ABP was the first REIT to announce the results of its Dec 2009 property revaluation. The outcome of the 31 December 2009 valuation process was that the total portfolio value declined by 1.5% only which confirms what "major" said earlier that there will be no big changes in FKP's portfolio value.
On the other hand, the last quarter of the 2009 FY has already shown improvement. According to the AGM presentation (slide 11) retirement operations met sales budget for the first quarter 2010 and is currently on track to meet first half budget and the average portfolio price growth of 6%.
The half year financial report will be announced on 26 Feb and personally i expect it to be very positive. As such, i already started topping up at the current cheap price.
Everything else being equal, a positive results for the first half of 2010 should have a positive impact on the share price. Hopefully this coming March will be the opposite of 2009 when REITs reached bottom.
FKP Price at posting:
58.2¢ Sentiment: Buy Disclosure: Held
