Further fine tuned method for investing in REITs.

I have further fine tuned my REITs selection criterias as the follows, and I also used First REIT 2Q 2011 financial result as an example to illustrate:

Criteria #1: REIT Price Undervalued (current price < NAV)  
my entry point 76.5 cents < NAV 77.8 cents

Criteria #2: High Dividend Yield (> 6%)
base on 2Q11 data the projected annual Dividend Yield is around 8.3%

Criteria #3:  Low Debt/Property Value Ratio (< 30%)
base on 2Q11 data the Debt/Property Value ratio is about 24%

Criteria #4: High Interest Coverage Ratio (> 10)
about 15 for First REIT

Criteria #5: Short Term Debt / Total Debt (< 30%)
18.7% for first REIT

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Optional Criteria #1: High NPI Yield (>95%)
NPI / Total Revenue = 98%

Optional Criteria #2: Management Fee / Net Property Income - reasonable
9.8%

Optional Criteria #3: Management Fee / Property Value - reasonable
0.22%