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Find out more about IPO and Rights Issue in articles from the All about REIT series:
The IPO Prospectus
Rights Issue Part 1: Terms and Definition
Rights Issue Part 2: What happens during a Rights Issue
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All about REIT Introduces concepts and terminologies about REIT.

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Commentary Commentary about news or trends affecting the REITs, or about the Market in general.

General Investment Tips, guide or thoughts about investment in general.

Friday, April 29, 2011

Cambridge Q1 2011 Quarterly Earnings Report

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Cambridge Q1 2011 Quarterly Earnings Report:
Key Points
  • The Trust has delivered a distribution per unit (“DPU”) of 1.001 cents to its Unitholders for 1Q2011, which will be payable to Unitholders on 14 June 2011.
  • 1Q2011 DPU of 1.001 cents is 16.1% less than the DPU for 4Q2010. This is largely attributable to the distribution being diluted as a result of the recent Rights Issue.
  • Fully underwritten and renounceable Rights Issue of approximately 132.1 million units raising gross proceeds of approximately S$56.7 million. Issue price of S$0.429 per Unit. Rights Issue was 2.51 times subscribed.
  • Debt refinancing with S$320.0 million new term loan agreed (subject to loan documentation) with a syndicate of financial institutions. All-in debt cost is approx. 4.4% p.a.
  • CIT increased its Acquisition Term Loan Facility from S$50.0 million to S$120.0 million. All-in debt cost is approx. 3.0% p.a.
  • Distributable income for 1Q2011 was S$11.9 million, representing a 1.0% decrease from 4Q2010 distributable income of S$12.0 million.
  • In 1Q2011, the Trust achieved healthy portfolio occupancy of 98.83%, weighted average lease to expiry of 3.9 years, low arrears of around 0.7% of annualised rent, and average security deposits equivalent to 14.1 months rent.
  • As part of CIT’s efforts to enhance the intrinsic value of the portfolio, various initiatives were carried out, including:
    • Divestment of 29 units at 48 Toh Guan Road East in 1Q2011 with total sale proceeds exceeding book value by 11.3%.
    • Upgrading of 30 Toh Guan Road to improve the building façade and technical capabilities to enhance the quality of the property.
    • Renegotiation of several leases which resulted in the smoothing out of CIT’s lease expiry profile, reducing the combined lease expiry concentration in 2013/2014 from 54.6% (by income) as at 31 December 2010 to 53.4% (by income) as at 31 March 2011.
  • The Books will close from 5pm on 9 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • Gearing at 33.3% as at 31 Mar 2011.
  • NAV per unit of 61.2 cents as at 31 Mar 2011.
Author's Note
The DPU for the reporting quarter is 1.001 cents. It will be paid on 14 Jun 2011, with the Books closure on 9 May 2011.


The DPU was 1.193 cent in the previous quarter.

The DPU is significantly lower in the reporting quarter compared to the last quarter primarily because of the  distribution being diluted as a result of the recent Rights Issue in Apr 2011.

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LippoMapleTrust Q1 2011 Quarterly Earnings Report

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LippoMapleTrust Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 1.17 cents for 1Q 2011. 
  • DPU equates to an annualized yield of 8.7% at closing unit price of 54 cents on 31 March 2011.
  • Distributable Income of S$12.7 million for the three months ended 31 March 2011 (“1Q 2011”) is 5.3% higher than 4Q 2010 despite being 1.6% lower than 1Q 2010.
  • LMIR Trust portfolio occupancy remains better than the industry average, with an occupancy rate of 98.0% as at 31 March 2011.
  • The Books will close from 5pm on 9 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • Distribution is to be paid on 31 May 2011. 
  • Gearing of 10% as at 31 Mar 2011.
  • NAV per unit of $0.86 as at 31 Mar 2011.
Author's Note
The DPU for the reporting quarter is 1.17 cents. It will be paid on 31 May 2011, with the Books closure on 9 May 2011.

The DPU was 1.10 cent in the previous quarter.

