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.
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.
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