Stock Target Price - Updated Target Price for MapletreeLog following its 2Q 2010

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

OCBC

HOLD

S$0.89

29/07/10

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for CDL H-Trust following its 2Q 2010

Updated Target Price for CDL H-Trust following its 2Q 2010 Earnings Results:

Phillip Securities

HOLD

S$1.93

29/07/10

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for CDL H-Trust following its 2Q 2010

Updated Target Price for CDL H-Trust following its 2Q 2010 Earnings Results:

DMG	BUY	S$2.30	28/07/10
DBS Vickers	BUY	S$2.14	28/07/10

Latest updates at Stock Target Price.

REIT Financial News - Q2 2010 Quarterly Earnings Report for Cache Logistics

Second quarter 2010 results for Cache Logistics:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Distribution per unit (DPU) of 1.71 cents for the period 12 April 2010 to 30 June 2010.
• Annualised DPU of 7.81 cents exceeds forecast by 1.4%.
• Strong fundamentals and low gearing provide financial flexibility for future growth.
• On track to deliver forecast DPU for 2010.
• All six properties are 100% leased with high underlying occupancy at each premises.
• Conservative gearing level of 25.5%.

Author's Note

This is the first quarterly earnings report by the reit. The DPU available for distribution of 1.71 cents will not be paid out in the current quarter. The first distribution after the Listing Date will be for the period from Listing Date to 30 September 2010 and will be paid on or before 29 November 2010 as stated in the Prospectus dated 1 April 2010.

Note that the current distribution policy is to distribute 100% of its taxable income and tax-exempt income for the period from the Listing Date to 31 December 2011 and thereafter, to distribute at least 90% of its taxable and tax-exempt income.

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

Second quarter 2010 results for Fortune Reit:

• Financial Statements

Key Points

• DPU for 2Q 2010 is 5.89 HK cents.
• DPU to be distributed for 1H 2010 is 12.27 HK cents.
• Driven primarily by an increase in the value of investment properties, both the gearing ratio and aggregate leverage of Fortune REIT, was 21.9% as at 30 June 2010 (31 December 2009: 23.7%).
• The gross liability as a percentage of gross assets of Fortune REIT was 26.9% as at 30 June 2010.
• Net asset value per unit amounted to HK$5.70 as at 30 June 2010, up 6.9% from HK$5.32 reported at the end of 2009. The increase was largely due to the increase in the value of investment properties.

Author's Note
The semi-annual DPU for 1H 2010 of 12.27 cents will be paid on 27 Aug 2010. The book closure date is on 12 Aug 2010.

In the previous quarter, the DPU was 6.38 HK cents.

REIT Financial News - Q2 2010 Quarterly Earnings Report for FCOT

Second quarter 2010 results for Frasers Commercial Trust:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Distribution Per Unit (“DPU”) for the quarter is 0.25 cents.
• Total DPU year-to-date for the last three quarters amounted to 0.81 cents, an increase of 21% compared to the same period last year. This translates to a distribution yield of 7.2% based on the last closing price of the Units of $0.15 on 27 July 2010 and the annualised DPU of 1.08
  cents. 
• There is no distribution payment this quarter as FCOT distributes semi-annually.
• Portfolio occupancy rate as at 30 June 2010 is 93.1%, up 0.7% from the previous quarter.
• Total distributable income was up by 123% year-on-year from S$5.6 million to S$12.4 million.
• Distributable income to Unitholders increased by 39% to S$7.7 million. 
• S$4.7 million is available for distribution to Series A Convertible Perpetual Preferred Units (“CPPU”) holders.

Author's Note
The DPU of 0.25 cents will be paid together with the DPU of the next quarter as FCOT has a semi-annual distribution policy.

The DPU was 0.32 cents for the previous quarter.

REIT Financial News - Q2 2010 Quarterly Earnings Report for CDL H-Trust

Second quarter 2010 results for CDL H-Trust:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU available for distribution for 2Q 2010 is 2.87 cents. DPU to be actually distributed is 2.57 cents based on its 90% distribution policy.
• DPU to be distributed for 1H 2010 is 4.89 cents.
• RevPAR for Singapore Hotels increased 45.4% to S$195 for 2Q 2010.
• Sustained growth momentum with strong tourism drivers and strengthened financial position.
• CDLHT experienced high occupancies of 88.5% in 2Q 2010, exceeding previous Q2 peaks since the inception of the CDLHT while achieving strong rate increases.
• On 1 July 2010, CDLHT successfully raised S$200 million through an over-subscribed overnight private placement which resulted in a strengthened balance sheet with a gearing of 18.6%.