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Sabana Q1 2011 Quarterly Earnings Report

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Sabana Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 3.04 cents for the period from 26 November 2010 to 31 March 2011.
  • Annualised DPU of 8.81 cents exceeds forecast by 2.1 %.
  • Net Property Income of S$23.0 million is in line with IPO forecast.
  • Sabana on track to deliver the forecast DPU as announced in its IPO Prospectus.
  • As at 31 March 2011, the 15 properties in Sabana REIT portfolio have a total gross floor area (“GFA”) of over 3.2 million sq ft.
  • Total assets under management stood at S$850.7 million.
  • The aggregate debt-equity ratio is 24.9% as at balance sheet date. 
  • The Manager is actively pursuing credit rating with the aim of lowering the cost of borrowings.
  • Unitholders can expect to receive their first quarterly DPU for the period 26 November 2010 to 31 March 2011 on Thursday, 16 June 2011. The closure of Sabana REIT’s transfer books and register of unitholders is 5.00pm on Thursday, 12 May 2011.
  • NAV per unit of $1.01 as at 31 Mar 2011.
Author's Note
The maiden distribution of Sabana since IPO is for the period from 26 Nov 2010, the Listing Date, to 31 Mar 2011. The DPU of 3.04 cents will be paid on 16 Jun  2011. Books closure is on 12 May 2011.

The Reit currently does not have a crediting rating, and can thus only gear up to 35%. Its current gearing is at 24.9%.

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Saizen - Date of Result Release for Q1 2011

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Updated date of Result Release for Q1 2011:
Saizen May 12 (AM)

Latest Update at Results Release.


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Thursday, April 28, 2011

Starhill Global Updated Target Price following Q1 2011 result release

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Starhill Global Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DBS Vickers BUY 0.73 27/04/11
OCBC BUY 0.70 27/04/11


Latest updates at Stock Target Price.



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MapletreeInd Updated Target Price following Q1 2011 result release

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MapletreeInd Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DBS Vickers BUY 1.21 27/04/11
CIMB OUTPERFORM 1.27 27/04/11


Latest updates at Stock Target Price.



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CacheLog Updated Target Price following Q1 2011 result release

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CacheLog Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
CIMB OUTPERFORM 1.32 27/04/11
DBS BUY 1.11 27/04/11


Latest updates at Stock Target Price.



0 comments

Wednesday, April 27, 2011

Starhill Global Q1 2011 Quarterly Earnings Report

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Starhill Global Q1 2011 Quarterly Earnings Report:
Key Points
  • 1Q 2011 DPU of 1.07 cents achieved, a 12.6% increase over 1Q 2010 and the highest quarterly DPU (post-rights issue) ever since IPO.
  • On an annualised basis, the latest distribution represents a yield of 7.00% based on closing unit price of S$0.62 on 31 March 2011. 
  • Asset redevelopment of Wisma Atria and Starhill Gallery to enhance the quality and performance of the retail assets.
  • As at 31 March 2011, Starhill Global REIT’s outstanding debt was S$840.4 million and the weighted debt maturity profile was approximately 2.9 years. 
  • Starhill Global REIT’s gearing level remained prudent at 30.2% and its interest cover ratio stood at a robust 4.6 times for the quarter ended 31 March 2011.
  • The Books will close from 5pm on 5 May 2011 for the purpose of  determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 31 May 2011.
  • NAV per unit of $0.94 as at 31 May 2011.
Author's Note
The DPU for the reporting quarter is 1.07 cents and will be paid on 31 May 2011. Books closure is on 5 May 2011.

The DPU was 1.04 cent in the previous quarter.

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CacheLog Q1 2011 Quarterly Earnings Report

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CacheLog Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 1.952 cents for the reporting quarter.
  • Property Income slightly lower than Projection due to timing variance of purchase of Initial Properties and pro-rated monthly revenue Projection.
  • Distributable Income and DPU exceeded Projection.
  • Completed transaction of 6 Changi North Way.
  • Prudently using Balance Sheet while maintaining appropriate Aggregate Leverage.
  • The Books will close from 5pm on 5 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 30 May 2011.
  • NAV per unit of $0.90 as at 31 Mar 2011.
  • Aggregate leverage of 26.4% as at 31 Mar 2011.
Author's Note
The DPU for the reporting quarter is 1.952 cents and will be paid on 30 May 2011. Books closure is on 5 May 2011.

