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Friday, January 28, 2011

Saizen Reit - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
Saizen Reit  FEB 11 (AM)
Latest Update at Results Release.



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Thursday, January 27, 2011

CacheLog Q4 2010 Quarterly Earnings Report

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CacheLog Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 1.938 cents for the reporting quarter.
  • Total Distribution Per Unit (DPU) of 5.588 cents for the period 12 April to 31 December 2010.
  • The Cache portfolio was valued at S$744.0 million as at 31 December 2010 by Knight Frank, representing an increase of 0.4% over the previous valuation of S$741.2 million as at 30 September 2010.
  • The Books will close from 5pm on 8 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 1 Mar 2011.
  • NAV per unit of $0.91 as at 31 December 2010.
  • Gearing of 23.7% as at 31 December 2010.
Author's Note
The DPU for the reporting quarter is 1.938 cents and will be paid on 1 Mar 2011. Books closure is on 8 Feb 2011.

The DPU was 1.94 cent in the previous quarter.

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CDL H-Trust Q4 2010 Quarterly Earnings Report

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CDL H-Trust Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU for the reporting quarter is 2.78 cents after deducting income retained for working capital. Before deducting the retained income the DPU for the period is 2.92 cents.
  • Semi-annual distribution of 5.31 cents per Stapled Security in H-REIT for the period from 1 July 2010 to 31 December 2010.
  • Gross revenue up 33.3% to S$122.3 million for FY2010.
  • Revenue per Available Room (RevPAR) up 28.0% for FY2010 for Singapore Hotels.
  • Income to be distributed per Stapled Security increased by 19% for FY2010.
  • Three quarters of record-high occupancy rates for Singapore Hotels.
  • Poised for growth with strengthened financial position and positive demand drivers .
  • Unitholders can expect to receive DPU of 5.31 cents for the six-month period from 1 July 2010 to 31 December 2010 on 28 Feb 2011. 
  • The book closure date is 7 Feb 2011.
  • NAV per unit of $1.52 as at 31 December 2010.
  • Gearing of 20.4% as at 31 December 2010.
Author's Note
The semi-annual DPU of 5.31 cents and will be paid on 28 Feb 2011. Books closure is on 7 Feb 2011.

The DPU for the reporting quarter is 2.78 cents after deducting income retained for working capital. Note that the reit is paying less than 100% of its distributable income, which is 2.92 cents per unit.

DPU available for distribution for the previous quarter was 2.81 cents. DPU that was to be actually paid out for the previous quarter was 2.54 cents.


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Starhill Global Q4 2010 Quarterly Earnings Report

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Starhill Global Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 1.04 cents for the reporting quarter.
  • Revenue was S$45.6 million, 33.0% higher than that achieved in 4Q 2009. 
  • Net property income was higher at S$36.7 million, representing an increase of 37.0% over 4Q 2009, mainly attributed to the contribution from Starhill Gallery and Lot 10 in Malaysia, and David Jones Building in Australia, which were acquired in 2010.
  • The Books will close from 5pm on 7 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 28 February 2011.
  • NAV per unit of $0.94 as at 31 December 2010.
  • Gearing of 30.2% as at 31 December 2010.
Author's Note
The DPU for the reporting quarter is 1.04 cents and will be paid on 28 February 2011. Books closure is on 7 Feb 2011.

The DPU was 1.00 cent in the previous quarter.

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CRCT Q4 2010 Quarterly Earnings Report

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CRCT Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 2.07 cents for the reporting quarter from 1 Oct to 31 Dec 2010.
  • Unitholders can expect to receive DPU of 4.15 cents for the six-month period from 1 July 2010 to 31 December 2010 on 25 March 2011. 
  • The book closure date is 10 March 2011.
  • NAV per unit of $1.28 as at 31 December 2010.
  • Gearing of 30.6% as at 31 December 2010.
Author's Note
The semi-annual DPU of 4.15 cents and will be paid on 25 Mar 2011. Books closure is on 10 Mar 2011. DPU for the reporting quarter is 2.07 cents.

The DPU was 2.08 cents in the previous quarter.

