AIMSAMPI Reit Q1 2011 Quarterly Earnings Report

AIMSAMPI Reit Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

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.

Related Posts

• Results Release 
• DPU Information Page 
• AIMSAMPI Reit Q3 2010 Quarterly Earnings Report 
• AIMSAMPI Reit Q4 2010 Quarterly Earnings Report

Saizen, MLT update on impact of Earthquake to Japanese properties

Saizen, MLT update on impact of Earthquake to Japanese properties:

• Press Release By MLT
• Press Release By Saizen

Author's Note
The clearer assessment of the potential damage will probably need more time due to breakdown of telecommunications networks and power blackouts. Other REITs that have Japanese properties in their portfolio include Parkway Life Reit and Frasers Commercial Trust. Frasers Commercial Trust has just announced its divestment of Cosmo Plaza, a Japanese property, in Jan 2011, but it still has some other Japanese properties in its portfolio. AIMSAMPI Reit has announced the divestment of its only property in Japan in Feb 2011. The divestment is expected to be completed in Mar 2011.


Related Posts

• AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value 
• FrasersComm Divests Cosmo Plaza in Osaka Japan

AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value

AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value:

• Press Release

Key Points

• Sale price: JPY1.49 billion (SGD22.81 million).
• Book value as at 31 December 2010: JPY1.46 billion (SGD22.35 million).
• Sale expected to complete in March 2011.
• Net sale proceeds after JPY debt repayment available for future investment opportunities.
• Aggregate leverage reduced from 33.6% to approximately 32.0% following completion of the sale Continued execution of Manager’s strategy for the Trust.

Related Posts

• AIMSAMPI Reit Sale of 23 Changi South Avenue 2 - 3 NOV 2010

AIMSAMPI Reit - Acquisition of 29 Woodlands Industrial Park E1 and Launch of Private Placement

Acquisition of 29 Woodlands Industrial Park E1 and Launch of Private Placement:

• Press Release

Key Points

• Acquisition of a property located at 29 Woodlands Industrial Park E1, Singapore 757716 at the purchase consideration of S$72.0 million.
• Private placement of 219,989,907 new units to institutional and other investors at an issue price of between S$0.1976 (the “Minimum Issue Price”) and S$0.2041 per New Unit (the “Issue Price Range”) pursuant to Section 302C of the Securities and Futures Act (Cap. 289) to raise gross proceeds of between S$43.5 million and S$44.9 million (the “Private Placement”). Based on the Issue Price Range,
  the net proceeds from the Private Placement will range from approximately S$42.0 million to S$43.4 million, after deducting for the underwriting, selling and management fee as well as other estimated fees and expenses (including professional fees and expenses) incurred in connection with the Private Placement.
• In connection with the Acquisition, the Trustee has on 11 February 2011 accepted a commitment letter from Standard Chartered Bank (“SCB”) for new loan facilities in an aggregate amount of up to S$45.0 million, comprising a three-year secured term loan facility and a one-year revolving credit facility, made available to AIMSAMPIREIT by SCB.
• The Total Acquisition Cost will be partly funded by the net proceeds from the Private Placement with the remainder to be drawn down and financed by a partial draw-down from the Existing Loan Facility as well as a partial draw-down on the Acquisition Loan Facility.
• In connection with the Private Placement, the Manager intends to declare in respect of the Units in issue immediately prior to the issue of the New Units (“Existing Units”), a distribution of the distributable income of AIMSAMPIREIT for the period from 1 January 2011 to the day immediately prior to the date the New Units are issued pursuant to the Private Placement (the “Advanced Distribution”).

Related Posts

• AIMSAMPReit Completes acquisition of 27 Penjuru lane - 15 OCT 2010
• REIT Financial News - 9 SEP 2010: Notice of rights issue books closure date for AIMSAMPIReit

AIMSAMPI Reit Q4 2010 Quarterly Earnings Report

AIMSAMPI Reit Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Stable DPU performance: 0.51 cents for the quarter.
• Strong increase in gross revenue of 56.0% y-o-y, 16.6% q-o-q.
• Net property income increased by 47.1% y-o-y, 20.7% q-o-q.
• Well supported rights issue was 1.3 times subscribed, raising gross proceeds of S$79.6 million.
• Portfolio grew from S$640.1 million to S$803.9 million with the acquisition of 27 Penjuru Lane.
• Refinanced the S$175.0 million facility at an improved interest margin of 2.16% compared to 3.5% previously. Average debt maturity increased to 3.7 years. 
• Sale of 23 Changi South Avenue 2 for S$16.7 million, 3.1% above book value.
• The Books will close from 5pm on 2 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on  15 Mar 2011.
• NAV per unit of $0.27 as at 31 December 2010.
• Aggregate leverage of 34% as at 31 December 2010.Following completion of the sale of 23 Changi South Ave 2, aggregate leverage will be circa 32.7%.