The DPU was 1.938 cent in the previous quarter.

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MapletreeInd Q1 2011 Quarterly Earnings Report

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MapletreeInd Q1 2011 Quarterly Earnings Report:
Key Points
  • Distribution per Unit (“DPU”) of 1.93 cents, higher than IPO Forecast (“Forecast”) by 9.7% for the Fourth Quarter Financial Year 2010 from 1 January 2011 to 31 March 2011 (“4Q FY2010”).
  • DPU for the period from Listing Date of 21 October 2010 to 31 March 2011 exceeds Forecast by 11.3%.
  • Net Asset Value (“NAV”) per unit improved to S$0.95 from S$0.86.
  • Higher average occupancy rate of 93.2% and higher average passing rental rate of S$1.49 per square foot per month for 4Q FY2010.
  • Strong upward rental reversions
  • NAV Per Unit of S$0.85 as at 31 March 2011.
  • Aggregate Leverage Ratio of 36.1% as at 31 March 2011.
  • Unitholders can expect to receive their quarterly DPU for the period 1 January to 31 March 2011 on 31 May 2011. The closure of MIT’s transfer books and register of unitholders is 5.00pm on Thursday, 5 May 2011.
Author's Note
The DPU of 1.93 cents will be paid on 31 May 2011. Book closure is on 5 May 2011.

The DPU was 1.52 cents from the period from Listing Date of 21 October 2010 to 31 December 2010. This is the first quarter that a full quarter of DPU will be distributed since the Listing Date.

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Tuesday, April 26, 2011

SUNTEC Updated Target Price following Q1 2011 result release

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SUNTEC Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DMG BUY 1.76 25/04/11
CIMB NEUTRAL 1.61 25/04/11
OCBC HOLD 1.59 25/04/11


Latest updates at Stock Target Price.



0 comments

MapleTreeLog Updated Target Price following Q1 2011 result release

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MapleTreeLog Updated Target Price following Q1 2011 result release:
Brokerage Recommendation Target Price (S$) Date
CIMB OUTPERFORM 1.050 25/04/11
OCBC BUY 1.000 25/04/11
DBS Vickers BUY 1.070 25/04/11
 
Latest updates at Stock Target Price.



0 comments

FrasersCT Updated Target Price following Q1 2011 result release

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FrasersCT Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DMG BUY 1.73 25/04/11
OCBC HOLD 1.57 21/04/11
CIMB OUTPERFORM 1.86 25/04/11
 
Latest updates at Stock Target Price.



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FrasersComm Updated Target Price following Q1 2011 result release

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FrasersComm Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DBS Vickers BUY 1.05 25/04/11
OCBC BUY 0.89 25/04/11


Latest updates at Stock Target Price.



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CMT Updated Target Price following Q1 2011 result release

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CMT Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DMG NEUTRAL 2.000 21/04/11
CIMB NEUTRAL 2.000 21/04/11
OCBC BUY 2.020 21/04/11
 

Latest updates at Stock Target Price.



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CDL H-Trust Q1 2011 Quarterly Earnings Report

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CDL H-Trust Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU for the reporting quarter is 2.38 cents after deducting income retained for working capital. Before deducting the retained income the DPU for the period is 2.64 cents.
  • Gross revenue up 21.4% to S$32.3 million. 
  • Revenue per Available Room (RevPAR) up 12.1% to S$195 for Singapore Hotels.
  • Record 1Q occupancy rate of 85.7%.
  • Proposed acquisition of Studio M Hotel to increase CDLHT’s exposure to the buoyant Singapore tourism market.
  • NAV per unit of $1.49 as at 31 March 2011.
  • Aggregate Leverage of 20.7% as at 31 March 2011.
Author's Note
The DPU for the reporting quarter is 2.38 cents after deducting income retained for working capital. Note that the reit is paying less than 100% of its distributable income, which is 2.64 cents per unit.

There will be no distribution for this quarter as the Reit adopts a semi-annual distribution policy.

DPU available for distribution for the previous quarter was 2.92 cents. DPU that was to be actually paid out for the previous quarter was 2.78 cents.