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FrasersComm Q4 2010 Quarterly Earnings Report

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FrasersComm Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 0.25 cents for the reporting quarter.
  • After accounting for distribution to Series A Convertible Perpetual Preferred Units (“CPPU”) holders of S$4.7 million, amount available for distribution to Unitholders is S$7.9 million, an increase of 6.7% from a year earlier. 
  • There is no distribution payment this quarter as FCOT distributes semi-annually.
  • Gross revenue was S$29.0 million, 2.3% lower as compared to a year ago. This was mainly due to lower contribution from Cosmo Plaza as a result of the expiry of a significant tenancy in August 2010. 
  • Correspondingly, net property income was 2.4% lower at S$22.9 million. 
  • FCOT successfully completed the divestment of Cosmo Plaza on 18 January 2011. If the financial results for Cosmo Plaza were to be excluded, the net property income for the financial quarter would be comparable to that of last year on the same basis.
  • NAV per unit of $0.27 as at 31 December 2010.
  • Gearing of 39.8% as at 31 December 2010. This will drop to 38% after sale of Cosmo Plaza.
Author's Note
The DPU for the reporting quarter is 0.25 cents. There is no distribution payment this quarter as FrasersComm distributes semi-annually.

The DPU was 0.31 cents in the previous quarter.

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Fortune Reit Q4 2010 Quarterly Earnings Report

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Fortune Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • Distribution of 12.08 Hong Kong cents per unit for the period of 1 July 2010 to 31 December 2010.
  • DPU for the reporting quarter is 6.32 HK cents.
  • Fortune REIT’s gearing ratio and aggregate leverage was lowered to 21.0% as at 31 December 2010 (31 December 2009: 23.7%). The decrease was due to a rise in valuation of investment properties.
  • NAV per unit of HK$6.18 as at 31 Dec 2010.
  • The Books will close from 5pm on 10 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 1 Mar 2011.
Author's Note
The semi-annual DPU of 12.08 HK cents will be paid on 1 Mar 2011. Book closure is on 10 Feb 2011. DPU for the reporting quarter is 6.32 HK cents.

The DPU was 5.76 HK cents in the previous quarter.

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AIMSAMPI Reit Q4 2010 Quarterly Earnings Report

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AIMSAMPI Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • Stable DPU performance: 0.51 cents for the quarter.
  • Strong increase in gross revenue of 56.0% y-o-y, 16.6% q-o-q.
  • Net property income increased by 47.1% y-o-y, 20.7% q-o-q.
  • Well supported rights issue was 1.3 times subscribed, raising gross proceeds of S$79.6 million.
  • Portfolio grew from S$640.1 million to S$803.9 million with the acquisition of 27 Penjuru Lane.
  • Refinanced the S$175.0 million facility at an improved interest margin of 2.16% compared to 3.5% previously. Average debt maturity increased to 3.7 years. 
  • Sale of 23 Changi South Avenue 2 for S$16.7 million, 3.1% above book value.
  • The Books will close from 5pm on 2 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on  15 Mar 2011.
  • NAV per unit of $0.27 as at 31 December 2010.
  • Aggregate leverage of 34% as at 31 December 2010.Following completion of the sale of 23 Changi South Ave 2, aggregate leverage will be circa 32.7%.
Author's Note
The DPU for the reporting quarter is 0.51 cents and will be paid on 15 Mar 2011. Books closure is on 2 Feb 2011.

The DPU was 0.3968 cents in the previous quarter.

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MapletreeInd Q4 2010 Quarterly Earnings Report

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MapletreeInd Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 1.52 cents higher than forecast by 13.4% for the period from Listing Date of 21 October 2010 to 31 December 2010.
  • Healthy average occupancy rate of 92.3% and average passing rental rate of $1.45 per square feet per month for Third Quarter Financial Year 2010.
  • Unitholders can expect to receive their quarterly DPU for the period 21 October to 31 December 2010 on Monday, 28 February 2011. 
  • The closure of MIT’s transfer books and register of unitholders is 5.00pm on Tuesday, 1 February 2011
  • NAV per unit of $0.87 as at 31 December 2010.
Author's Note
The DPU of 1.52 cents from the period from Listing Date of 21 October 2010 to 31 December 2010 will be paid on 28 February 2011. Books closure is on 1 Feb 2011.

This is the first distribution by Mapletree Industrial Trust since its listing on 21 Oct 2010.

