Nov 19th 2008 - Edison Investment Research today published a report on First Property (FPO.L, LSE:FPO, LON:FPO) entitled "Proven Growth Model". In summary, the report says:
First Property Group operates an unusual, but well-balanced and resilient business model for the sector. Its three components are (1) a core, visible revenue stream derived from annual fees for management of institutional property funds; (2) participation in asset growth, via performance fees assessed on a three-year cycle; and (3) opportunistic property trading profits. The full year forecast is fully covered by contracted management fees, while a strong executive team, debt free balance sheet, NAV and well-covered dividend reinforce the investment case.
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