Author's Note
The semi-annual DPU for 1H 2010 of 4.89 cents will be paid on 27 Aug 2010. 
The book closure date was way back on 30 Jun 2010 as advance distribution for existing unit holders because of the private placement exercise in early July.

In the previous quarter, the DPU available for distribution was 2.58 cents, and the DPU to be actually paid out was 2.32 cents.

Stock Target Price - Updated Target Price for MapletreeLog following its 2Q 2010

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

DBS Vickers	BUY	S$0.98	27/07/10
OCBC	BUY	S$0.86	27/07/10

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Starhill Global following its 2Q 2010

Updated Target Price for Starhill Global following its 2Q 2010 Earnings Results:

DBS Vickers	BUY	S$0.73	27/07/10
OCBC	BUY	S$0.65	27/07/10

 

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for CRCT following its 2Q 2010

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

DBS Vickers

HOLD

S$1.26

26/07/10

Latest updates at Stock Target Price.

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

Second quarter 2010 results for First Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU maintained at 1.92 cents per unit.
• Annualised DPU rose 1.0% to 7.70 cents translating to distribution yield of 8.7% based on closing price of S$0.89 on 23 July 2010.
• Confident of acquiring yield-accretive healthcare asset by early FY 2011.
• The Books will close from 5pm on 3 August 2010 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 27 August 2010.
• Comprehensive asset enhancement works for the modern boutique cancer specialist hospital, Pacific Cancer Centre @ Adam Road are making good progress and on track for mid-2011 completion.
• Confirmed with tenant on a new extension block to Lentor Residence costing some S$4.5 million which is expected to commence soon.

Author's Note
The quarterly DPU for 2Q 2010 of 1.92 cents will be paid on 27 Aug 2010, with the book closure date on 3 Aug 2010.

The DPU was 1.9 cents for the previous quarter.

REIT Financial News - Q2 2010 Quarterly Earnings Report for Starhill Global

Second quarter 2010 results for Starhill Global:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the period 1 April 2010 to 30 June 2010 was 0.91 cents.
• Income to be distributed to Unitholders in 2Q 2010 was S$17.7 million, 3.6% lower than that of S$18.4 million in 2Q 2009.
• As at 30 June 2010, Starhill Global REIT’s outstanding debt was S$841.5 million of which S$570.0 million matures in September 2010.
• As at 30 June 2010, Starhill Global REIT has a gearing of 30.8% and its interest cover ratio stood at a 4.2 times. 
• The weighted average effective interest rate as at 30 June 2010 is 3.77% per annum.

Author's Note
The quarterly DPU for 2Q 2010 of 0.91 cents will be paid on 27 Aug 2010, with the book closure date on 3 Aug 2010.

The DPU was 0.95 cents for the previous quarter.

Stock Target Price - Updated Target Price for FrasersCT following its 2Q 2010

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

DMG	BUY	S$1.66	26/07/10
CIMB	OUTPERFORM	S$1.84	26/07/10
DBS Vickers	BUY	S$1.66	26/07/10

Latest updates at Stock Target Price.

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

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

Kim Eng	BUY	S$1.35	26/07/10
CIMB	OUTPERFORM	S$1.35	26/07/10
DBS Vickers	BUY	S$1.44	26/07/10

Latest updates at Stock Target Price.