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Monday, January 24, 2011

FrasersCT Q4 2010 Quarterly Earnings Report

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FrasersCT Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 1.95 cents for the reporting quarter from 1 Oct to 31 Dec 2010.
  • Gross revenue for the quarter grew 19% y-on-y to $27.6 million, aided by the accretive acquisitions of Northpoint 2 and YewTee Point. Net property income for the quarter similarly rose 17% y-on-y to $18.6 million, even though Causeway Point income was affected by planned refurbishment  works.
  • Portfolio occupancy level stands at 92% as at 31 December 2010, as Causeway Point occupancy dipped to 86%. The other malls in the portfolio continue to maintain close to full occupancy.
  • In November 2010, FCT signed an agreement with DBS Bank, OCBC Bank and Standard Chartered Bank for a $264 million secured five-year loan facility. FCT intends to use the facility to pay down a $260 million debt expiring in July 2011.
  • The Books will close from 5pm on 1 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 28 February 2011.
  • NAV per unit of $1.28 as at 31 December 2010.
  • Gearing of 30.6% as at 31 December 2010.
Author's Note
The DPU for the reporting quarter is 1.95 cents and will be paid on 28 February 2011. Books closure is on 1 Feb 2011.

The DPU was 2.16 cents in the previous quarter.

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Plife Reit Q4 2010 Quarterly Earnings Report

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PLife Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 2.38 cents for the reporting quarter.
  • For 4Q 2010, PLife REIT registered a 21.1% increase in gross revenue from S$17.7 million in the previous corresponding period (“4Q 2009”) to S$21.5 million. This was primarily due to the full quarter revenue contribution amounting to S$0.9 million from the eight Japan nursing home properties acquired in November 2009, and recognition of revenue contribution amounting to S$2.5 million from the 11 Japan nursing home properties acquired in June and July 2010.
  • Acquisition of yield-accretive nursing home in Japan. The Property, named “Fukufuku-kan”, will be acquired at a purchase price of JPY564 million (approximately S$8.9 million) from KK Sawayaka Club, the largest private nursing home operator in Kyushu Island.The acquisition is expected to be completed by 31 January 2011, and will be fully funded by a long-term unsecured committed term loan facility due in June 2015.
  • The Books will close from 5pm on 1 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 28 February 2011.
  • Gearing of 34.6% as at 31 December 2010.
Author's Note
The DPU for the reporting quarter is 2.38 cents and will be paid on 28 February 2011. Books closure is on 1Feb 2011.

The DPU was 2.25 cents in the previous quarter.

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Saturday, January 22, 2011

SUNTEC Reit Q4 2010 Quarterly Earnings Report

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SUNTEC Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • The distribution per unit for 4Q FY10 amounted to 2.316 Singapore cents, which comprises an advanced distribution of 1.723 cents for the period from 1 October 2010 to 8 December 2010 paid on 5 January 2011, and 0.593 cents for the period from 9 December 2010 to 31 December 2010 payable on 28 February 2011.
  • With the completion of the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, Suntec REIT’s assets under management have grown to approximately S$7.0 billion with a market capitalisation of approximately S$3.3 billion.
  • The committed occupancy of Suntec City office as at 31 December 2010 improved further to 99.1% compared to last quarter. Park Mall office achieved full occupancy as at 31 December 2010. The committed occupancy of Suntec City Mall stood at 97.9% as at 31 December 2010, whilst the Park Mall and Chijmes achieved committed occupancy of 100% and 99.5% respectively.
  • For the jointly-controlled entities, One Raffles Quay achieved full committed occupancy, whilst the committed occupancy for the MBFC Properties stood at 96.5% as at 31 December 2010. Taking this into account, the overall committed occupancy for Suntec REIT’s office and retail portfolio strengthened to 98.8% and 98.0% respectively as at 31 December 2010.
  • The Books will close from 5pm on 31 January 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 28 February 2011.
  • Suntec REIT’s Aggregate Leverage Ratio as at 31 December 2010 was 40.4%.
Author's Note
The DPU for the reporting quarter is 2.316 cents. There was already an advanced distribution of 1.723 cents for the period from 1 October 2010 to 8 December 2010 paid on 5 January 2011.The balance of 0.593 cents for the period from 9 December 2010 to 31 December 2010 will be paid on 28 February 2011. Books closure is on 31 Jan 2011.

The DPU was 2.502 cents in the previous quarter.

The DPU of 2.316 cents for the reporting quarter is considerably lower than the DPU of 2.502 cents in the previous quarter due to the issue of new units for the private placement exercise during the last quarter of 2010. The purpose of the private placement exercise was to raise funds for the acqusition of one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall, which was completed on 9 Dec 2010.