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A-Reit private placement cumulative distribution for period from 1 January 2011 to 10 April 2011

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A-Reit private placement cumulative distribution for period from 1 January 2011 to 10 April 2011:
Key Points
  • In an announcement dated 31 March 2011 in relation to the private placement of 206,186,000 new units in A-REIT (“New Units”) to institutional and other investors (the “Private Placement”), Ascendas Funds Management (S) Limited, as the manager of A-REIT (the “Manager”), had announced the intention to declare a distribution of A-REIT’s distributable income for the period from 1 January 2011 to 10 April 2011, being the day immediately prior to the date on which the New Units were issued pursuant to the Private Placement (the “Cumulative Distribution”).
  • The board of directors of the Manager is pleased to announce a Cumulative Distribution of 3.661 cents, which will be paid on 9 May 2011.
  • Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units as at 5.00 p.m. on 8 April 2011 will be entitled to the Cumulative Distribution that will be paid on 9 May 2011. 
  • For the avoidance of doubt, the New Units issued under the Private Placement will not be entitled to this distribution. 
  • The next distribution thereafter will comprise A-REIT’s distributable income for the period from 11 April 2011 to 30 June 2011. Quarterly distribution will resume thereafter.
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Monday, April 25, 2011

Ascott Reit Updated Target Price following Q1 2011 result release

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Ascott Reit Updated Target Price following Q1 2011 result release:


Brokerage Recommendation Target Price (S$) Date
CIMB OUTPERFORM 1.35 21/04/11
OCBC BUY 1.34 21/04/11
DBS Vickers BUY 1.38 21/04/11

Latest updates at Stock Target Price.



0 comments

Friday, April 22, 2011

FrasersComm Q1 2011 Quarterly Earnings Report

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FrasersComm Q1 2011 Quarterly Earnings Report:
 Key Points
  • DPU for the reporting quarter is 1.61 cents. 
  • FCOT achieved gross revenue of S$29.6 million which is comparable to a year ago. This was due to higher revenue contribution achieved for Central Park and KeyPoint as a result of an increase in occupancy rates, which was offset by the loss of revenue contribution from Cosmo Plaza following its divestment on 18 January 2011.
  • Net property income increased by 1% to S$23.8 million, mainly attributable to higher income recorded for Central Park and KeyPoint combined with lower property operating expenses achieved for the quarter due to the divestment of Cosmo Plaza.
  • A total distribution of 2.8639 cents per Unit and 2.7425 cents per CPPU for the first half of FY11 will be paid on 30 May 2011. The distribution books closure date for both the Units and CPPUs is 3 May 2011.
  • Based on the last closing price of the Units of S$0.815 on 20 April 2011, the 1H FY11 DPU of 2.8639 cents represents an annualised yield of 7.0%. 
  • Operationally, average occupancy rates for the portfolio grew by 5.9% to 97.7% as compared to last quarter. The robust occupancy rates were boosted by the rise in occupancy for both Singapore and Australia portfolio plus the divestment of Cosmo Plaza.
  • NAV per unit of S$1.34 as at 31 Mar 2011.
  • Gearing of 37.8% as at 31 Mar 2011.
Author's Note
The DPU of 2.8639 cents will be paid on 30 May 2011. Books closure is on 3 May 2011. This distribution includes DPU of 1.61 cents for the current reporting quarter and the DPU of 1.2539 cents for the previous quarter.

Note that the number of Units used to calculate the per unit figures such as DPU and NAV per unit has been adjusted for the effect of the consolidation of every five existing Units held by the Unitholders into one consolidated Unit pursuant to the completion of the Unit Consolidation on 11 February 2011.

Note that part of the distributable income of the reit needs to be distributed to unit holders of the CPPU (Convertible Perpetual Preferred Units), which is 2.7425 cents per unit for the latest distribution for first half FY11.

DPU was 1.2539 cents for the previous quarter, adjusted for the 5 to 1 Unit Consolidation on 11 February 2011.