REIT Financial News - Q2 2010 Quarterly Earnings Report for MapletreeLog

Second quarter 2010 results for MapletreeLog:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for 2Q 2010 is 2.07 cents.
• The book closure date is Monday, 2 August 2010 and the distribution payment date is Friday, 27 August 2010.
• Amount distributable increased by 8% year-on-year to S$30.9 million for the three months ended 30 June 2010 (“2Q 2010”) compared to the same period last year (“2Q 2009”).
• Available distribution per unit (“DPU”) of 1.50 cents for 2Q 2010 is 1.4% higher than 2Q 2009’s DPU of 1.48 cents.
• Improvement driven largely by reduction in borrowing costs notwithstanding larger portfolio size.
• MapletreeLog converted three single-user assets into multi-tenanted buildings in 2Q 2010 for better organic growth opportunities.
• MapletreeLog acquired a property each in Japan and Vietnam from the Sponsor in 2Q 2010. 
• As at 30 June 2010, the Trust’s portfolio comprises 86 properties, with a book value of approximately S$3.0 billion. 
• Of the 86 properties, 49 are in Singapore, 11 in Malaysia, 10 in Japan, 8 in Hong Kong, 6 in China and 1 each in South Korea and Vietnam.
• Total debt outstanding increased to S$1,212 million and leverage ratio increased slightly to 38.8% as at 30 June 2010. 
• MapletreeLog’s interest cover ratio in 2Q 2010 remained healthy at close to 6 times.
• The weighted average borrowing cost for 2Q 2010 has reduced marginally to about 2.4% as compared to 2.5% for 1Q 2010.

Author's Note
The quarterly DPU for 2Q 2010 of 1.50 cents will be paid on 27 Aug 2010, with the book closure date on 2 Aug 2010.

The DPU was 1.50 cents for the previous quarter.

Stock Target Price - Updated Target Price for CCT following its 2Q 2010

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

DBS

HOLD

S$1.33

22/07/10

Latest updates at Stock Target Price.

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

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

OCBC

BUY

S$1.32

23/07/10

Latest updates at Stock Target Price.

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

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

DMG	BUY	S$1.71	23/07/10
Phillip Securities	HOLD	S$1.34	23/07/10

 

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for CMT following its 2Q 2010

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

DBS Vickers	BUY	S$2.09	22/07/10
DMG	NEUTRAL	S$1.90	22/07/10
CIMB	NEUTRAL	S$1.93	23/07/10
Kim Eng	BUY	S$2.23	23/07/10

Latest updates at Stock Target Price.

REIT Financial News - 23 JUL 2010 FCT commences $72 million upgrade of Causeway Point

Causeway Point commences $72 million upgrade. See press release. 

Key Points

• Refreshed mall to feature new retail offers and pro-family features.
• The AEI programme is expected to span 30 months, and net property income is targeted to increase by 22% to $51.5 million. 
• The capital expenditure is estimated at $72 million, which delivers a return on investment of 13% based on the incremental net property income.
  
  

REIT Financial News - Q2 2010 Quarterly Earnings Report for FCT

Second quarter 2010 results for Frasers Centrepoint Trust:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for 2Q 2010 is 2.07 cents.
• The book closure date is Monday, 2 August 2010 and the distribution payment date is Friday, 27 August 2010.
• Record 3Q10 (1 April to 30 June 2010 period) income available for distribution of $16.3 million, which represents an increase of 35% from the same period last year.
• FCT’s 3Q10 gross revenue grew 45% y-on-y to $30.7 million, aided by contributions from Northpoint 2 and YewTee Point, and a strong recovery in Northpoint’s performance post completion of enhancement works. 
• Net property income similarly grew 46% y-on-y to $21.5 million. 
• FCT’s 3Q10 distribution per unit rose 7% y-on-y to 2.07¢, with $0.4 million of 3Q10 income being retained for distribution in the fourth quarter of FY2010.
• Portfolio occupancy was 99% as at 30 June 2010.

Author's Note
The quarterly DPU for 2Q 2010 of 2.07 cents will be paid on 27 Aug 2010, with the book closure date on 2 Aug 2010.

The DPU was 2.06 cents for the previous quarter.

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

Second quarter 2010 results for Ascott Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Ascott Reit achieved a unitholders’ distribution of S$11.6 million for the period 1 April to 30 June 2010, 5% higher than the same period last year.
• DPU in the second quarter increased by 4% to 1.87 cents.
• Unitholders’ distribution and DPU for the period 1 January to 30 June 2010 are S$21.8 million and 3.53 cents respectively.
• The book closure date is Monday, 2 August 2010 and the distribution payment date is Friday, 27 August 2010.
• Independent valuations of the Group’s portfolio were conducted as at 30
  June 2010. The portfolio was revalued at S$1.56 billion, an increase of
  S$31.7 million, or 2% compared to its last valuation on 31 December 2009.
• Ascott Reit’s net asset value (NAV) per unit as at 30 June 2010 is S$1.38.

Author's Note
The semi-annual DPU for 1H 2010 of 3.53 cents will be paid on 27 Aug 2010, with the book closure date on 2 Aug 2010.

