加国地产基金最近一期季报摘要

 我和朽哥聊几句 - 股市小书生 - ♂ (2552 bytes) () 01/21/2016  13:35:23

从加国REIT Index的图形看，我第一次在投坦谈论加国REIT的投资机会时是在这一次市场波动的最底部，这是纯属巧合，因为我是在

看了朽哥的帖子 忍不住说几句股票 (2016-01-20 10:44:53) 以后发的贴子。

从投资的角度思考，世界上是不存在能够预测市场底部的人，但是根据市场的长期平均估值和企业内在价值的常规分析，我们可以大致知道一个企业的市场价格是否在一个合理的或是低估的范围之内。

我之所以提出这次市场波动是一个好的投资机会，理由是能源行业占加国GDP9%， 虽然石油价格的波动对加国经济有影响，但是这不说明加国经济就必需破产了，很多企业与能源行业的关系并不大，而股价却随石油价格一起大幅度下滑，这就可能提供了好的投资机会。

金融危机每几年就会有一次， 但是每一次危机，不管有多大，都会结束，而下一次的经济繁荣也必将超越以前的市场高点。

二月份地产基金红利收入11540.18

 

二月份银行借贷支出 2521.76

11540.18 -2521.76 = 9018.42

二月份稅前收入 9018.42

DIR-ＵＮ是我的帖子中明确提到一个ＲＥＩＴ，在一月份的市场波动中，股价跌到６元左右，当时的红利率是１２．５％，如果按照我提出的”移花接木“ + “借鸡下蛋”+“乘风破浪”的投资策略，抵押自住房产投入３０本金，　现在应该有２００万的总投资额，其中本金３０万，账面盈利４５万以上，借贷１２５万左右，每年红利收入１７万左右。多市的独立房年增值１０％以上，整个投资风险在合理范围。

我举这个例子是要说明在市场投资中同样可以实现财务自由。

当然在实际操作中不那么容易，首先市场的反弹速度极快，没有时间思考，其次银行融资需要时间，我的银行用了一个月还没完全所有的文件，　但是最佳机会早已经过了。

从最近一期的季报看，能源资源行业的波动对加国的ＲＥＩＴ影响是很明显的，但是因为这些影响，股价下跌

３０－４０％是市场的不理智行为，　作为投资者就应该从这样的不理智市场波动中寻找投资机会。

DIR - UN

HIGHLIGHTS

Adjusted Funds From Operations ("AFFO") per unit increased by 4.0% over prior year – Largely as a result of acquisitions completed in September 2014, comparative properties growth, and interest savings on re-financings.

Comparative Properties Net Operating Income increased by 1.2% over 2014 – Driven by contractual rent increases and positive leasing spreads.

AFFO payout ratio decreased to 85.1% – The AFFO payout ratio was 85.1% in 2015 compared to 88.5% in 2014, reflecting the growth in cash flow from the portfolio.

Capital recycling program – During the quarter, the Trust sold a 59,000 square foot single-tenant property in the Greater Toronto Area ("GTA"). The Trust completed $21 million in dispositions and $22 million in acquisitions for the year. Additionally, the Trust has two non-core assets in various stages of a sale process, and maintains an ongoing program to review non-core asset strategies.

1.5 million square feet of lease commitments completed to date – Representing 51% of 2016 expiries.

DRG -UN

 

HIGHLIGHTS

Improving cash flow from operations and continued high-grading of portfolio

13.5% year-over-year growth in IFRS book equity per unit through the addition of high quality assets that benefitted from continued cap rate compression in Germany, and a 7% currency appreciation of the Euro against the Canadian dollar since Q4 2014;

Continued strong leasing momentum and tenant retention of 79% resulting in 1.3 million square feet of leasing in 2015, including approximately 479,000 square feet of new leasing and renewals in Q4 2015;

Signed a 20-year lease in December 2015 with the City of Hamburg for the entire 172,000 square feet of space at Hammer Strasse 30-34 in Hamburg to replace vacating tenant, Imtech Deutschland GmbH & Co. KG ("Imtech");

Improved occupancy reflecting the Trust’s active leasing and asset management program; in-place and committed occupancy of the overall portfolio increased by 70 basis points to 87.5% quarter-over-quarter and by 220 basis points since the end of 2014;

Refinanced term loan credit facility with new $370 million facility in Q4 2015, resulting in interest savings expected to add incremental AFFO of approximately $6 million, or $0.05 per unit, on an annual basis;

Completed over $500 million of high quality office property acquisitions in 2015, including the Trust’s expansion into Vienna, Austria with the acquisition of Rivergate, a jointly owned asset with an Asian sovereign wealth fund. Subsequent to year end, the Trust completed the acquisition of a multi-tenant office building in Essen, Germany, for $41.5 million;

Continued progress in the execution of the Trust’s Initial Properties disposition strategy with the sale of 11 properties during Q4 2015 for gross proceeds of $40.9 million, increasing total sales of the Trust’s Initial Properties in 2015 to 51 properties for gross proceeds of $110.9 million at an average cap rate of 7.5%. In addition, the Trust held 12 properties for sale at December 31, 2015 for an approximate aggregate sale price of $32.5 million, increasing the number of Initial Properties sales since 2012 to over $300 million.