S-REIT Investor: 2011

Tuesday, September 6, 2011

Friday, June 10, 2011

A-REIT awarded Business Park site at Fusionopolis for S$110 million

- Ascendas Reit, REIT Financial News

A-REIT awarded Business Park site at Fusionopolis for S$110 million :

Key Points

Further to the release “A-REIT tenders for Business Park Site at Fusionopolis for S$110 million” made by Ascendas Funds Management (S) Limited (the “Manager”) in its capacity as the Manager of Ascendas Real Estate Investment Trust (“A-REIT”) on 20 May 2011, the Manager is pleased to announce that Jurong Town Corporation (“JTC”) has awarded A-REIT the said site (the “Site”) at Fusionopolis for S$110 million.
Upon completion, expected in 3QFY2013/14, this development will strengthen A-REIT’s leading position in the Business & Science Parks segment and bring about economies of scale in operations. The high quality specification and good location of the proposed development will be attractive to target potential users.
In addition, this development will allow A-REIT to further widen its product offerings in catering to the knowledge and value-based type industries and gives it an opportunity to further diversify its customer base.”

Related Posts

A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

Saturday, June 4, 2011

Standard & Poor's Reaffirms Cambridge Industrial Trust ("CIT") BBB-/Stable/-- Rating

- Cambridge, Corporate Rating, REIT Financial News

Standard & Poor's Reaffirms Cambridge Industrial Trust ("CIT") BBB-/Stable/-- Rating:

Key Points

Cambridge Industrial Trust Management Limited, as manager of CIT, would like to announce that Standard & Poor's has reaffirmed the BBB-/Stable/-- credit rating of CIT in its report dated 1 June 2011.

Thursday, June 2, 2011

CacheLog marks foray into China with purchase of chemical warehouse facility

- Acquisition, Cache Logistics, REIT Financial News

CacheLog marks foray into China with purchase of chemical warehouse facility for RMB 71.0 million:

Key Points

Cache is acquiring a chemical warehouse facility in Shanghai from CWT Limited (“CWT”) via an acquisition and leaseback arrangement.
This acquisition marks Cache’s entry into China.
The property is located in Jinshan District within the successful Shanghai Chemical Industrial Park (“SCIP”), one of the largest petrochemical bases in Asia.
Cache’s newly purchased facility is sited on a land area of 33,506 square metres, with a built-up gross floor area of about 13,547 square metres.
CWT is the Sponsor of Cache and the CWT properties in Asia-Pacific fall under the right of first refusal granted to Cache at the time of the IPO in April 2010.
This transaction marks the first successful acquisition of a CWT asset since the IPO.
The consideration paid for the property is RMB 71.0 million (or approximately S$13.5 million).
CWT will leaseback the facility for a period of three years with an option for a further three years.
The net property income yield of 8.6% is higher than the Cache present portfolio of 7.6%.
The average of the two valuations provided by CB Richard Ellis and Knight Frank Petty, who acted on behalf of the Manager and the Trustee respectively, is RMB 76.6 million (or approximately S$14.6 million).
The acquisition is accretive at the distribution level, with the annualised pro forma financial effect on Cache’s DPU for FY2011 expected to be an additional 0.03 cents per unit after applicable taxes in China, and offers the potential for future capital appreciation.
The transaction also allows investors to gain exposure to a segment of the market which they may not be able to do so efficiently.
Post-completion, Cache’s leverage will rise from 27.9% to 29.2%.

Author's Note
This is the second acquisition by CacheLog since its IPO, and a first from its sponsor CWT. It is also the first overseas acquisition.