The DPU was 1.66 cents for the previous quarter.

REIT Financial News - Q2 2010 Quarterly Earnings Report for CRCT

Second quarter 2010 results for CRCT:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the quarter ended 30 June 2010 is 2.07 Singapore cents. 
• Unitholders will receive a distribution of 4.21 Singapore cents per unit for the six months ended to 30 June 2010. 
• The books closure date is 9 September 2010 and the distribution payment date is 24 September 2010.
• As at 30 June 2010, the total portfolio valuation was RMB5.8 billion, which increased by 1.7% or RMB100.0 million over the previous valuation as at 31 December 2009.

Author's Note
The semi-annual DPU for 1H 2010 of 4.21 cents will be paid on 24 Sep 2010.
The DPU was 2.14 cents for the previous quarter.

REIT Financial News - Date of Result Release for Q2 2010 for MapletreeLog

The date of Result Release for Q2 2010 for MapletreeLog has been changed:

MapletreeLog  Jul 25

Latest Update at Results Release.

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

Second quarter 2010 results for SUNTEC Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the quarter (2Q 2010) is 2.528 cents.  
• The Books Closure Date is on 3 Aug 2010.
• Unitholders can expect to receive their 2Q 2010 DPU on 27 August 2010. 

Author's Note
The quarterly DPU for 2Q 2010 of  2.528 cents will be paid on 27 Aug 2010.
The DPU was 2.513 cents for the previous quarter.

REIT Financial News - Q2 2010 Quarterly Earnings Report for CMT

Second quarter 2010 results for CMT:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the quarter (2Q 2010) is 2.29 cents.  
• The Books Closure Date is on 30 July 2010.
• Unitholders can expect to receive their 2Q 2010 DPU on 27 August 2010.
• Completed acquisition of Clarke Quay on 1 July 2010.
• Portfolio occupancy continued to be strong at 99.5% as at 30 June 2010.
• Average cost of debt and gearing ratio were 3.7% and 34.8% respectively as at 30 June 2010. Interest cover stood at approximately 3.3 times. 

Author's Note
The quarterly DPU for 2Q 2010 of  2.29 cents will be paid on 27 Aug 2010.
The DPU was 2.231 cents for the previous quarter.

Note that the DPU of 2.29 cents is computed on the basis that none of the Convertible Bonds is converted into Units on or prior to the Books Closure Date. The actual amount may differ if any of the Convertible Bonds is converted into Units on or prior to the Books Closure Date.

REIT Financial News - Date of Result Release for Q2 2010 for CacheLog

Updated date of Result Release for Q2 2010:
Cache Logistics  Jul 29


Latest Update at Results Release.

REIT Financial News - Q2 2010 Quarterly Earnings Report for CCT

Second quarter 2010 results for CCT:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the quarter (2Q 2010) is 1.97 cents. 
• Total DPU for 1H 2010 is 3.90 cents. 
• Distributable income of S$110.0 million for the financial period from 1 January 2010 to 30 June 2010 (1H 2010).
• The Trust’s distribution yield is 5.9% based on the closing price of S$1.33 per unit on 20 July 2010.
• The books closure date is Friday, 30 July 2010. 
• Unitholders can expect to receive their semi-annual estimated DPU payout of 3.90 cents on or around Friday, 27 August 2010.
• An independent valuation of the Trust’s portfolio of investment properties was conducted as at 30 June 2010 which showed a marginal decrease of S$25.7 million or 0.5% in its market value compared to its
  last valuation on 31 December 2009. 
• The value of the Trust’s investment properties and total assets is now S$5.5 billion and S$6.0 billion respectively. 
• The Trust’s net asset value (NAV), after adjusting for the 1H 2010 distributable income to unitholders, is S$1.36 per unit as at 30 June 2010.
• Committed occupancy rate has increased to 95.6% from 95.1% as at end of first quarter 2010.  Grade A offices have attained 100% occupancy now, up from 99.1% last quarter.
• The Trust’s gearing is at a healthy 32.8% and has only S$85.0 million of debt maturing this year.
• Moody's Investors Service has also changed the rating outlook of CCT to positive from stable, and affirmed CCT's Baa2 corporate family rating and Baa3 senior unsecured debt rating.

Author's Note
The semi-annual DPU of 3.90 cents, which includes the DPU of 1.93 cents for Q1 2010 and 1.97 cents for Q2 2010, will be paid on 27 Aug 2010.

