In January 2014, MGG's core commercial property portfolio* experienced a same-store rental increase of 37.7% relative to January 2013 on properties owned 12 months or longer as measured in local currency (Mongolian Togrog). Total billed revenue for January 2014 was 247.2 million Mongolian Togrog as compared to 199.5 million Mongolian Togrog in January of 2013 or a 23.9% increase.** The occupancy rate for the core portfolio in January of 2014 was 92.2%, including an occupancy rate of 98.7% for core retail properties and an occupancy rate of 79.6% for core office properties.
We ended the month with no rental payments that were over 30 days late-which is the first time that this has happened in the history of our company. This is indicative of the financial strength and professionalism of our current tenant base. In addition, this clearly demonstrates that the productivity initiatives that we have undertaken over the past two years are now bearing fruit.
Now if OT phase two would get approved the cloud over Mongolia would lift and the shares of these Mongolia based companies would more than likely increase.
Disclosure: I am long MNGGF.