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First Reit Q4 2010 Quarterly Earnings Report

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First Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • Number of units in issue has more than doubled to 622,195,888 with the listing of the new rights units on 31 December 2010.
  • Adjusted DPU (excluding the new rights units issued on 31 December 2010) is 1.96 cents, up 2%.
  • Including the new rights units, First REIT’s total number of units in issue has more than doubled to 622,195,888, resulting in a DPU of 0.87 cents in 4Q 2010.
  • Newly acquired MRCCC and SHLC expected to raise distributable income by 89% to S$40.3 million in Projection Year 2011.
  • Market capitalisation almost doubled to S$438.6 million as at 31 December 2010, from S$224.5 million a year ago.
  • The Books will close from 5pm on 31 January 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
  • The distribution will be paid on 28 February 2011.
  • The ex-dividend date will be on 27 January 2011 at 9.00am.
  • Net asset value per unit at 77.00¢as at 31 Dec 2010 (based on enlarged share base a result of rights issue).
  • Projected gearing of 17.25% for the year 2011.
Author's Note
The quarterly DPU of 0.87 cents will be paid on 28 Feb 2011. Book closure is on 27 Jan 2011.

The DPU was 1.94 cents in the previous quarter.

Note that the DPU for the reporting quarter is significantly lower than the previous quarter because of the rights issue exercise that more than double the number of units in issue. The acquistion of the 2 new Jakarta hospitals were only completed at the end of the quarter on 31 Dec 2010, thus their earnings have not really contributed to the DPU for the reporting quarter. The DPU is expected to return to around the pre rights issue period for the next quarterly distribution when earnings from the 2 new hospitals kick in.

Following is the projection of the DPU for 2011 from the presentation slides:
  • Projected distribution per unit (DPU) stands at 6.4 cents
  • Projected distribution yield for 2011 at 9.14%, based on a theoretical ex-rights price of S$0.70 (as per the Circular to unitholdersdated 10 November 2010)
  • Based on the projected DPU of 6.4 cents and the closing price of S$0.765 as at 19 January 2011, the yield is 8.37%.
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Friday, January 21, 2011

Ascott Reit Q4 2010 Quarterly Earnings Report

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Ascott Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • Distribution per unit (DPU) for the period is 2.16 cents.
  • Ascott Reit’s revenue for 4Q 2010 increased by S$26.7 million to S$72.8 million, an increase of 58% compared to 4Q 2009. 
  • Gross profit was S$39.3 million, 80% higher than 4Q 2009. 
  • The increase in revenue and gross profit were mainly due to the contribution of S$30.3 million and S$19.2 million respectively from the 28 properties acquired by Ascott Reit on 1 October 2010, partially offset by the decrease in revenue and gross profit of S$4.6 million and S$1.6 million respectively from the divestment of Ascott Beijing and Country Woods Jakarta.
  • On 13 September 2010, ARTML launched an equity fund raising by way of a private placement and non-renounceable preferential offering. In order to ensure fairness to holders of Ascott Reit units prior to the issuance of the private placement new units, ARTML declared, in lieu of the scheduled distribution, an advanced distribution of the distributable income for the period from 1 July 2010 up to 21 September 2010, the day immediately prior to the date on which the private placement new units were issued. 
  • The advanced distribution of 1.74 cent per unit was paid on 19 November 2010. The next distribution therefore will comprise the distributable income from 22 September 2010 to 31 December 2010. Semi-annual distributions will resume thereafter.
  • DPU for the period from 22 September 2010 to 31 December 2010 is 2.27 cents.
  • Book Closure Date is on 31 January 2011.
  • Payment Date is on 28 February 2011.
  • Gearing of 40.3% as at 31 December 2010.
Author's Note
The DPU for the period from 1 Oct 2010 to 31 Dec 2010 is 2.16 cents. The actual distribution for this round will be 2.27 cents as it will include DPU for the period from 22 Sep 2010 to 30 Sep 2010. DPU of 2.27 cents will be paid on 28 Feb 2011. Book closure is on 31 Jan 2011.

The DPU was 1.85 cents in the previous quarter.

