First Reit - Updated Target Price following divestment announcement

First Reit - Updated Target Price following divestment announcement:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
First Reit	OCBC	BUY	0.800	28/02/11

Latest updates at Stock Target Price.

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• First Reit to divest Adam Road Hospital

CAPITAMALL TRUST TO ACQUIRE ILUMA FOR S$295 MILLION

CAPITAMALL TRUST TO ACQUIRE ILUMA FOR S$295 MILLION:

• Press Release
• Announcement
• Presentation Slides

Key Points

• CMT has entered into a sale and purchase agreement to acquire Iluma for S$295 million from Jack Investment Pte Ltd.
• Iluma is a new shopping mall in Singapore located at Victoria Street opposite the popular Bugis Junction, one of CMT’s existing properties. The mall has a net lettable area (“NLA”) of 185,190 square feet (“sq ft”) and is connected by an overhead link-bridge to the second storey of Bugis Junction.
• The Manager intends to wholly finance the Acquisition through internal sources of funds.
• Following the Acquisition, CMT’s aggregate leverage will remain unchanged at 38.2%

Related Posts

• CMT Q4 2010 Quarterly Earnings Report 
• REIT Financial News - 9 FEB 2010: CMT to acquire Clarke Quay from CapitaMalls Asia for S$268 million

First Reit to divest Adam Road Hospital

SALE OF ADAM ROAD HOSPITAL, NO 19 ADAM ROAD SINGAPORE 289891:

• Press Release

Key Points

• First REIT has on 23 February 2011 entered into a sale and purchase agreement with Fortis Healthcare Singapore Pte. Limited (the “Purchaser”) and Fortis Global Healthcare Holdings Pte. Ltd. (the “Guarantor”) for the sale of Adam Road Hospital located at No 19 Adam Road Singapore 289891 to the Purchaser for a sale consideration of S$33.0 million.
• Adam Road Investment Property’s fair value was S$28.2 million as at 28 December 2010.

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• First REIT completes acquisition of two Jakarta hospitals

CMT - Updated Target Price following retail bond issue

CMT - Updated Target Price following retail bond issue:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
CMT	OCBC	BUY	1.98	22/02/11

Latest updates at Stock Target Price.

AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value

AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value:

• Press Release

Key Points

• Sale price: JPY1.49 billion (SGD22.81 million).
• Book value as at 31 December 2010: JPY1.46 billion (SGD22.35 million).
• Sale expected to complete in March 2011.
• Net sale proceeds after JPY debt repayment available for future investment opportunities.
• Aggregate leverage reduced from 33.6% to approximately 32.0% following completion of the sale Continued execution of Manager’s strategy for the Trust.

Related Posts

• AIMSAMPI Reit Sale of 23 Changi South Avenue 2 - 3 NOV 2010

Saizen Reit Q4 2010 Quarterly Earnings Report:

Saizen Reit Q4 2010 Quarterly Earnings Report:

• Financial Statements

Key Points

• Distribution of 0.52 Singapore cents per Unit for the six-month financial period ended 31 December 2010.
• While property operations remained stable, revenue and income decreased year-on-year and quarter-on-quarter for the second quarter ended 31 December 2010 (“2Q FY2011”), due mainly to the sale of a total of 12 properties between September 2010 and November 2010.
• The average occupancy rate was 90.8% in 2Q FY2011, as compared to 91.0% in the second quarter ended 31 December 2009 (“2Q FY2010”) and 90.9% in the previous quarter ended 30 September 2010.
• YK Shintoku’s loan issue continues to be addressed. YK Shintoku divested seven properties in 2Q FY2011, at a weighted average discount of about 4% to valuation.
• The Books will close from 5pm on 21 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• Distribution is to be paid on 8 March 2011. 
• NAV per unit of $0.36 as at 31 December 2010.

Author's Note
The DPU for the reporting quarter is 0.52 cents. It will be paid on 8 March 2011, with the Books closure on 21 Feb 2011.

The previous distribution had been 0.26 cents per Unit for the financial year ended 30 June 2010. The distribution was much lower previously as it was actually distributable cash accumulated over two months (May 2010 and June 2010).

Related Posts

• Results Release 
• DPU Information Page 
• Saizen Reit Q3 2010 Quarterly Earnings Report

LippoMapleTrust Q4 2010 Quarterly Earnings Report

LippoMapleTrust Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Distributable income per unit (“DPU”) for 4Q 2010 of 1.11 cents equates to an annualized yield of 8.4% at closing unit price of 53 cents on 31 December 2010.
• Net Property Income of S$85.3 million for FY 2010 is 13.5% above FY 2009.
• Aggregate leverage as at 31 December 2010 was 10.3%, with total borrowings stable at S$125.0 million.
• Portfolio revaluation representing a 2.5% increase in LMIR Trust’s property asset portfolio value to S$1.082 billion, which is reflective of the enhanced economic conditions and higher consumer confidence in Indonesia.
• The Books will close from 5pm on 24 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• Distribution is to be paid on 16 March 2011. 
• NAV per unit of $0.83 as at 31 December 2010.

Author's Note
The DPU for the reporting quarter is 1.1 cents. It will be paid on 16 March 2011, with the Books closure on 24 Feb 2011.

The DPU was 1.09 cent in the previous quarter.

