My earlier write up of this REIT is here
The results was a nice surprise for me in terms of the DPU. It was slightly above my expectations. Earlier, I bought based on a conservative estimate of 0.45 cts DPU, although my calculations showed at least 0.5 cts DPU. The surprise was that DPU came out to be 0.5376 cts, giving me a nice dividend of $241.92 for 45 lots payable in June 2010.
This works out to be about 10% yield based on my entry price of 0.215 on a low gearing of 29%, among the lowest in the industrial REIT sector.
The NAV remains at 31c. There's also no management fee bonus paid out ==> it's only paid when the DPU increases by at least 2.5%. Have to monitor to check that management does not increase gearing unnecessarily and dangerously to increase DPU so as to get fee bonus.
This is a short post to update as I'm really really tied up with work these few weeks :(