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MapletreeLog Q4 2010 Quarterly Earnings Report

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MapletreeLog Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 1.31 cents for the for the period 15 Oct 2010 to 31 Dec 2010.
  • As at 31 December 2010, MapletreeLog had a portfolio of 96 properties. The 96 properties include 54 in Singapore, 14 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 90% of MapletreeLog’s NPI
  • During the year, MapletreeLog completed 14 acquisitions in Singapore, Japan, South Korea and Vietnam. These acquisitions are yield accretive with NPI yields ranging from 7% to 10%. With these acquisitions, MapletreeLog’s total portfolio book value increased by close to 19% to approximately S$3.5 billion.
  • As at 31 December 2010, MapletreeLog’s borrowings increased to S$1,354 million versus S$1,093 million last year in view of the acquisitions completed in 2010. 
  • Following the deployment of the Equity Fund Raising proceeds, MapletreeLog’s aggregate leverage ratio declined to just below 38% from last quarter.
  • On 29 November 2010, MapletreeLog paid a Cumulative Distribution of 1.78 cents in connection with the equity fund raising exercise (as announced on 21 September 2010). The Cumulative Distribution comprised of:
    • 1.54 cents per unit for the period 1 July 2010 to 30 September 2010 and
    • 0.24 cents per unit for the period 1 October 2010 to 14 October 2010.
  • MapletreeLog will pay a distribution of 1.31 cents per unit on 28 February 2011 for the period 15 October 2010 to 31 December 2010.
Author's Note
The DPU of 1.31 cents will be paid on 28 Feb 2011. Book closure is on 28 Jan 2011.

Note that the DPU of 1.31 is not for a full quarter, but for the period 15 Oct 2010 to 31 Dec 2010. There has already been an advanced distribution of 0.24 cents per unit earlier on for the period from 1 Oct 2010 to 14 Oct 2010 due to the equity fund raising exercise (as announced on 21 September 2010).

The DPU was 1.54 cents in the previous quarter.

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K-Reit Q4 2010 Quarterly Earnings Report

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K-Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • DPU of 1.71 cents for the reporting quarter.
  • Unitholders can look forward to a DPU of 3.38 cents for 2H 2010 which will be paid on 25 February 2011.
  • Portfolio occupancy rate stood at 97.0% as at end 4Q 2010 compared with 99.2% as at the end of 3Q 2010. The decline in average occupancy was due mainly to the inclusion of 77 King Street office tower and MBFC Phase 1 which were 76.7% and 96.6% occupied respectively as at 31 December 2010. Both assets are newly completed, and are in the process of being leased.
  • To finance the recent acquisition of MBFC Phase 1, the Manager raised total borrowings to $1.3 billion as at 31 December 2010 or an aggregate leverage of 37.0%.
Author's Note
The semi-annual DPU of 3.38 cents will be paid on 25 Feb 2011. Book closure is on 28 Jan 2011. DPU for the current quarter is 1.71 cents.

The DPU was 1.69 cents in the previous quarter.

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MapletreeInd, First Reit, LMIR - Updated Target Price following Q4 2010 result release

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MapletreeInd, First Reit, LMIR - Updated Target Price following Q4 2010 result release:

REIT Brokerage Recommendation Target Price (S$) Date
First Reit OCBC BUY 0.820 18/02/11
LippoMapleTrust OCBC BUY 0.590 17/02/11
MapleTreeInd CIMB OUTPERFORM 1.240 18/02/11

Latest updates at Stock Target Price.

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CCT - Updated Target Price following Q4 2010 result release

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CCT - Updated Target Price following Q4 2010 result release

REIT Recommendation Target Price (S$) Date
CIMB UNDERPERFORM 1.38 20/01/11
DBS HOLD 1.57 20/01/11
DMG NEUTRAL 1.6 18/01/11
OCBC BUY 1.61 18/01/11
Kim Eng HOLD 1.25 18/01/11

Latest updates at Stock Target Price.