Note that the DPU of 3.90 cents is computed on the basis that none of the Convertible Bonds is converted into Units on or prior to the Books Closure Date. The actual amount may differ if any of the Convertible Bonds is converted into Units on or prior to the Books Closure Date.

Stock Target Price - Updated Target Price for K-Reit following its 2Q 2010 and Announcement of Acquisition

Updated Target Price for K-Reit following its 2Q 2010 Earnings Results and
Announcement of Acquisition of Australian property:

DBS Vickers	HOLD	S$1.20	20/07/10
CIMB	NEUTRAL	S$1.21	20/07/10

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for A-Reit following its 2Q 2010 Earnings Results

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

Kim Eng

BUY

S$2.32

20/07/10

Latest updates at Stock Target Price.

REIT Financial News - Date of Result Release for Q2 2010 for SUNTEC, Fortune Reit

Updated date of Result Release for Q2 2010:
SUNTEC  Jul 22
Fortune Reit  Jul 28

Latest Update at Results Release.

Stock Target Price - Updated Target Price for A-Reit following its 2Q 2010 Earnings Results

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

CIMB	NEUTRAL	S$2.02
DMG	NEUTRAL	S$2.11
DBS Vickers	BUY	S$2.11

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Plife following its announcement of new acquisition in Japan

Updated Target Price for Plife following its announcement of new acquisition in Japan:

DMG BUY   S$1.66

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for CCT following its announcement of sale of Starhub Centre

Updated Target Price for CCT following its announcement of sale of Starhub Centre:

DBS HOLD   S$1.30
DMG NEUTRAL   S$1.24
CIMB OUTPERFORM   S$1.37


Latest updates at Stock Target Price.

REIT Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA. See:

• Announcement

Key Points

• the Reit has entered into a contract with Kingvest Pty Limited for the acquisition of a 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia.
• 77 King Street is a prime commercial building located in the heart of Sydney’s Central Business District (“CBD”), in close proximity to major CityRail Stations – Wynyard, Martin Place and Town Hall Stations. It has a net lettable area of 170,662 sq ft across 18 levels of Grade A office space and five levels of quality retail space.
• The purchase consideration of the Property is A$120.0 million or approximately S$145.0 million.
• An independent property valuer commissioned by K-REIT Australia to value the Property has valued it at A$120.0 million in the valuation report dated 16 July 2010.
• The FY 2009 pro forma net profit attributable to the Acquisition is approximately A$3.1 million (approximately S$3.7 million ).
• Pro Forma Net Asset Value (“NAV”) will remain the same at S$1.47 before and after the acquisition.
• Pro Forma Distribution per Unit will increase from 5.28 to 5.63 cents after the acquisition based on K-REIT Asia’s DPU for FY 2009, and as if K-REIT Asia had completed the Acquisition on 1 January 2009.
• The Acquisition will be funded by a combination of debt and equity with the proceeds from the rights issue completed by K-REIT Asia in November 2009. 
• K-REIT Asia’s aggregate leverage is expected to increase from 15.2% to 20.4% after the completion of the Acquisition.

Author's Note
Once acquired, this will be the second property of K-Reit in Australia. The last acquisition was a commercial property in Brisbane, Australia. See K-REIT ACQUISITION OF 50% INTEREST IN PRIME COMMERCIAL BUILDING IN BRISBANE, AUSTRALIA.

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

Second quarter 2010 results for K-Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the quarter (2Q 2010) was 1.64 cents. 
• Total DPU for 1H 2010 was 2.97 cents.
• Distributable income rose by 20.0% year‐on‐year to $39.8 million due mainly to higher net property income (“NPI”) and lower interest expense.
• NPI increased 39.5% year‐on‐year to $32.3 million due mainly to contribution from the 50% interest in 275 George Street and the additional 29% interest in Prudential Tower. 
• Distribution Per Unit (“DPU”) for January to June 2010 amounted to 2.97 cents.
• 97.9% portfolio committed occupancy as at 30 June 2010 was higher than Singapore Core CBD occupancy of 93.3%.
• Aggregate leverage level as at 30 June 2010 post debt repayment of $230 million was 15.2%.
• The  Transfer  Books  and  Register  of  Unitholders will be closed at 5.00 pm on 28 July 2010 for the purpose of determining unitholders’ entitlements to distribution. 
• The distribution that will be paid on 26 Aug 2010.