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SUNTEC Reit Q1 2011 Quarterly Earnings Report

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SUNTEC Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • The distribution per unit for the quarter amounted to 2.388 Singapore cents. This translates to an annualised distribution yield of 6.4% based on the unit price of S$1.52 as at 20 April 2011.
  • Gross office revenue contribution for the quarter was S$28.9 million from Suntec City Office Towers and Park Mall office. 
  • Gross retail revenue contribution for the quarter was S$32.1 million from Suntec City Mall, Park Mall and Chijmes. For 1Q FY11, the revenue contribution from Suntec REIT’s office and retail portfolio amounted to 47% and 53% of total revenue respectively.
  • The committed occupancy of Suntec City office as at 31 March 2011 improved further to 99.5%, whilst Park Mall office achieved full occupancy.
  • On the retail front, the committed occupancy of Suntec City Mall remained stable at 97.9% as at 31 March 2011, whilst Park Mall and Chijmes achieved committed occupancy of 100% and 97.8% respectively.
  • For the jointly controlled entities, One Raffles Quay continued to be fully occupied whilst the committed occupancy for MBFC Properties stood at 97.4% as at 31 March 2011. Taking this into account, the overall committed occupancy for Suntec REIT’s office and retail portfolio strengthened to 99.7% and 98.2% respectively as at 31 March 2011.
  • Suntec REIT’s Aggregate Leverage Ratio as at 31 Mar 2011 was 40.3%. 
  • NAV per unit of S$1.796 as at 31 March 2011.
  • The Books will close from 5pm on 3 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 30 May 2011.
Author's Note

The DPU of 2.388 cents for the reporting quarter will be paid on 30 May 2011. Book closure is on 3 May 2011.

The DPU was 2.316 cents in the previous quarter.

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MapletreeLog Q1 2011 Quarterly Earnings Report

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MapletreeLog Q1 2011 Quarterly Earnings Report:
Key Points
  • Distribution per unit of 1.55 cents for 1Q 2011.
  • Gross revenue increased by about 21% year-on-year from 1Q 2010 to S$62.2 million, attributed mainly to contributions from the 14 properties acquired during FY 2010. Correspondingly, net property income (“NPI”) reflected an
    improvement of about 19% against 1Q 2010.
  • With the full impact of the equity fund raising in October 2010 reflected in this quarter, DPU is maintained at 1.55 cents.
  • As at 31 March 2011, MapletreeLog’s portfolio increased to 98 properties with 55 in Singapore, 15 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam. 
  • Singapore, Hong Kong and Japan remained the key contributors to the portfolio, contributing close to 89% of MapletreeLog’s NPI.
  • Occupancy rate in 1Q 2011 improved marginally to 98.3% compared with
    98.0% in 4Q 2010.
  • As at 31 March 2011, MapletreeLog’s borrowings increased to S$1,452 million from S$1,354 million as at 31 December 2010 on the back of recent acquisitions. Correspondingly, MapletreeLog’s aggregate leverage ratio increased from 37.7% to 39.4% as at 31 March 2011.
  • NAV Per Unit of S$0.85 as at 31 March 2011.
  • MapletreeLog will pay a distribution of 1.55 cents per unit on 30 May 2011 for the period of 1 January 2011 to 31 March 2011. The book closure date is on 3 May 2011.
Author's Note
The DPU of 1.55 cents will be paid on 30 May 2011. Book closure is on 3 May 2011.

The DPU was 1.55 cents in the previous quarter, comprising of advanced distribution of 0.24 cents per unit for the period 1 October 2010 to 14 October 2010 (paid on 29 November 2010), and distribution of 1.31 cents per unit for the period 15 October 2010 to 31 December 2010 (paid on 28 February 2011).


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Thursday, April 21, 2011

First Reit Updated Target Price following Q1 2011 result release

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First Reit Updated Target Price following Q1 2011 result release:
Brokerage Recommendation Target Price (S$) Date
OCBC BUY 0.8 21/04/11

Latest updates at Stock Target Price.



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CCT Updated Target Price following Q1 2011 result release

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CCT Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
CIMB UNDERPERFORM 1.35 20/04/11
DBS BUY 1.59 20/04/11
DMG NEUTRAL 1.56 20/04/11
OCBC BUY 1.63 20/04/11
 

Latest updates at Stock Target Price.



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A-Reit Updated Target Price following Q1 2011 result release

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A-Reit Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date
DMG NEUTRAL 2.00 19/04/11
CIMB NEUTRAL 2.09 19/04/11
DBS Vickers HOLD 2.14 19/04/11
OCBC HOLD 2.04 19/04/11

Latest updates at Stock Target Price.



