results! I am very pleased that its DPU has improved to 0.93c in 2Q 2013. This is 4.5% higher, quarter on quarter. An annualised yield of 3.72c gives us a distribution yield of 7.44% which beats what is offered by retail S-REITs in Singapore including the recently listed SPH REIT.

If I were to invest in a REIT, it should offer me a distribution yield like this. If it should offer me a distribution yield similar to the dividend yield SPH could give me, I won't feel compelled to invest in the REIT.

I also like the fact that the REIT is trading at below its NAV of 57c and that it has a relatively low gearing level of 24.2%.

Can we expect a higher DPU in future? With a new CEO at the helm, the REIT seems to be doing better, achieving  about 15% in rental reversions for expiring leases. Having 8% more leases in its portfolio expiring this year, I certainly hope to see more positive rental reversions. This will marginally bump up DPU by at least 1%, assuming a 15% rental reversion.

There is also a vacancy rate of almost 5%. So, there is space to fill and, proportionally, if we could make a simplistic assumption, we could see a 5% increase in DPU if full occupancy can be achieved with new tenants paying the average rate psf.

Then, there is the matter of debt maturity. Roughly a third of LMIR's debt is due next year in June. I can only hope that they will be able to borrow at a lower rate. If they are able to do this, of course, this should result in higher distributable income.

All in all, rather pleased.

Related posts:
1. LMIR: DPU improved 20%
2. SPH or SPH REIT?

See 2Q 2013 results presentation: here.

Multiple Streams of Income Seminar closed early bird prices.

"However, when a reader showed me that the forum at kiasuparents.com is selling the tickets at only $30.00 each and that $57.00 could get three tickets, I was really upset."

I should have done a screen capture of the kiasuparents.com ticketing site at eventbee last night. It now looks like this:

Click to enlarge.

Anyway, I have enough readers and bloggers who clicked on the link yesterday to confirm that the early bird offer was still on then.

This was the last entry made by SC in the forum at kiasuparents.com on 27 July 2013:

Click to enlarge.

When I was approached by SC on 29 July 2013, the early bird offer was, without question, still available but he didn't tell me. When I published my blog post on 30 July 2013, the early bird offer was still available but he didn't tell me.

On 31 July, the early bird offer was still available when a reader alerted me to the site and I even clicked on the eventbee link to see for myself. I sent an email (amongst others) on that very night to SC regarding this matter and got no reply.

The early bird offer was stated as "Available from Jun 11 to Aug 19..." just like what we see for the VVIP ticket. Now, it is suddenly gone after my blog post this morning. Yes, the early bird offer has closed. What is the ticket price now?

S$57.00. No discount code required.

There is no denying that the early bird offer was still available when SC approached me. There is no denying that the early bird offer was still available when my first blog post on the seminar was published. I even corresponded with SC about the blog post that night.

By not providing this vital information to me, I made a terribly flawed decision.

Related post:
I will not attend Multiple Streams of Income seminar.