Relted Posts

Cache Logistics Maiden Acquisition of 6 Changi North Way and 4 Penjuru Lane

Wednesday, June 1, 2011

Saizen Reit Repays YK Shintoku loan

- REIT Financial News, Saizen Reit

Saizen Reit Repays YK Shintoku loan:

Press Release

Key Points

The manager Saizen REIT is pleased to announce that the loan of YK Shintoku had been fully repaid on 31 May 2011.
Following the completion of the Repayment and the cancellation of the mortgage over YK Shintoku’s property portfolio, YK Shintoku’s portfolio of 27 properties which is valued at approximately JPY 4.3 billion1 (S$65.6 million) will become unencumbered.
Together with the property portfolios of YK Keizan, YK Shingen and GK Chosei, the total value of Saizen REIT’s unencumbered properties will amount to approximately JPY 14.9 billion (S$227.5 million).
After the Repayment, Saizen REIT’s borrowings comprise five loans amounting to approximately JPY 9.0 billion (S$137.4 million), with the nearest loan maturity due in June 2013.
Saizen REIT’s gearing after the Repayment is approximately 24%.

Author's Note
The term "unencumbered" here means that the properties are not currently under any mortgage agreements, or are being used as collateral for loans.

Related Posts

Saizen Reit Divests Alpha Shinonome and Rise Gofuku

- Divestment, REIT Financial News, Saizen Reit

Saizen Reit Divests Alpha Shinonome and Rise Gofuku:

Press Release

Key Points

The manager Saizen REIT wishes to announce the divestments of Alpha Shinonome and Rise Gofuku from the property portfolio of Yugen Kaisha (“YK”) Shintoku.
YK Shintoku has, on 31 May 2011, entered into a sale and purchase agreement for the divestment of Alpha Shinonome (“ASN”) to an independent private investor (the “ASN Buyer”) for a cash consideration of JPY 74,402,500 (S$1.1 million 1 ) (the “ASN Sale Price”). The divestment of ASN was completed on the same day upon the payment of the full amount of the ASN Sale Price by the ASN Buyer.
ASN, located in Hiroshima, was built in December 1984 and comprises 27 residential units. It contributed about 0.2% (or approximately JPY 9.5 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
YK Shintoku has, on 31 May 2011, entered into a sale and purchase agreement for the divestment of Rise Gofuku (“RG”) to an independent private investor (the “RG Buyer”) for a cash consideration of JPY 234,780,942 (S$3.6 million) (the “RG Sale Price”).
The divestment of RG was completed on the same day upon the payment of the full amount of the RG Sale Price by the RG Buyer.
RG, located in Kumamoto, was built in April 2006 and comprises 34 residential units, 1 commercial unit and 2 car parking units. It contributed about 0.6% (or approximately JPY 26.3 million) of Saizen REIT’s annual revenue in the FY2010.
Given the small sizes of ASN and RG 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

Monday, May 30, 2011

MapletreeComm Updated Target Price

- MapletreeComm, Stock Target Price

MapletreeComm Updated Target Price:

Brokerage	Recommendation	Target Price (S$)	Date
DBS Vickers	BUY	1.050	30/05/11

Latest updates at Stock Target Price.

Saturday, May 28, 2011

Perennial China Retail Trust plans to raise S$776.2m from IPO

- Business Trust, IPO, Perennial

Perennial China Retail Trust plans to raise S$776.2m from IPO - Channel NewsAsia

Key Points

Perennial China Retail Trust (PCRT) to raise S$776.2m in IPO.
Units are priced at S$0.70 each.
The business trust will develop retail space in China.
Initial S$1.1 billion property portfolio of five properties in Shenyang, Foshan and Chengdu.
Acquisition of around S$3.0 billion worth of assets in the pipeline.
Projected annualised dividend yield of 5.30% for 2011 and 5.51% for 2012.
PRCT is expected to commence trading on the SGX on 9 June.

Author's Note
The business trust was supposed to list in March but has withdrawn the plan due to adverse market conditions. For this IPO, the unit price is set at the lowest end of the indicative price range from S$0.70 to S$0.76 due to "market volatility" in recent weeks.

PRCT is a property based business trust like Ascendas India Trust. While PRCT is focused on retail properties in China, Ascendas India Trust is focused on industrial properties in India. A business trust has some fundamental differences from a Reit. For more details, you may read an earlier article I have written about the subject matter - All about REIT - REIT, Business Trust, and Shipping Trust.