Author's Note
The semi-annual DPU of 2.97 cents, which includes the DPU of 1.33 cents for Q1 2010 and 1.64 cents for Q2 2010, will be paid on 26 Aug 2010.

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

Second quarter 2010 results for A-Reit:

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

Key Points

• DPU for the quarter is 3.37 cents. This is computed on the basis that none of the S$300 million convertible collateral loan due February 2017 is converted into A-REIT Units on or before the book closure date.
• Net Property Income increased by 8.2% year-on-year to S$87.3 million.
• Distributable income of S$63.1 million is 3.5% higher year-on-year.
• Continue to achieve positive rental reversion on lease renewals in the sub sectors of Business & Science Parks and Hi-Tech Industrial.
• Occupancy rate for the portfolio has remained stable at 95.6%.
• As at 30 June 2010, A-REIT has a portfolio of 92 properties and a total asset value of about S$4.9b housing a tenant base of about 930 international and local companies.
• The Trust has an average term of debt maturity of 3.5 years and a well balanced debt maturity profile such that only about 39.7% of its total debts outstanding are due for refinancing over the next three years until 2013.
• As at 30 June 2010, A-REIT’s aggregate leverage was 34.1%.
• The weighted average cost of funding is 3.93%. All of A-REIT’s floating interest rate exposure is fixed for the next 2.9 years.
• The  Transfer  Books  and  Register  of  Unitholders will be closed at 5.00 pm on 26 July 2010 for the purpose of determining unitholders’ entitlements to distribution.  
• The distribution that will be paid on 26 Aug 2010.

Author's Note
The DPU, expected to be 3.37 cents, will be paid on 26 Aug 2010. The actual DPU will depend on whether there is any conversion of the convertible collateral loan due February 2017 into A-REIT Units on or before the book closure date.

The DPU was 2.73 cents in the previous quarter.

REIT Financial News - 16 JUL 2010: SALE OF STARHUB CENTRE BY CCT

SALE OF STARHUB CENTRE. See:

• Announcement

Key Points

• The trustee of CCT has entered into Sale and Purchase Agreement with FCL Crystal Pte. Ltd. for the sale of Starhub Centre at the Sale consideration of S$380.0 million. The Purchaser is a wholly-owned subsidiary of Frasers Centrepoint Limited.
• Completion of the Sale is expected to take place on or around 16 September 2010.
• The Sale Consideration of S$380.0 million is above the valuation of S$266.7 million of the Property by S$113.3 million.
• Pro forma Net gain is about S$109.1 million.
• Assuming that the Sale had been completed on 31 December 2009, the Pro forma NAV per Unit would have increased by S$0.04 or 2.9% from 1.37 to 1.41.
• Assuming that the Sale had been completed on 1 January 2009, the DPU would have decreased by 0.42 cents or 5.9% for the financial period  January 2009 to 31 December 2009, from 7.06 to 6.64 cents.

Author's Note
In Apr 2010, CCT has just completed its sale of Robinson Point for about S$203.25 million (See 19 Jan 2010: Sale of Robinson Point and 19 APR 2010: Completion of sale of Robinson Point by CCT). Together with the sale of Starhub Centre, these divestment exercises will bring in a significant increase of cash level by about S$580 million. No specific announcement has been made so far about the intended use of the proceeds, except the general statement that the 'The sale proceeds will provide CCT with greater financial
flexibility to pursue other possible attractive acquisition opportunities and/or to repay debt."

REIT Financial News - Q2 2010 Quarterly Earnings Report for Cambridge

Second quarter 2010 results for Cambridge:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Almost full occupancy rate of 99.97% in 2Q2010, as compared with Singapore’s industrial average of 92.3%.
• Total distributable income attributable to Unitholders in 2Q2010 was S$10.8 million, which translated to a distribution per unit (“DPU”) of 1.238 cents.
• Completion of the divestments of 27 Pandan Crescent, 37 Tampines Street 92 and 17 strata units at 48 Toh Guan Road East with total gross sale proceeds of S$31.3 million, exceeding book value by S$1.1 million.
• Distribution Reinvestment Plan (“DRP”) was implemented to strengthen the balance sheet. The 1Q2010 DRP received a take-up rate of approximately 14%, an increase from 10% in 4Q2009.
• The  Transfer  Books  and  Register  of  Unitholders will be closed at 5.00 pm on 23 July 2010 for the purpose of determining unitholders’ entitlements to distribution.  
• The distribution that will be paid on 8 September 2010.