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Thursday, January 20, 2011

CMT Q4 2010 Quarterly Earnings Report

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CMT Q4 2010 Quarterly Earnings Report:
Key Points
  • Fourth Quarter 2010 DPU of 2.361 cents.
  • Unitholders can expect to receive their 4Q 2010 distribution of 2.361 cents per unit on 28 February 2011.
  • This translates to an annualised distribution yield of 4.93% based on CMT’s closing price of S$1.90 per unit on 19 January 2011. 
  • The Books Closure Date is on 28 January 2011.
  • Gross revenue for 4Q 2010 increased by 8.0% to S$151.3 million, compared to that for Fourth Quarter 2009 (“4Q 2009”).
  • For 4Q 2010, NPI grew by 5.7% year-on-year. 
  • Renewal rental rates for CMT’s portfolio increased by 6.5% over preceding rental rates, compared to the 2.3% growth attained in 2009. 
  • CMT continued to enjoy strong portfolio occupancy of 99.3% as at 31 December 2010, maintaining its consistently strong occupancy track record since listing in 2002.
  • Repurchased S$100.0 million of convertible bonds in October 2010, reducing CMT’s outstanding amount of convertible bonds to S$550.0 million.
  • CMT’s debt profile remains healthy with gearing of 35.9% and average borrowing costs of 3.7% as at 31 December 2010. 
  • Interest cover of 3.6 times is also in the healthy range.
Author's Note
The quarterly DPU of 2.361 cents will be paid on 28 Feb 2011. Book closure is on 28 Jan 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 9 February 2011, after the closure of the Transfer Books and Register of Unitholders.

The DPU was 2.36 cents in the previous quarter.

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Wednesday, January 19, 2011

CCT Q4 2010 Quarterly Earnings Report

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CCT Q4 2010 Quarterly Earnings Report:
Key Points
  • For the financial period 1 October 2010 to 31 December 2010 (4Q 2010), a distributable income of S$54.7 million was achieved. 
  • 4Q 2010 estimated DPU of 1.94 cents is 3.2% above 4Q 2009 DPU of 1.88 cents.
  • The estimated DPU for financial period 1 July 2010 to 31 December 2010 (2H 2010) is 3.93 cents, which is 5.4% above the same period last year. 
  • The books closure date is on Friday, 28 January 2011.
  • Unitholders can expect to receive this payout on Monday, 28 February 2011. 
  • Based on the closing price of S$1.51 per unit on 18 January 2011, CCT’s distribution yield is 5.2%.
  • An independent valuation records the value of the Trust’s investment properties to be S$5,475.4 million as at 31 December 2010. This translates to a S$227.8 million net fair value gain. 
  • The total asset size of the Trust as at end-December 2010 is S$6.2 billion. 
  • The net asset value per unit after adjusting for the 2H 2010 distributable income to unitholders, is S$1.47.
  • Gearing ratio has reduced to 28.6% from 31.5%.
  • The portfolio’s occupancy rate is now 99.3% and our Grade A offices are fully occupied, better than the market average occupancy rates of 95.3% and 97.3% respectively for the overall and Grade A office buildings in Singapore’s core Central Business District.
  • The Trust has internal resources and debt capacity to seize investment opportunities of up to S$1.6 billion without exceeding the gearing of 40%. 
Author's Note
The semi-annual DPU of 3.93 cents will be paid on 28 Feb 2011. Book closure is on 28 Jan 2011. DPU for the current quarter is 1.94 cents.

Note that the above estimated Distribution per Unit is computed on the basis that none of the Convertible Bonds is converted into Units on or prior to the Books Closure Date. Accordingly, the actual quantum of the Distribution per Unit may differ from the above estimated Distribution per Unit if any of the Convertible Bonds is converted into Units on or prior to the Books Closure Date. The actual quantum of the Distribution per Unit will be announced on Friday, 28 January 2011, after the closure of the Transfer Books and Register of Unitholders of CCT.

The DPU was 1.99 cents in the previous quarter.

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FrasersComm Divests Cosmo Plaza in Osaka Japan