Some things to consider with regards to this IPO:

The projected yield of 5.3% for 2011 is not that attractive if we compare it to the most of the S-Reits and other business trust. Capita Retail China Trust, a reit that is also focused in the retail sector of China, currently yields about 6.9%, while Ascendas India Trust, another property business trust, currently yields about 6.7%.
The recent IPO performances of Hutchison Port Holdings Trust (HPH Trust) and Mapletree Commercial Trust have been disappointing, with the share price falling below IPO price since their listings.
Mr Market is currently not in a very good mood due to the Greek debt crisis, the end of QE2, etc.
There has been extensive cooling measures being taken in China to tackle inflation and cool the property market. China related property stocks have generally not performed too well, example being Capitaland, which has recently hit its 52 weeks low in share price.
In terms of management it should be in very good hands as the CEO of PCRT, Mr Pua Seck Guan, was formerly the chief executive of the CapitaMall Trust and also the Capitaland retail chief.

Related Posts

Thursday, May 26, 2011

Mapletreelog achieves significant milestone in South Korea

- Acquisition, MapletreeLog, REIT Financial News

Mapletreelog achieves significant milestone in South Korea:

Key Points

Mapletree Logistics Trust Management Ltd. (“MLTM”), as Manager of Mapletree Logistics Trust (“MapletreeLog”), has today signed a Conditional Sale and Purchase Agreement with Korea Port Processing Co. Ltd (“KPPC”) for the acquisition of KPPC Pyeongtaek Centre in Pyeongtaek-si, Gyeonggi-do, South Korea (the “Property”). The Property will be acquired at a purchase price of KRW 75.6 billion (approximately S$85.9 million).
Comprising two blocks of dry goods warehouses with a total gross floor area of about 100,900 sqm, the Property is one of the largest facilities in the Gyeonggi-do province. There is also potential for organic growth as it has yet to maximise its permissible plot ratio, which will yield an additional gross floor area of close to 20,000 sqm. This can be tapped upon to meet additional requirements in the future.
The Property provides an initial net property income yield of 8.6%. The vendor, KPPC, will lease the entire property for a period of 5 years with an annual rental escalation of 3.0%.
The acquisition is expected to be completed by 3Q 2011.
Upon its completion, MapletreeLog’s portfolio will increase to 98 properties and the book value of the total portfolio would be approximately S$3.7 billion.
Given the sizeable acquisition, the contribution of South Korea to the total portfolio’s gross revenue is expected to increase from 2.7% to 5.6%. Consequently, KPPC will be the first Korean customer in MapletreeLog’s list of top ten customers; thus further diversifying its customer base.
MapletreeLog has sufficient financial flexibility and capacity to fund the acquisition. Assuming that the purchase price and other acquisition costs of the Property are fully funded by debt, MapletreeLog’s gearing level will increase to about 41% (after taking into account all acquisitions and divestments announced to date).

Related Posts

Wednesday, May 25, 2011

Asia-Pacific office rental growth eases

TODAYonline | Business | Asia-Pacific office rental growth eases

Singapore industrial space to shine: Cushman

TODAYonline | Business | Singapore industrial space to shine: Cushman

Tuesday, May 24, 2011

Lippo Karawaci acquires interests in LMIRT and trust manager from Mapletree and Lippo for S$197.4 million

- LippoMapleTrust, REIT Financial News

Lippo Karawaci acquires interests in LMIRT and trust manager from Mapletree and Lippo for S$197.4 million - S$2.4 billion of mall assets to be injected into LMIRT over next three years:

