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0.5¢ rny property trust

yes, disappointing result. I would think it would be a takeover...

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147 Posts.

21

27/02/15

20:28

Post #: 14834053
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Originally posted by boxhillnorth ↑

Agree that this was a disappointing result.

They had flagged large lease renewals as a difficulty for 2014 but I was hoping the improving US economy may help with that. In the end occupancy down from 81% to 75% was more than I expected and hence not surprising that property valuations fell US$ 10 million.

Some positives though;

. NTA 54c (up from 53c with currency gains overcoming valuation falls)
. Pretty conservative capitalisation rates used 7.98% and down only marginally from 8.04%~ in 13, especially given the fall in long bond rates
. inching closer to 2016, 2017 debt maturities which should provide lower interest rates / restructuring opportunities
. some positive post balance date events with a property sold and reduced mezzanine debt rates
. lease renewals for 2015 less challenging than 2014 (11.3% v 14.9%)
. one big lease renewal achieved already in 2015

Overall a hold for me at 34.5c

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yes, disappointing result. I would think it would be a takeover target given it is trading at a deep discount to NTA.

RNY Price at posting: 34.5¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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