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FrasersComm Divests Cosmo Plaza in Osaka Japan:
Key Points
  • Share transfer agreement with Ippan Shadan Hojin Future Flight (“Future Flight”) for the sale of 2 common shares (tokutei shusshi) in Frasers Commercial Osaka No.1 TMK (the “Osaka TMK”), which constitute 100.0% of the issued and outstanding common shares in Osaka TMK, and 2 shares (kabu) in Frasers Commercial Master Lessee KK (“Osaka MLKK”), which constitute 100.0% of the issued and outstanding shares in Osaka MLKK, for an aggregate consideration of JPY2 (less than S$1 ).
  • Agreement with Credit Suisse Principal Investments Ltd. (“CS Principal”) for the sale of an aggregate of 65,964 preference shares (yuusen shusshi) in Osaka TMK, which constitute 100.0% of the issued and outstanding preference shares in Osaka TMK, for an aggregate consideration of JPY2 (less than S$1 ).
  • The net asset value of Osaka TMK and Osaka MLKK as at 30 September 2010 was negative JPY468.7 million (S$7.34 million ).
  • The Divestment will result in a gain of JPY468.7 million (S$7.28 million).
  • Upon the completion of the Divestment, FCOT and its relevant subsidiaries will have no further interest in Cosmo Plaza, the Osaka TMK and the Osaka MLKK.
  • The Divestment would result in a reduction in FCOT’s aggregate leverage from 39.6% to 37.6% based on the audited financial statements of FCOT as at 30 September 2010. 
  • Occupancy rate for FCOT’s portfolio as at 30 September 2010 would have improved from 90.8% to 96.5% assuming the Divestment had been completed on 30 September 2010.
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Tuesday, January 18, 2011

FrasersComm, FrasersCT - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
FrasersCT   JAN 24
FrasersComm  JAN 26

Latest Update at Results Release.



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Cambridge's 3 properties affected by land acquisition

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NOTICE OF COMPULSORY LAND ACQUISITION AFFECTING
3 OF CIT’S 43 PROPERTIES:
Key Points
  • CIT has received a formal notice from Singapore Land Authority (“SLA”) on 11 January 2011 with regard to the compulsory acquisition of land on Tuas Road, Pioneer Road, Tuas West Road, Tuas West Drive and Tuas South Avenue 3 for the construction of Tuas West Mass Rapid Transit (“MRT”) extension and road works along the Pan Island Expressway, Tuas Road,  Pioneer Road, Tuas West Road, Tuas West Drive and Tuas South Avenue 3.
  • Based on the Company’s initial assessment, three of CIT’s 43 properties will be affected to varying degrees by this land acquisition:
    1. 30 Tuas Road (Lot No 1289X pt Mukim 7)
    2. 120 Pioneer Road (Lot No 3237M pt Mukim 7); and
    3. 1 Tuas Avenue 3 (Lot 1422X Mukim 7)
  • All or part of the land where these properties are situated will be possessed by the Government by January 2013.
  • The relevant authorities will be arranging for their representatives to discuss the details of the compulsory land acquisition with the Company, including details of compensation. 
  • The Company will continue to assess the situation and will issue further announcements when it has more information.


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Monday, January 17, 2011

A-Reit Q4 2010 Quarterly Earnings Report

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A-Reit Q4 2010 Quarterly Earnings Report:
Key Points
  • Net Property and related finance lease interest income increased 3.3% year-on-year to S$84.1 million
  • Distribution Per Unit (DPU) grew by 0.6% year-on-year to 3.29 cents for the reporting quarter.
  • Occupancy for the entire portfolio and for the multi-tenanted properties improved over prior quarter to 95.6% and 91.1% respectively.
  • Commenced 11th development project, a built-to-suit logistics facility worth about S$35.9 million.
  • Completed Phase 2 of Plot 8 Changi Business Park within budget and on  schedule, achieving a revaluation gain of approximately 123.1% (S$42.9 million) over total development cost.
  • As at 31 December 2010, A-REIT’s aggregate leverage was 34.7%. 
  • Weighted average cost of funding has improved marginally to 3.84%. It has an average term of debt maturity of 3.1 years.
  • The  Transfer  Books  and  Register  of  Unitholders will be closed at 5.00 pm on 25 Jan 2011 for the purpose of determining unitholders’ entitlements to distribution.  
  • The distribution that will be paid on 28 Feb 2011. 
Author's Note
The DPU of 3.29 cents will be paid on 28 Feb 2010.

Note that the DPU is computed on the basis that none of the S$300m convertible collateral loan due February 2017 is converted into A-REIT Units on or before the book closure date. Accordingly, the actual quantum of DPU may differ if any portion of the convertible collateral loan is converted into Units on or prior to the book closure date.

The DPU was 3.30 cents in the previous quarter.
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More REITs to make debut on S'pore Exchange

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More REITs to make debut on S'pore Exchange:

Source

At least seven real estate investment trusts (REITs) that could raise around $4 billion are expected to make their debut on the Singapore Exchange this year.

Analysts expect further upside for REITs and said more of them will likely ride the momentum and issues as big as last year's two mega-IPOs could be in the pipeline.