Related Posts

• Results Release 
• DPU Information Page 
• LippoMapleTrust Q3 2010 Quarterly Earnings Report

AIMSAMPI Reit - Acquisition of 29 Woodlands Industrial Park E1 and Launch of Private Placement

Acquisition of 29 Woodlands Industrial Park E1 and Launch of Private Placement:

• Press Release

Key Points

• Acquisition of a property located at 29 Woodlands Industrial Park E1, Singapore 757716 at the purchase consideration of S$72.0 million.
• Private placement of 219,989,907 new units to institutional and other investors at an issue price of between S$0.1976 (the “Minimum Issue Price”) and S$0.2041 per New Unit (the “Issue Price Range”) pursuant to Section 302C of the Securities and Futures Act (Cap. 289) to raise gross proceeds of between S$43.5 million and S$44.9 million (the “Private Placement”). Based on the Issue Price Range,
  the net proceeds from the Private Placement will range from approximately S$42.0 million to S$43.4 million, after deducting for the underwriting, selling and management fee as well as other estimated fees and expenses (including professional fees and expenses) incurred in connection with the Private Placement.
• In connection with the Acquisition, the Trustee has on 11 February 2011 accepted a commitment letter from Standard Chartered Bank (“SCB”) for new loan facilities in an aggregate amount of up to S$45.0 million, comprising a three-year secured term loan facility and a one-year revolving credit facility, made available to AIMSAMPIREIT by SCB.
• The Total Acquisition Cost will be partly funded by the net proceeds from the Private Placement with the remainder to be drawn down and financed by a partial draw-down from the Existing Loan Facility as well as a partial draw-down on the Acquisition Loan Facility.
• In connection with the Private Placement, the Manager intends to declare in respect of the Units in issue immediately prior to the issue of the New Units (“Existing Units”), a distribution of the distributable income of AIMSAMPIREIT for the period from 1 January 2011 to the day immediately prior to the date the New Units are issued pursuant to the Private Placement (the “Advanced Distribution”).

Related Posts

• AIMSAMPReit Completes acquisition of 27 Penjuru lane - 15 OCT 2010
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A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property

A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property:

• Press Release

Key Points

• A-Reit will be acquiring a business space property located at No. 200 Jinsu Road,  Jinqiao Export  and  Processing Zone (“JEPZ”), Pudong New District, Shanghai, China. 
• This will be effected through the entry into a Sale and Purchase Agreement (the “SPA”)  with Hyday Holding Ltd. (the “Vendor”) (a subsidiary of Qingjian International (South Pacific) Group Development Co., Pte. Ltd. (“Qingjian”)) and Qingjian, for the acquisition of the entire issued and paid-up  share capital (the “Shares”) of  Shanghai (JQ) Investment Holdings Pte. Ltd. (a special purpose vehicle owned by  the Vendor) for a total purchase consideration of approximately RMB 587.9 million (or about S$117.6 million) (the “Proposed Acquisition”).
• The annualised pro forma financial effect of the Proposed Acquisition on the DPU for FY2009/10 is expected to be an additional 0.07 cents per unit after applicable taxes in China.

Author's Note
This will be the first acquistion by A-Reit of a property outside of Singapore since announcing its plan to expand its investment scope to cover the Asia region.. According to the manager, A-REIT’s portfolio will remain predominantly Singapore-based assets in the foreseeable future.

Related Posts

• A-Reit explores regional investment opportunities - 22 NOV 2010

Cambridge Q4 2010 Quarterly Earnings Report

Cambridge Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU of 1.193 cents for the reporting quarter.
• Portfolio valuation as at 31 December 2010 was S$928.5 million, an increase of 5.7% from the 30 June 2010 valuation, on a like-for-like basis.
• Three new acquisitions costing S$74.3 million (including acquisition costs), were completed and part financed by a S$40.0 million Private Placement in August 2010 and a S$50.4 million Private Placement/Preferential Offering in October 2010.
• Gearing reduced to 34.7% as at 31 December 2010 from 42.6% as at 31 December 2009.
• 4Q2010 distributable income increased by 11.2% to S$12.0 million as compared to 3Q2010 distributable income of S$10.8 million, which translated to a distribution per unit (“DPU”) of 1.193 cents, which is 0.5% more than the 3Q2010 DPU of 1.187 cents. 
• An advanced distribution of 0.627 cents per unit was paid on 6 December 2010 in conjunction with the private placement exercise cum preferential offering carried out in October 2010. The balance of 0.566 cents DPU will be payable on 24 March 2011.
• The Books will close from 5pm on 18 Feb 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• NAV per unit of $0.607 as at 31 December 2010.

Author's Note
The DPU for the reporting quarter is 1.193 cents. There was already an advance distribution of 0.627 cents per unit for the period from 1 Sep 2010 to 17 Nov 2010 paid on 6 Dec 2010 in conjunction with the private placement exercise cum preferential offering carried out in Oct 2010. The balance of 0.566 cents DPU for the period from 18 Nov 2010 to 31 Dec 2010 will be payable on 24 March 2011, with the Books closure on 18 Feb 2011.

The DPU was 1.187 cent in the previous quarter.

Related Posts

• Results Release 
• DPU Information Page 
• Cambridge Notice of Advanced Distribution - 18 NOV 2010
• Cambridge issues and list 38,483,354 new units pursuant to the preferential offering - 18 NOV 2010
• Cambridge to Launch Equity Fund Raising to raise up to S$50.4m for the acquisitions of 4 properties - 21 OCT 2010 
• Cambridge Q3 2010 Quarterly Earnings Report

CMT announces actual quantum of DPU for Q4 2010

CMT announces actual quantum of DPU for Q4 2010:

• Press Release

Key Points

• The actual quantum of distribution per unit in CMT (“Unit”) for the period from 1 October 2010 to 31 December 2010 remains unchanged from the estimated distributable taxable income of 2.36 cents per Unit.

Related Posts

• CMT Q4 2010 Quarterly Earnings Report

LippoMapleTrust - Date of Result Release for Q4 2010

Updated date of Result Release for Q4 2010:

 LippoMapleTrust  FEB 16

Latest Update at Results Release.