Key Points

PT Lippo Karawaci Tbk. ("LPKR"), Indonesia's largest listed property company by total assets, revenues and net profit, will emerge as the largest shareholder of Lippo-Mapletree Indonesia Retail Trust (“LMIRT”) and 100% shareholder of the LMIRT Mgt, following a series of transactions totalling S$197.4 million (equivalent to US$165.5 million).
LPKR, through its wholly-owned subsidiaries, had signed definitive agreements to purchase 97,853,918 units (approximately 9.02%) in LMIRT and 40.0% in Lippo-Mapletree Indonesia Retail Trust Management Limited (“LMIRT Mgt”) from the Mapletree Group entities (“Mapletree”). The purchase agreement for the 9.02% was signed by LPKR subsidiary, Bridgewater International Ltd (“BIL”). It had also contracted to buy over a further 18.22% interest in LMIRT, which is currently held through an affiliate of LPKR.
It had also contracted to buy over a further 18.22% interest in LMIRT, which is currently held through an affiliate of LPKR.
At S$0.56 per Unit, representing a 2.7% premium to the May 20, 2011 closing price of S$0.545 per Unit, the acquisitions for LMIRT add up to S$165.5 million.
In a parallel transaction, another LKPR subsidiary, Peninsula Investment Limited (“PIL”) will be acquiring from Mapletree the remaining 40% interest in LMIRT Mgt for a cash consideration of S$31.9 million. Concurrent completion for these transactions is anticipated and expected in the next 21 business days.
After the conclusion of these transactions, LPKR will effectively own 29.5% interest in LMIRT and 100% of LMIRT Mgt and become LMIRT’s largest shareholder, as well as full ownership in LMIRT Mgt. These transactions will position LPKR as the largest mall owner/manager in Indonesia and among the largest in Southeast Asia.
LKPR plans to carry through its plan to inject S$2.4 billion of mall assets into LMIRT over the next three years.
This acquisition will put LMIRT and LMIRT Mgt fully aligned with LPKR’s Lippo Malls Group, and provide LMIRT with a strong pipeline and the opportunity to grow its asset base to S$4 billion in the next 3 years.

About PT Lippo Karawaci Tbk (“LPKR”) (www.lippokarawaci.co.id)Lippo Karawaci is the largest listed property company in Indonesia by market capitalisation, assets, revenue and net profit, anchored by a large land bank and solid recurring income. It has a highly focused, unique and integrated business model with four core pillars of growth - Residential/Township, Retail Malls, Hospitals, Hotels and Asset Management.

LPKR was initially founded on a vision to impact lives through the development of well-planned sustainable independent townships with green environments and first class physical and social infrastructure. Over more than a decade, LPKR has proven itself as a highly trusted property developer with the most recognisable brand name and owner of the largest diversified landbank and pioneering projects in strategic locations throughout Indonesia.

Through a merger of eight property related companies in 2004, LPKR has expanded its business portfolio to encompass urban development, large scale integrated development, retail malls, healthcare, hotel and leisure, as well as fee-
based income portfolio. Its premier private hospital group is the only one achieving world class standards.

LPKR is listed on the Indonesian Stock Exchange with a market capitalisation of
Rp16.65 trillion or US$1.95 billion.

Author's Note
The above transactions bring to an end the joint venture between MapleTree and Lippo Group in the management of Lippo Maple Retail Trust. The retail property sector in Indonesia is not a key focus market for Mapletree, and it will focus its resources to grow its key markets in Singapore, China, Japan, India and Vietnam.

Saturday, May 21, 2011

Analysts' views on hefty dividend payouts - Channel NewsAsia

A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

- Ascendas Reit, REIT Financial News

A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

SINGAPORE : Mainboard-listed Ascendas REIT (A-REIT) has submitted a S$110 million bid for a business park site at Fusionopolis.

A-REIT said this property, together with its existing properties within the one-north region and the neighbouring Science Park I and II, will enhance its market leadership position in the Business & Science Parks segment.

The trust is planning to develop the business park site into a modern suburban business facility, comprising 60 per cent business park space and 40 per cent office space.

It also hopes to attract tenants in the Infocomm Technology and media industries, as well as R&D activities in Physical Science and Engineering.

A-REIT said the total development cost of the property is not expected to exceed 3.3 per cent of A-REIT's deposited property as at 31 March 2011.

The 6,253 square metre site, with a 60-year land lease tenure and an allowable plot ratio of 4.0 times, is located in the one-north master plan region.

The tender for the site was launched under the Government Industrial Land Sales Programme by the Jurong Town Corporation.

Saturday, May 14, 2011

Saizen Reit Q1 2011 Quarterly Earnings Report

- Earnings Report, Saizen Reit

Saizen Reit Q1 2011 Quarterly Earnings Report:

Financial Statements

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.