Author's Note
The DPU of 1.238 cents will be paid on 8 Sep 2010.

The DPU was 1.274 cents in 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 Plife following its announcement of new acquisition in Japan

Updated Target Price for Plife following its announcement of new acquisition in Japan:

DBS BUY   S$1.59
Phillip Securities BUY   S$1.66
KIM ENG BUY   S$1.59

Latest updates at Stock Target Price.

REIT Financial News - 13 JUL 2010: PLIFE - ACQUISITION OF FIVE PROPERTIES LOCATED IN JAPAN

ACQUISITION OF FIVE PROPERTIES LOCATED IN JAPAN. See:

• Press Release
• Announcement

Key Points

• Acquires properties at an attractive purchase consideration of approximately S$46.8 million.
• Expected net property yield of 8.35%
• Fully funded by five-year unsecured committed Japanese yen facility at an attractive rate of approximately 1.8%.
  

Author's Note
This is the fourth round of acquisitions by Plife since IPO. As with the previous acquisitions, the properties are all in Japan. The latest acquisition follows closely after the acquisition of 6 nursing homes announced in JUN 2010.

REIT Financial News - Date of Result Release for Q2 2010 for CDL H-Trust

Updated date of Result Release for Q2 2010:
CDL H-Trust   Jul 28


Latest Update at Results Release.

Stock Target Price - Updated Target Price for Ascendas Reit, Ascott Reit, Capitacomm, CapitaMall Trust, FrasersCT, LippoMapleTrust, MapletreeLog, Starhill Global, SUNTEC Reit by OCBC

Updated Target Price and Recommendation by OCBC:

Ascendas Reit HOLD S$1.85
Ascott Reit BUY S$1.32
Capitacomm HOLD S$1.26
CapitaMall Trust BUY S$1.95
FrasersCT BUY S$1.50
LippoMapleTrust BUY S$0.55
MapletreeLog BUY S$0.84
Starhill Global BUY S$0.65
SUNTEC Reit BUY S$1.44

Latest updates at Stock Target Price.

REIT Financial News - Date of Result Release for Q2 2010 for A-Reit, Ascott Reit

Updated date of Result Release for Q2 2010:
A-Reit   Jul 16
Ascott Reit   Jul 23 (AM)

Latest Update at Results Release.

Stock Target Price - Updated Target Price for CDL H-Trust by CIMB

Updated Target Price for CDL H-Trust by CIMB:

CIMB OUTPERFORM   S$2.04

Latest updates at Stock Target Price.

REIT Financial News - Date of Result Release for Q2 2010 for CapitaRetailChina, MapletreeLog

Updated date of Result Release for Q2 2010:
CapitaRetailChina   Jul 25 (AM)
MapletreeLog  Jul 24

Latest Update at Results Release.

REIT Financial News - Date of Result Release for Q2 2010 for CMT

Updated date of Result Release for Q2 2010:
CMT   Jul 22 (AM)


Latest Update at Results Release.

Stock Target Price - Updated Target Price for Cambridge by OCBC

Updated Target Price for Cambridge by OCBC:

OCBC HOLD  S$1.26

Latest updates at Stock Target Price.

REIT Financial News - Date of Result Release for Q2 2010 for Cambridge

Updated date of Result Release for Q2 2010:
Cambridge   Jul 15


Latest Update at Results Release.

REIT Financial News - Date of Result Release for Q2 2010 for CCT

Updated date of Result Release for Q2 2010:
CCT   Jul 21 AM


Latest Update at Results Release.

REIT Financial News - Date of Result Release for Q2 2010 for K-Reit

Updated date of Result Release for Q2 2010:
K-Reit   Jul 19


Latest Update at Results Release.

Stock Target Price - Updated Target Price for Starhill Global by OCBC

Updated Target Price for Starhill Global by OCBC:

OCBC BUY S$0.65

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for A-Reit by DBS

Updated Target Price for A-Reit by DBS:

DBS BUY S$2.11

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for CDL H-Trust by DBS

Updated Target Price for CDL H-Trust by DBS:

DBS BUY S$2.03

Latest updates at Stock Target Price.