Author's Note
The DPU for the reporting quarter is 0.51 cents and will be paid on 15 Mar 2011. Books closure is on 2 Feb 2011.

The DPU was 0.3968 cents in the previous quarter.

Related Posts

• Results Release 
• DPU Information Page 
• AIMSAMPI Reit Q3 2010 Quarterly Earnings Report

A-Reit, Ascott Reit, AIMSAMPI Reit - Date of Result Release for Q4 2010

Updated date of Result Release for Q4 2010:

A-Reit  JAN 17
Ascott Reit  JAN 21 (AM)
AIMSAMPI Reit JAN 25

Latest Update at Results Release.

AIMSAMPI Reit Market Update - 23 NOV 2010

AIMSAMPI Reit Market Update. See press release.

Key Points

• Sale of 23 Changi South Avenue 2 Singapore above book value.
• Signing of three long term leases with high quality tenant at 23 Tai Seng Drive Singapore.
• 100% occupancy achieved at 15 Tai Seng Drive Singapore.

Related Posts

• AIMSAMPI Reit Sale of 23 Changi South Avenue 2 - 3 NOV 2010

AIMSAMPI Reit Sale of 23 Changi South Avenue 2 - 3 NOV 2010

AIMSAMPI Reit Sale of 23 Changi South Avenue 2. See press release.

Key Points

• Sale of 23 Changi South Avenue 2 Singapore 486443 above independently appraised value.
• Sale price: S$16.7 million.
• Book value as at 30 September 2010: S$16.2 million.
• Sale expected to complete in January 2011.
• Provides opportunity for future investment opportunities. 
• In the interim, net sale proceeds will be used to repay debt under the Trust’s newly established revolving credit facility, reducing aggregate leverage to approximately 33.4% from approximately 34.8%.
• Continued execution of Manager’s strategy to maximise returns for unitholders.

AIMSAMPI Reit Updated Target Price following Q3 2010 result release

AIMSAMPI Reit Updated Target Price following Q3 2010 result release.

AIMSAMPIReit

Phillip Securities

HOLD

S$0.24

01/11/10

Latest updates at Stock Target Price.

Related Posts
AIMSAMPI Reit Q3 2010 Quarterly Earnings Report

AIMSAMPI Reit Q3 2010 Quarterly Earnings Report

Q3 2010 results for AIMSAMPI Reit:

• Press Release
• Financial Statements 
• Presentation Slides

Key Points

• DPU for the reporting quarter is 0.3968 cents.
• DPU is lower for the quarter due to the issue of 513,309,781 rights units on 14 October 2010 and 7,165,109 Units to the Manager on 19 October 2010 for payment of the acquisition fee in relation to the acquisition of 27 Penjuru Lane. If the new Units issued in October 2010 were excluded, the adjusted DPU would have been 0.5376 cents.
  
• Gross revenue for the quarter increased by 42.1% year-on-year to S$16.8 million.
• Net property income for the quarter increased by 33.0% year-on-year to S$12.0 million.
• Distributable income increased by 56.8% year-on-year to S$8.1 million.
• Unitholder approval for the acquisition of 27 Penjuru Lane Singapore for S$161 million.
• Launched fully underwritten S$79.6 million renounceable rights issue.
• Accepted a letter of commitment for a S$280 million new loan with a significantly lower all in cost of debt and a weighted debt term to maturity of 3.9 years.
• The acquisition of the high quality ramp up warehouse at 27 Penjuru Lane for S$161 million has resulted in a significant increase in the asset base to S$803.9 million as at 28 Oct 2010.
• Gearing level of 28.9% as at 30 Sep 2010, and 34.8% post acquisition of 27 Penjuru Lane.
• Net asset value per unit of S$0.31 as at 30 September 2010, and S$0.26 post acquisition of 27 Penjuru Lane.
• The Books will close from 5pm on 9 Nov 2010 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 17 Dec 2010. 