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First Reit Q1 2011 Quarterly Earnings Report

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First Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU for the reporting quarter came in at 1.58 cents compared to 1.90 cents in 1Q 2010 as a result of the rights issue in December 2010, whereby the number of units in issue increased from 276 million in 1Q 2010 to 625 million. 
  • On an annualised basis, DPU was higher than the forecast of 6.40 cents in projection year 2011 as provided in the Circular dated 10 November 2010. Distribution yield stood at 8.66% based on First REIT’s closing price of S$0.74 on 18 April 2011.
  • Maiden contributions from newly acquired Mochtar Riady Comprehensive Cancer Centre and Siloam Hospitals Lippo Cikarang.
  • The Books will close from 5pm on 29 April 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 30 May 2011.
  • Gearing of 13.8% as at 31 Mar 2011.
  • NAV per unit of 78.25 cents as at 31 Mar 2011.
Author's Note
The quarterly DPU of 1.58 cents will be paid on 30 May 2011. Book closure is on 29 Apr 2011.


The DPU was 0.87 cents in the previous quarter.

Note that the DPU for the reporting quarter is significantly higher than the previous quarter because of the maiden contribution from the newly acquired Mochtar Riady Comprehensive Cancer Centre and Siloam Hospitals Lippo Cikarang on 31 Dec 2010. Compared year-on-year to the DPU of 1.90 cents in Q1 2010, DPU of 1.58 cents for the reporting quarter is lower as a result of the rights issue in December 2010, whereby the number of units in issue increased from 276 million in 1Q 2010 to 625 million.



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FrasersCT Q1 2011 Quarterly Earnings Report

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FrasersCT Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 2.07 cents for the reporting quarter.
  • 2Q11 gross revenue rose 2% y-on-y to $28.8 million, bolstered by higher revenue contributions from Northpoint and YewTee Point. 2Q11 net property income dipped slightly to $20.1 million, as Causeway Point income was affected by on-going refurbishment works.
  • Portfolio occupancy declined to 83% as at 31 March 2011, pulled down by lower occupancy at Causeway Point. The other malls in the portfolio continue to maintain close to full occupancy.
  • The Books will close from 5pm on 3 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 30 May 2011.
  • NAV per unit of $1.28 as at 31 Mar 2011.
  • Gearing of 31.2% as at 31 Mar 2011.
Author's Note
The DPU for the reporting quarter is 2.07 cents and will be paid on 30 May 2011. Books closure is on 3 May 2011.

The DPU was 1.95 cents in the previous quarter.

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Ascott Reit Q1 2011 Quarterly Earnings Report

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Ascott Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • Distribution per unit (DPU) for the period is 2.14 cents.
  • Ascott Reit’s revenue for first quarter 2011 increased by S$23.8 million or
    55% to S$67.3 million as compared to first quarter 2010. 
  • Gross profit was correspondingly higher by 81% at S$36.4 million. 
  • The increase in revenue and gross profit were mainly due to the contribution of S$27.7 million and S$17.1 million respectively from the 28 properties acquired by Ascott Reit on 1 October 2010, partially offset by the decrease of S$4.7 million and S$1.4 million in revenue and gross profit respectively from the divestment of Ascott Beijing and Country Woods.
  • NAV per unit of S$1.26 as at 31 Mar 2011.
  • Gearing of 41.1% as at 31 Mar 2011.
Author's Note

The DPU for the reporting quarter is 2.14 cents. There will be no distribution for this quarter as the Reit has a semi-annual distribution policy.


The DPU was 2.16 cents in the previous quarter.

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CMT Q1 2011 Quarterly Earnings Report

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CMT Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 2.29 cents for the reporting quarter.
  • This translates to an annualised distribution yield of 4.99% based on CMT’s closing price of S$1.86 per unit on 20 April 2011.
  • Unitholders can expect to receive their 1Q 2011 DPU on 30 May 2011. The Books Closure Date is on 3 May 2011.
  • CMT raised S$300.0 million by issuing two-year retail bonds in February 2011. With this issuance, CMT’s average cost of debt and gearing ratio were 3.7% and 38.2% respectively as at 31 March 2011.
  • NAV per unit of S$1.55 as at 31 March 2011.
Author's Note
The quarterly DPU of 1.55 cents will be paid on 30 May 2011. Book closure is on 3 May 2011.

