Key Points
- DPU of 3.27 cents for the reporting quarter.
- FY10/11 amount available for distribution increased by 5.6% y-o-y to S$248.0 million.
- Achieved a net revaluation gain of about S$344.8 million. Consequently, A-REIT’s total assets stand at S$5.4 billion as at 31 March 2011.
- Aggregate leverage of 38.1% and adjusted aggregate leverage (for private placement in Mar 2011) of 31.1% as at 31 Mar 2011.
- NAV per unit of S$1.76 and adjusted NAV per unit (for private placement in Mar 2011) of S$1.77 as at 31 Mar 2011.
- Proactive Capital Management
- Raised new equity of about S$393.3 million (net proceeds) to fund committed investments and to provide A-REIT with greater financial flexibility to take advantage of growth opportunities.
- Further diversified sources of debt funding through the issuance of ¥9.6 billion 7-year notes due 2018 which has been swapped into S$148.4 million on a floating rate basis.
- Committed investment volume of S$376.1 million in FY10/11
- Completed acquisition of Neuros & Immunos, a Science Park property at Biopolis, for S$125.6 million.
- Embarked on three asset enhancement projects and A-REIT’s 11th development project (a built-to-suit logistics facility), worth a total of S$132.9 million.
- Forayed into Shanghai, China with the forward purchase of a Business Park property for approximately S$117.6 million.
- Strong Portfolio Performance
- Portfolio occupancy at 96.0% as at 31 March 2011. A-REIT’s multi-tenanted properties are 92.1% occupied.
- Positive rental reversion of between 2.1% and 6.7% across Business & Science Parks, Hi-Tech Industrial and Logistics sector.
- 17.2% improvement in new take-up rental rates for Science & Business Park versus a year ago, reflecting the optimistic mood of the economy.
The DPU of 3.27 cents was declared for the current quarter.
Note: In connection with the private placement launched on 31 March 2011, the Manager declared a distribution for the period from 1 January 2011 to 10 April 2011, being the day immediately prior to the date on which the New Units were issued. The purpose is to ensure that the total amount available for distribution accrued by A-REIT up to 10 April 2011 is only distributed to the then existing Unitholders as a means to ensure fairness to these Unitholders. The book closure date for such distribution was on 8 April 2011. The payment date will be on 9 May 2011.
The DPU was 3.29 cents in the previous quarter.
Related Posts
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- A-Reit Q3 2010 Quarterly Earnings Report
- DPU History
- Results Release
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