Author's Note
The DPU of 0.3968 cents will be paid on 17 Dec 2010. Books closure is on 9 Nov 2010.

DPU was 0.538 cents in the previous quarter. DPU is lower for the reporting quarter because of the issue of 513,309,781 rights units on 14 October 2010 and 7,165,109 Units to the Manager on 19 October 2010 for payment of the acquisition fee in relation to the acquisition of 27 Penjuru Lane.

CCT, AIMSAMPIReit,SUNTEC - Date of Result Release for Q3 2010

Updated date of Result Release for Q3 2010:
SUNTEC    OCT 26
CCT    OCT 21 (AM)  
AIMSAMPIReit  OCT 29

Latest Update at Results Release.

AIMSAMPReit Completes acquisition of 27 Penjuru lane - 15 OCT 2010

Completion of the acquisition of 27 Penjuru lane by AIMS AMP Capital Industrial Reit, drawdown of new loan and use of proceeds of the rights issue. See press release.

Key Points

• The acquisition of 27 Penjuru Lane by AIMS AMP Capital Industrial REIT has been completed today.
• The total cost of the Acquisition is approximately S$163.1 million, comprising:
• the purchase consideration of S$161.0 million
• the acquisition fee payable to the Manager for the Acquisition which amounts to S$1.6 milliion
• the estimated professional and other fees and expenses incurred or to be incurred in connection with the Acquisition which amount to approximately S$0.5 million.
• The Manager has paid the Purchase Consideration from a combination of debt financing and proceeds from the Rights Issue.
• Further to the acceptance of a letter of commitment for a new debt facility of S$280.0 million by the trustee on 20 August 2010 from Standard Chartered Bank (“SCB”), the Commonwealth Bank of Australia (“CBA”), and United Overseas Bank Limited (“UOB”), the Manager has drawn down S$272.0 million of the New Loan:
• S$97.0 million has been used to part finance the Purchase Consideration.
• S$175.0 million has been used to fully refinance the loan of S$175.0 million owing under the facility agreement dated 5 November 2009 and made between, inter alia, the Trustee, SCB, CBA and National Australia Bank Limited.
  
  
  

REIT Financial News - 9 SEP 2010: Notice of rights issue books closure date for AIMSAMPIReit

NOTICE OF RIGHTS ISSUE BOOKS CLOSURE DATE for AIMSAMPIReit. See press release.

Key Points

• Eligible Unitholders will receive their Rights Entitlements on a basis of seven (7) Rights Units for every twenty (20) existing Units held by each Eligible Unitholder as at the Rights Issue Books Closure Date. 
• Important dates and times in respect of the Rights Issue:

Event	Date and Time
Last day of “cum-rights” trading for the Rights Issue	15 September 2010
First day of “ex-rights” trading for the Rights Issue	16 September 2010
Rights Issue Books Closure Date	20 September 2010 at 5 p.m.
Commencement of Rights Entitlement trading period	23 September 2010
Close of Rights Entitlement trading period	1 October 2010
Last date for acceptance of and payment for Rights Units	7 October 2010
Completion of the issue of Rights Units	14 October 2010
Commencement of trading of the Rights Units on the	15 October 2010

 

Author's Note
This follows the previous announcement on 13 AUG 2010 about the
proposed acquisition, new debt facility and fully underwritten renounceable rights issue by AIMSAMPIReit.

REIT Financial News - 13 AUG 2010: AIMS AMP Reit - Announcement of Acquisition and Private Placement

AIMS AMP Capital Industrial REIT announces proposed acquisition, new debt facility and fully underwritten renounceable rights issue. See:

• Press Release
• Report
• Presentation Slides

Key Points

• Proposed acquisition of a high-quality industrial property at 27 Penjuru Lane Singapore 609195 for S$161.0 million.
• New debt facility of S$280.0 million.
• Fully underwritten renounceable 7 for 20 rights issue to raise S$79.6 million.
• The Rights Issue Books Closure Date which is expected to be 5.00 p.m. on 20 September 2010.
• The Rights Units will be issued at a price of S$0.155 per Rights Unit, which is a discount of 32.6% to the closing price of S$0.230 per unit on 19 August 2010 and which is a discount of 26.5% to the theoretical ex-rights price (“TERP”) of S$0.211.
• The Manager expects to raise gross proceeds of S$79.6 million, of which:



• S$64.5 million will be used to part satisfy the total cash cost of the Acquisition.
• S$4.8 million will be used to pay for underwriting and selling commissions and professional and other fees and expenses.
• S$10.3 million will be used to pay for debt related costs and for general corporate and working capital purposes.



