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Showing posts with label Earnings Report. Show all posts
Showing posts with label Earnings Report. Show all posts

Saturday, May 14, 2011

Saizen Reit Q1 2011 Quarterly Earnings Report

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Saizen Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • Revenue and income decreased year-on-year and quarter-on-quarter for the third quarter ended 31 March 2011 (“3Q FY2011”), due mainly to the sale of 18 properties between September 2010 and March 2011, of which six properties were sold in 3Q FY2011.
  • The average occupancy rate was 91.0% in 3Q FY2011, as compared to 91.8% in the third quarter ended 31 March 2010 (“3Q FY2010”) and 90.8% in the previous quarter ended 31 December 2010 (“2Q FY2011”). Overall rental reversion of new contracts entered into in 3Q FY2011 was marginally lower by about 3.6% (3Q FY2010 and 2Q FY2011: lower by about 4.7% and 3.2% respectively) from previous contracted rates.
  • Loan of YK Shintoku to be fully repaid by end of May 2011. YK Shintoku and YK Shingen divested three properties each in 3Q FY2011, at a weighted average discount of about 2% to valuation. In aggregate, these six properties contributed a gross revenue of JPY 28.0 million (S$0.4 million), or 2.9% of the Group’s total revenue, in 3Q FY2011. Partial loan repayment using sale proceeds as well as principal repayments made from YK Shintoku’s operations cash flow in 3Q FY2011 had reduced the loan balance of YK Shintoku to JPY 4.8 billion (S$73.1 million) as at the end of March 2011. YK Shintoku has commenced a repayment planwhich will enable its loan to be fully repaid by the end of May 2011.
  • NAV per unit of $0.34 as at 31 Mar 2011.
Author's Note
There is no distribution this quarter as the Reit adopts a semi-annual distribution policy. The next distribution payment is expected to take place in September 2011 in respect of distributable cash accumulated in the six months financial period ending 30 June 2011.


The previous distribution was 0.52 cents per Unit, paid on 8 March 2011.

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Thursday, May 5, 2011

LippoMapleTrust Updated Target Price following Q1 2011 result release

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LippoMapleTrust Updated Target Price following Q1 2011 result release:


Brokerage Recommendation Target Price (S$) Date
OCBC BUY 0.59 29/04/11
 
Latest updates at Stock Target Price.



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Fortune Reit Q1 2011 Quarterly Earnings Report

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Fortune Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU for the reporting quarter is 6.73 HK cents. 
  • Total revenue saw a 4.6 per cent increase to HK$218.8 million, attributed mainly to the improved performance of the property portfolio.
  • Net property income rose 3.3 per cent to HK$161 million.
  • The occupancy rate across Fortune Reit’s portfolio of 14 retail malls stood at 97.8 per cent as at March 31, 2011.
  • The gearing ratio and aggregate leverage was 20.6% as at 31 March 2011.
  • NAV per unit of HK$6.18 as at 31 March 2011.
Author's Note

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

The DPU was 6.32 HK cents in the previous quarter.

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PLife Reit Q1 2011 Quarterly Earnings Report

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PLife Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 2.36 cents for the reporting quarter. 
  • Gross revenue increased 15.2% year-on-year to S$21.5 million.
  • Net property income increased 14.6% year-on-year to S$19.7 million.
  • DPU increased 14.4% year-on-year to 2.36 cents.
  • Well-equipped for continued growth in robust Asia healthcare sector.
  • The Books will close from 5pm on 13 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 8 June 2011.
  • Gearing of 34.3% as at 31 Mar 2011. 
  • NAV per unit of S$1.41 as at 31 Mar 2011.
Author's Note
The DPU for the reporting quarter is 2.36 cents and will be paid on 8 June 2011. Books closure is on 13 May 2011.

The DPU was 2.38 cents in the previous quarter.

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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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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

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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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 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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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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A-Reit Q1 2011 Quarterly Earnings Report

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A-Reit Q1 2011 Quarterly Earnings Report:
Key Points
  • DPU of 3.27 cents for the reporting quarter.
  • FY10/11 amount available for distribution increased by 5.6% y-o-y to S$248.0 million.
  • Achieved a net revaluation gain of about S$344.8 million. Consequently, A-REIT’s total assets stand at S$5.4 billion as at 31 March 2011.
  • Aggregate leverage of 38.1% and adjusted aggregate leverage (for private placement in Mar 2011) of 31.1% as at 31 Mar 2011.
  • NAV per unit of S$1.76 and adjusted NAV per unit (for private placement in Mar 2011) of S$1.77 as at 31 Mar 2011.
  • Proactive Capital Management
    • Raised new equity of about S$393.3 million (net proceeds) to fund committed investments and to provide A-REIT with greater financial flexibility to take  advantage of growth opportunities.
    • Further diversified sources of debt funding through the issuance of ¥9.6 billion 7-year notes due 2018 which has been swapped into S$148.4 million on a floating rate basis.
  • Committed investment volume of S$376.1 million in FY10/11 
    • Completed acquisition of Neuros & Immunos, a Science Park property at Biopolis, for S$125.6 million.
    • Embarked on three asset enhancement projects and A-REIT’s 11th development project (a built-to-suit logistics facility), worth a total of S$132.9 million.
    • Forayed into Shanghai, China with the forward purchase of a Business Park  property for approximately S$117.6 million.
  • Strong Portfolio Performance
    • Portfolio occupancy at 96.0% as at 31 March 2011. A-REIT’s multi-tenanted properties are 92.1% occupied.
    • Positive rental reversion of between 2.1% and 6.7% across Business & Science Parks, Hi-Tech Industrial and Logistics sector.
    • 17.2% improvement in new take-up rental rates for Science & Business Park versus a year ago, reflecting the optimistic mood of the economy.
Author's Note
The DPU of 3.27 cents was declared for the current quarter.

Note: In connection with the private placement launched on 31 March 2011, the Manager declared a distribution 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. The purpose is to ensure that the total amount available for distribution accrued by A-REIT up to 10 April 2011 is only distributed to the then existing Unitholders as a means to ensure fairness to these Unitholders. The book closure date for such distribution was on 8 April 2011. The payment date will be on 9 May 2011.

The DPU was 3.29 cents in the previous quarter.

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