S-REIT Investor

Friday, April 29, 2011

Cambridge Q1 2011 Quarterly Earnings Report

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

- Earnings Report, LippoMapleTrust

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

- Earnings Report, Sabana Reit

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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