• As a demonstration of their support and commitment to the Trust, the Sponsors, AIMS Financial Group and AMP Capital Investors (Luxembourg No. 4) S.A.R.L., have committed to subscribe for their pro rata rights entitlements of 39,286,080 Rights Units and 82,500,000 Rights Units respectively.

Stock Target Price - Updated Target Price for AIMSAMPI Reit following its 2Q 2010

Updated Target Price for AIMSAMPI Reit following its 2Q 2010 Earnings Results:

Phillip Securities

HOLD

S$0.23

03/08/10

Latest updates at Stock Target Price.

REIT Financial News - Q2 2010 Quarterly Earnings Report for AIMSAMPI Reit

Second quarter 2010 results for AIMSAMPI Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Gross revenue for the quarter increased by 46.4% year-on-year to S$16.0 million.
• Net property income for the quarter increased by 26.1% year-on-year to S$11.7 million.
• Distribution per unit (“DPU”) maintained at 0.5376 cents.
• Low aggregate leverage of 28.8%.
• Portfolio occupancy remains high at 97.2%.

Author's Note
The quarterly DPU for 2Q 2010 of 0.5376 cents will be paid on 16 Sep 2010, with the book closure date on 11 Aug 2010.

The DPU was the same at 0.5376 cents for the previous quarter.

REIT Financial News - Date of Result Release for Q2 2010 for Plife, AIMSAMPI Reit

Updated date of Result Release for Q2 2010:
Plife  Aug 6
AIMSAMPI Reit  Jul 29


Latest Update at Results Release.

Stock Target Price - Updated Target Price for AIMSAMPI Reit by Philip Securities following Q1 2010 results

Updated Target Price and Recommendation for AIMSAMPI Reit by Phillip following release of Q1 2010 results:

Phillip Securities HOLD S$0.23

Latest updates at Stock Target Price.

REIT Financial News - 12 MAY 2010: Quarterly Earnings Report for AIMSAMPI Reit

First quarter 2010 results for AIMS AMP CAP INDUSTRIAL REIT:

• Press Release 
• Financial Statements  
• Presentation Slides

Key Points 

• DPU of 0.5376 cents for 1Q 2010. 
• Distribution to Unitholders of S$7.9 million for the quarter.
• Gross revenue was up 19.4% period-on-period to S$15.6 million in 4QFY2010, reflecting the full quarterly rental income contribution from 1A IBP which was acquired in 3QFY2010 and 80 days rental income contribution from the four AMP Capital properties which were acquired in 4QFY2010.
• Net property income was up 28.2% period-on-period to S$11.9 million in 4QFY10 and up 8.9% year-on-year to S$40.1 million in FY2010.
• The amount available for distribution was up by 57.9% period-on-period to S$7.9 million in 4QFY2010 and was slightly down by 4.6% year-on-year to S$22.3 million for FY2010.
• Portfolio occupancy is 96.0%, which compares favourably with the Singapore industrial average of 91.2%.
• Aggregate leverage of 28.9% as at 31 March 2010.
• A robust net asset value (NAV) of 31 cents per unit as at 31 March 2010.
• Property portfolio of 26 properties with an independently assessed total value of S$635.25 million.

Author's Note
Based on the closing price of the Reit of 0.220 on 12 May 2010, the DPU of 0.5376 cents translates to an annualised yield of about 9.77%.

The DPU of 0.5376 cents will XD on 20 May 2010 and will be paid on 28 Jun 2010.

Latest updates at Results Release.

REIT Financial News - Date of Result Release for Q1 2010 for AIMS AMPCI REIT

Updated date of Result Release for Q1 2010:
AIMS AMPCI REIT May 12

Latest Update at Results Release.