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%.
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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