Related Posts

Wednesday, May 11, 2011

Plife Updated Target Price following Q1 2011 result release

- Plife, Stock Target Price

Plife Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DMG	NEUTRAL	1.83	06/05/11
DBS Vickers	BUY	1.95	05/05/11
CIMB	OUTPERFORM	1.98	05/05/11

Latest updates at Stock Target Price.

Related Posts

PLife Reit Q1 2011 Quarterly Earnings Report

Saizen divests Studio City from the YK Shingen portfolio

- Divestment, Saizen Reit

Saizen divests Studio City from the YK Shingen portfolio:

Press Release

Key Points

YK Shingen has, on 10 May 2011, entered into a conditional sale and purchase agreement for the divestment of Studio City (“SC”) to an independent private investor (the “SC Buyer”) for a cash consideration of JPY 175,000,000 (S$2.7 million) (the “SC Sale Price”).
SC, located in Sapporo, was built in March 1985 and comprises 51 residential units, 1 commercial unit and 12 car parking units. It contributed about 0.6% (or approximately JPY 26.8 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
Given the small size of SC relative to the entire portfolio of Saizen REIT, the Current Divestment is not expected to have any material impact on the financial position of Saizen REIT.

Related Posts

Thursday, May 5, 2011

LippoMapleTrust Updated Target Price following Q1 2011 result release

- Earnings Report, LippoMapleTrust

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.

Related Posts

LippoMapleTrust Q1 2011 Quarterly Earnings Report

Cambridge Updated Target Price following Q1 2011 result release

- Cambridge, Stock Target Price

Cambridge Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DMG	BUY	0.59	29/04/11

Latest updates at Stock Target Price.

Related Posts

Cambridge Q1 2011 Quarterly Earnings Report

CDL H-Trust Updated Target Price following Q1 2011 result release

- CDL H-Trust, Stock Target Price

CDL H-Trust Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DMG	BUY	2.46	27/04/11
CIMB	NEUTRAL	2.14	27/04/11

Latest updates at Stock Target Price.

Related Posts

CDL H-Trust Q1 2011 Quarterly Earnings Report

Fortune Reit Q1 2011 Quarterly Earnings Report

- Earnings Report, Fortune Reit

Fortune Reit Q1 2011 Quarterly Earnings Report:

Results

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.

Related Posts

PLife Reit Q1 2011 Quarterly Earnings Report

- Earnings Report, Plife

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.

Related Posts

Friday, April 29, 2011

Cambridge Q1 2011 Quarterly Earnings Report

- Cambridge, 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.

Related Posts

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.

Related Posts

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%.

Related Posts

Saizen - Date of Result Release for Q1 2011

- Results Release Date, Saizen Reit

Updated date of Result Release for Q1 2011:
Saizen May 12 (AM)

Latest Update at Results Release.

Thursday, April 28, 2011

Starhill Global Updated Target Price following Q1 2011 result release

- Starhill Global, Stock Target Price

Starhill Global Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DBS Vickers	BUY	0.73	27/04/11
OCBC	BUY	0.70	27/04/11

Latest updates at Stock Target Price.

Related Posts

Starhill Global Q1 2011 Quarterly Earnings Report

MapletreeInd Updated Target Price following Q1 2011 result release

- MapletreeInd, Stock Target Price

MapletreeInd Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DBS Vickers	BUY	1.21	27/04/11
CIMB	OUTPERFORM	1.27	27/04/11

Latest updates at Stock Target Price.

Related Posts

MapletreeInd Q1 2011 Quarterly Earnings Report

CacheLog Updated Target Price following Q1 2011 result release

- Cache Logistics, Stock Target Price

CacheLog Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
CIMB	OUTPERFORM	1.32	27/04/11
DBS	BUY	1.11	27/04/11

Latest updates at Stock Target Price.

Related Posts

CacheLog Q1 2011 Quarterly Earnings Report

Wednesday, April 27, 2011

Starhill Global Q1 2011 Quarterly Earnings Report

- Earnings Report, Starhill Global

Starhill Global Q1 2011 Quarterly Earnings Report:

Press Release

Whitewash

Presentation Slides

Financial Statements

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

- Cache Logistics, Earnings Report

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

- Earnings Report, MapletreeInd

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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