Following on from TIX:
http://www.switzersuperreport.com.au...dustrial-reit/
"Most listed REITS are either commercial or retail property focussed – there is only one other “pure play” industrial property fund, the 360 Capital Industrial Fund (ASX Code TIX). This fund was listed in December 2012 (previously an unlisted fund that underwent a compliance listing), and compared to the Australian Industrial REIT (AIREIT) it:
- is bigger. Market cap $195 million versus $129 million for the AIREIT, property portfolio $340 million versus $175.8 million;
- is more geared. Although debt is being reduced, gearing is 46.9%;
- has a more diversified property portfolio (by region and number of properties – 20);
- has a WALE of 5.1 years versus 6.0 years for AIREIT;
- has a higher forecast distribution yield in 2013/14 – 8.85% per annum with a higher tax deferral (based on 18.6 cpu and a current unit price of $2.10); and
- is trading on a higher premium to NTA. Based on a unit price of $2.10, a premium of 8.2% to the 30 June NTA of $1.94.
So on this market comparison, the pricing is broadly in line. With its lower premium to NTA of 3.5%, higher WALE and lower gearing, the Australian Industrial REIT is arguably lower risk than the 360 Capital Industrial Fund. However, it is a small fund with a lower distribution yield, which is only partially tax advantaged – so it is no steal either."
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