One of these is the Mapletree Commercial Trust to be launched sometime in late March or early April, which could raise over $1 billion and will have an asset portfolio of about $2.5 billion, said Mr George Lee, executive vice-president, Group Investment Banking at OCBC Bank.

>> Read More

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Saturday, January 15, 2011

SUNTEC, CacheLog - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
SUNTEC  JAN 21
CacheLog  JAN 27

Latest Update at Results Release.


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Wednesday, January 12, 2011

Fortune Reit, CDL H-Trust - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
Fortune Reit  JAN 25
CDL H-Trust  JAN 26

Latest Update at Results Release.



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Ascott, FCT, Starhill, First Reit, Suntec, Plife, CDL H-Trust - Updated Target Price

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Updated Target Price:

REIT Brokerage Recommendation Target Price (S$) Date
AscottReit DBS Vickers BUY 1.380 07/01/11
FrasersCT OCBC HOLD 1.580 11/01/11
Starhill Gbl Kim Eng BUY 0.800 11/01/11
First Reit OCBC BUY 0.840 07/01/11
Suntec OCBC HOLD 1.550 06/01/11
PLife CIMB OUTPERFORM 1.960 05/01/11
CDL H-Trust Phillip Securities BUY 2.380 05/01/11

Latest updates at Stock Target Price.

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CRCT, Starhill - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
Starhill  JAN 26 (AM)
CRCT  JAN 26 (AM)

Latest Update at Results Release.



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Monday, January 10, 2011

A-Reit, Ascott Reit, AIMSAMPI Reit - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
A-Reit  JAN 17
Ascott Reit  JAN 21 (AM)
AIMSAMPI Reit JAN 25

Latest Update at Results Release.



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MapletreeInd - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
MapltreeInd  JAN 25

Latest Update at Results Release.



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Wednesday, January 5, 2011

CMT - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
CMT   JAN 20 (AM) 

Latest Update at Results Release.



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Tuesday, January 4, 2011

Former CapitaMall Trust CEO Plans S$1 Billion Singapore IPO Via REIT

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Former CapitaMall Trust CEO Plans S$1 Billion Singapore IPO Via REIT:

CapitaMall Trust's (C38U.SG) former chief executive, Pua Seck Guan, is planning to raise about S$1 billion in an initial public offering through a real estate investment trust in Singapore, a person familiar with the situation said Tuesday. 
 



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K-Reit, Plife, CCT, MapletreeLog - Date of Result Release for Q4 2010

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Updated date of Result Release for Q4 2010:
K-Reit   JAN 20  
Plife   JAN 24
CCT JAN 19 (AM)
MapletreeLog JAN 20

Latest Update at Results Release.

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Saturday, January 1, 2011

First REIT completes acquisition of two Jakarta hospitals

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First REIT completes acquisition of two Jakarta hospitals:
Key Points
  • First Reit has completed the acquisition of two new healthcare properties in Indonesia – Mochtar Riady Comprehensive Cancer Centre (“MRCCC”) on 30 December 2010 and Siloam Hospitals Lippo Cikarang (“SHLC”) on 31 December 2010 (collectively, the “Acquisitions”).
  • With the completion of the Acquisitions, First REIT’s portfolio has been enlarged and comprises 10 assets located in Indonesia and Singapore, valued in aggregate at approximately S$612.8 million as at 31 December 2010.
  • Aims to achieve a portfolio size of S$1 billion in the next two to three years.
  • First REIT‟s sponsor, Lippo Karawaci, Indonesia's largest listed property company by total assets, revenue and net profit, will be the master tenant of both the properties after completion.
  • The conditional master lease agreements entered into with Lippo Karawaci in relation to MRCCC and SHLC on 8 November 2010 are for a 15 year lease term, with an option to renew for a further term of 15 years, subject to the renewal of the Properties‟ HGB titles.
  • On 13 December 2010, the National Land Office of Indonesia extended MRCCC‟s HGB title (which was scheduled to expire on 27 August 2015) for a period of 20 years.
  • Based on projection year 2011, the gearing level will stand at about 17%, which is significantly lower than the regulatory limit of 35%, allowing sufficient headroom for future accretive acquisitions.
  • Based on projection year 2011, our gearing level will stand at about 17%, which is significantly lower than the regulatory limit of 35%, giving us sufficient headroom for future accretive acquisitions.
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