A-Reit Q1 2011 Quarterly Earnings Report

A-Reit Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Statements 
• Presentation Slides 
• Supplementary Info

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.

Related Posts

• A-Reit Q4 2010 Quarterly Earnings Report
• A-Reit Q3 2010 Quarterly Earnings Report
• DPU History 
• Results Release

CCT Q1 2011 Quarterly Earnings Report

CCT Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Distribution per unit (DPU) achieved for 1Q 2011 is 1.84 cents, which is
  4.7% lower than 1.93 cents reported in 1Q 2010. 
• Based on the closing price of S$1.42 per unit on 18 April 2011, CCT’s distribution yield is 5.3%.
• Distributable income of S$52.1 million for the financial quarter ended 31 March 2011 represents a decline of 4.1% when compared with the distributable income of S$54.3 million reported in the first quarter of 2010. 
• The decline was mainly attributed to the reduction in rental income arising from the sale of Starhub Centre and Robinson Point, in line with the Trust’s portfolio reconstitution strategy. It is also due to lower revenue contribution from Six Battery Road because of expected vacancies to facilitate the asset enhancement works and negative rent reversions given lower market rental rates compared with the expired rentals.
• The Trust’s portfolio committed occupancy level is at 98.2%. This is higher than the current market occupancy level of 94.4% for the core CBD area.
• Proposed joint venture with CapitaLand to redevelop Market Street Car Park into an ultra-modern Grade A office tower
• Gearing as at end-March 2011 of 27.8%.
• NAV per unit was $1.49 as at 31 Mar 2011.

Author's Note
There will be no distribution for this quarter as the Reit has a semi-annual distribution policy.

The DPU was 1.94 cents in the previous quarter.

Related Posts

• CCT Q4 2010 Quarterly Earnings Report 
• CCT Q3 2010 Quarterly Earnings Report
• DPU History 
• Results Release

CRCT Updated Target Price following Q3 2010 result release

CRCT Updated Target Price following Q3 2010 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DBS Vickers	HOLD	1.28	18/04/11

 

Latest updates at Stock Target Price.

Related Posts

•  CRCT Q1 2011 Quarterly Earnings Report 

K-Reit Updated Target Price following Q3 2010 result release

K-Reit Updated Target Price following Q3 2010 result release.

Brokerage	Recommendation	Target Price (S$)	Date
DBS Vickers	HOLD	1.32	15/04/11
CIMB	NEUTRAL	1.52	15/04/11

 

Latest updates at Stock Target Price.

Related Posts

• K-Reit Q1 2011 Quarterly Earnings Report

Saizen divests Art Side Terrace and KN 21 Shiragane

Saizen divests Art Side Terrace and KN 21 Shiragane:

• Press Release

Key Points

• YK Shintoku has, on 15 April 2011, entered into a sale and purchase agreement for the divestment of Art Side Terrace (“AST”) to an independent private investor (the “AST Buyer”) for a cash consideration of JPY 416,745,000 (S$6.3 million 1 ) (the “AST Sale Price”). 
• The divestment of AST was completed on the same day upon the payment of the full amount of the AST Sale Price by the AST Buyer.
• AST, located in Sapporo, was built in February 1986 and comprises 61 residential units, 2 commercial units and 22 car parking units. 
• It contributed about 1.2% (or approximately JPY 49.3 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• YK Shintoku has, on 15 April 2011, entered into a sale and purchase agreement (the “KN Agreement”) for the divestment of KN 21 Shiragane (“KN”) to an independent private investor (the “KN Buyer”) for a cash consideration of JPY 213,164,000 (S$3.2 million) (the “KN Sale Price”). 
• The divestment of KN was completed on the same day upon the payment of the full amount of the KN Sale Price by the KN Buyer.
• KN, located in Kitakyushu, was built in March 2000 and comprises 31 residential units, 1 commercial unit and 27 car parking units. 
• It contributed about 0.5% (or approximately JPY 22.1 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small sizes of AST and KN relative to the entire portfolio of Saizen REIT, the Current Divestments are not expected to have any material impact on the financial position of Saizen REIT.

Related Posts

• Saizen divests Escort South 11
• Saizen Reit Divests of Club House Kikugaoka
• Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama
• Saizen Reit divests of Jewel Town Suehiro - 10 NOV 2010
• Saizen Divests Kamei Five from the property portfolio of YK Shintoku - 21 OCT 2010
• Saizen divests 3 properties - 14 OCT 2010
• Saizen Reit divests Villa Kaigancho - 8 OCT 2010
• Saizen completes divestment of Patios Ohashi - 30 SEP 2010
• Saizen divests four properties - 29 SEP 2010

CRCT Q1 2011 Quarterly Earnings Report

CRCT Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU of 2.15 cents for the reporting quarter from 1 Jan to 31 Mar 2011.
• Based on annualised DPU of 8.72 cents and CRCT’s closing price of S$1.27
  per unit on 14 April 2011, annualised distribution yield is 6.9%.
• Gross revenue for 1Q 2011 was RMB159.1 million, up 11.1% year-on-year, due to higher occupancies achieved and higher tenant sales registered in Wangjing Mall, Qibao Mall, Xizhimen Mall and Saihan Mall after completion of asset enhancement works. NPI grew 13.6% year-on-year to RMB106.6 million, driven by strong growth across the portfolio’s five multi-tenanted malls.
• CRCT’s performance in SGD terms was affected by the stronger SGD against RMB in 1Q 2011 compared to 1Q 2010. Gross revenue in 1Q 2011 was S$30.9 million, 4.7% higher than 1Q 2010. 1Q 2011 NPI increased 7.1% year-on-year to S$20.7 million.
• NAV per unit of $1.12 as at 31 Mar 2011.
• Gearing of 32.6% as at 31 Mar 2011.

Author's Note
There will be no distribution for this quarter as the Reit has a semi-annual distribution policy.

The DPU was 2.07 cents in the previous quarter.

Related Posts

• Results Release 
• DPU History 
• CRCT Q4 2010 Quarterly Earnings Report
• CRCT Q3 2010 Quarterly Earnings Report