Yield is at 7.88% which just miss my 8% yield criteria. Price-to-book ratio is at 1.034 which means we are buying at 3.4% premium for this portfolio of properties. Gearing is at 38.6% which is still healthy.
In their report, it was shown that about 26% of their NLA is expiring. At the same time, 784,000 sqft of space is leased out already and this is more than 20% of their NLA with slight increase in rental. It means that they are not going to suffer from a big drop in their occupancy which helps to maintain their DPU.
Having said that, I believe that it is already priced in. With the yield and price-to-book ratio both not hitting my criteria, I am not investing it although the fundamentals are good. (I realize that I am a bit more of a risk-taker than conservative)