Note that the above estimated Distribution is computed on the basis that none of the Convertible Bonds are converted into Units before the Books Closure Date. Accordingly, the actual quantum of the Distribution may differ from the above estimated Distribution if any of the Convertible Bonds are converted into Units before the Books Closure Date. The actual quantum of the Distribution will be announced by 12 May 2011, after the closure of the Transfer Books and Register of Unitholders.

The DPU was 2.361 cents in the previous quarter.

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Wednesday, April 20, 2011

CDL H-Trust - Date of Result Release for Q1 2011

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Updated date of Result Release for Q1 2011:
CDL H-Trust Apr 26

Latest Update at Results Release.


0 comments

MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea

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MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea:
Key Points
  • Mapletree Logistics Trust Management Ltd. (“MLTM”), as Manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the acquisition of Iljuk Gyeonggi Centre in South Korea (the “Property”) from Iljuk Gyeonggi Logistics Co. Ltd (“Vendor”) for a consideration of KRW 22 billion (approximately S$25.5 million).
  • The Property is located in Gyeonggi-do, approximately 60 km from Seoul. 
  • The Property comprises two blocks of 3-storey dry warehouses with a total gross floor area of about 23,400 sqm. 
  • At the purchase consideration of KRW 22 billion, the Property provides an initial NPI yield of 9.3%. 
  • The Property is leased to Seol Logistics Co. Ltd (“SEOL”) under a master head lease for 5 years with built-in rental escalation of 3.5% per annum. SEOL provides logistics services, including leasing of space to its customers. Its customer base includes well-established listed entities in South Korea such as S1 Corporation (a security solutions company) and Amore Pacific Corporation (a cosmetics company).
  • Assuming that the acquisition is fully funded by debt, MapletreeLog’s gearing level is expected to increase to approximately 40%. 
  • The acquisition is expected to complete by 2Q 2011. 
  • Upon completion, MapletreeLog’s total portfolio will increase to 97 properties with total book value of S$3,609 million.
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Tuesday, April 19, 2011

AIMSAMPI Reit Q1 2011 Quarterly Earnings Report

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AIMSAMPI Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 0.54 cents for the reporting quarter.
  • Accretive acquisition of 29 Woodlands Industrial Park E1, NorthTech for S$72.0 million.
  • Sale of 23 Changi South Ave 2 for $16.7 million, 3.1% above book value.
  • Sale of Asahi Ohmiya Warehouse, Tokyo Japan for JPY1.49 million, 1.6% above book value.
  • Well supported private placement, raising gross proceeds of S$43.5 million.
  • Negotiated three year S$45.0 million acquisition debt facility in February 2011 which provides the Trust with additional financial flexibility.
  • Revaluation of 25 Singapore properties:
    • +2.67% vs 30 September 2010 valuations
    • +4.00% vs 31 March 2010 valuations
  • Portfolio size grew from S$803.9 million to S$853.2 million.
  • An advanced distribution of 0.2850 cents per unit was paid on 28 March 2011 in conjunction with the private placement exercise in February 2011. 
  • The books closure date to determine the entitlement to the distribution of the remaining 0.2550 cents DPU for 4Q FY2011 is 28 April 2011 and the date payable is 8 June 2011. 
  • Aggregate leverage of 32.0% as at 31 March 2011.
  • NAV per unit of $0.27 as at 31 March 2011.
Author's Note
The DPU for the reporting quarter is 0.54 cents. There was already an advanced distribution of 0.2850 cents per unit was paid on 28 March 2011 in conjunction with the private placement exercise in February 2011. The books closure date to determine the entitlement to the distribution of the remaining 0.2550 cents DPU for 4Q FY2011 is 28 April 2011 and the date payable is 8 June 2011. The remaining DPU of 0.2550 cents is for the period 23 February 2011 - 31 March 2011.

The DPU was 0.51 cents in the previous quarter.

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