Frasers Centrepoint Trust (FCT) reported a DPU of 2.88 cents for its 2Q FY 2014, an increase of 6.7% compare to 2Q FY 2013 and is payable on 30 May 2014. Income available for distribution rose 1.4% to $23.8 million, while net property income rose 2% to $29.3 million. Gross revenue rose 2.9% to $41 million, driven by improved revenue from Causeway Point, upon completion of its addition and alteration works. As at 31 March 2014, the company's gearing level was 27.7%. Its weighted
average debt maturity was 23/4 years, with the interest rate of its borrowings averaging 2.72% in 2Q.
FCT's portfolio occupancy has maintained steady at 96.8%, while rental reversions stayed robust at 9.3% for the leases renewed during the quarter. Looking ahead, FCT reiterated that Causeway Point and Northpoint are expected to underpin growth within its existing portfolio, as both malls contribute to the bulk of the lease renewals in FY 2014-2015.
On 8 April 2014, FCT has announced to propose acquisition of Changi City Point for S$305 million. If this acquisition is to go through which I believed is very likely, will boost the DPU of FCT in an otherwise moderating growth portfolio.
23 April 2014
21 April 2014
Mapletree Greater China Commercial Trust 4Q FY 13/14 Result
MGCCT Fourth Quarter DPU of 1.587 cents exceeds Forecast by 15.9%. Full year DPU of 6.282 cents above Forecast by 13.1%. Full year rental uplift for Festival Walk and Gateway Plaza are 20% and 79% respectively. Lower gearing at 38% and high interest coverage ratio of 4.6 times.
MGCCT made a portfolio valuation recently on 31 March 2014 for Festival Walk and Gateway Plaza. Festival Walk had an increased of 4.5% valuation of S$3.611 billions and Gateway Plaza had an increased of 6.5% valuation of S$1.111 billions. MGCCT has repaid HK$695 millions of Term Loan Facility using operating cash. Weighted Debt Maturity as of 31 March 2014 is 3 years.
The Board of Directors had declared DPU of 3.099 cents per ordinary share which will be payable on 22 May 2014 for the Distribution Period from 1 October 2013 to 31 March 2014.
Full year DPU of 6.282 cents for the first year since IPO offering price of S$0.93 which equate to about 6.75% of dividend yield is considered a value investment portfolio for income. Whether MGCCT can continued to give attractive DPU had to rely on the occupancy rate of both Festival Walk and Gateway Plaza. In my opinion, the Management had did a good job and we will have another good year of approximately 6.5% dividend yield to come.
MGCCT made a portfolio valuation recently on 31 March 2014 for Festival Walk and Gateway Plaza. Festival Walk had an increased of 4.5% valuation of S$3.611 billions and Gateway Plaza had an increased of 6.5% valuation of S$1.111 billions. MGCCT has repaid HK$695 millions of Term Loan Facility using operating cash. Weighted Debt Maturity as of 31 March 2014 is 3 years.
The Board of Directors had declared DPU of 3.099 cents per ordinary share which will be payable on 22 May 2014 for the Distribution Period from 1 October 2013 to 31 March 2014.
Full year DPU of 6.282 cents for the first year since IPO offering price of S$0.93 which equate to about 6.75% of dividend yield is considered a value investment portfolio for income. Whether MGCCT can continued to give attractive DPU had to rely on the occupancy rate of both Festival Walk and Gateway Plaza. In my opinion, the Management had did a good job and we will have another good year of approximately 6.5% dividend yield to come.
21 April 2014 Portfolio Update
| Stock Name | No of Shares | Average Price | Price |
| Mapletree GCC Trust | 2000 | $0.96 | $1,917.71 |
| Total Invested Capital | $1,917.71 |
| Total Dividend Collected 2014 | $267.87 |
| Total Capital Gain 2014 | -$122.89 |
| Total Investment Gain 2014 | $144.96 |
Today I sell off my 4000 shares of Mapletree GCC Trust at a small profit of $83.06. The recent gain in this REIT is because of the financial result or dividend that will be announcing today after the trading. I had been pulling out majority of my investment recently as I want to re-organise my portfolio as well as taking some profit along the way to invest on opportunity.
16 April 2014
Sabana REIT 1Q FY 2014 Result
Sabana REIT announced a DPU of 1.88 cents for the quarter from 1 January 2014 to 31 March 2014, a 22% dip from the quarterly DPU generated in 1Q 2013. This corresponds to an annualised distribution yield of 7.05%, based on an annualized DPU of 7.62 cents and a closing price of S$1.080 per Unit on 15 April 2014.
The decline in DPU in 1Q 2014 is reflective of more difficult and challenging market conditions. The results for 1Q 2014 have been affected by the conversion of four master‐tenanted properties into multi‐tenanted properties in 4Q 2013, which led to a significantly lower overall occupancy rate for the multi‐tenanted properties.
Occupancy remains largely unchanged at 90.6% in 1Q 2014. Occupancy at 151 Lorong Chuan increased to 95.1% from 93.8%, while occupancy at 8 Commonwealth Lane rose to 74.3% from 68.6% in 4Q 2013. Looking ahead, Sabana REIT will continue to intensify their marketing and leasing efforts to improve the portfolio occupancy. In addition, they will look for opportunities to recycle their capital by divesting underperforming assets and use the sale proceeds to reinvest in new
acquisitions, pare down the debt and/or distribute capital gains from divestment to the shareholders.
Although the DPU for the 1Q 2014 had a 22% dip as compared to 1Q 2013, it is still a good portfolio for income investors who are looking at a distribution yield of 7.05%. Hopefully the management will try to improve the occupany rate to more than 90.6% which will in turn generate more distribution yield to the shareholders.
The decline in DPU in 1Q 2014 is reflective of more difficult and challenging market conditions. The results for 1Q 2014 have been affected by the conversion of four master‐tenanted properties into multi‐tenanted properties in 4Q 2013, which led to a significantly lower overall occupancy rate for the multi‐tenanted properties.
Occupancy remains largely unchanged at 90.6% in 1Q 2014. Occupancy at 151 Lorong Chuan increased to 95.1% from 93.8%, while occupancy at 8 Commonwealth Lane rose to 74.3% from 68.6% in 4Q 2013. Looking ahead, Sabana REIT will continue to intensify their marketing and leasing efforts to improve the portfolio occupancy. In addition, they will look for opportunities to recycle their capital by divesting underperforming assets and use the sale proceeds to reinvest in new
acquisitions, pare down the debt and/or distribute capital gains from divestment to the shareholders.
Although the DPU for the 1Q 2014 had a 22% dip as compared to 1Q 2013, it is still a good portfolio for income investors who are looking at a distribution yield of 7.05%. Hopefully the management will try to improve the occupany rate to more than 90.6% which will in turn generate more distribution yield to the shareholders.
09 April 2014
Frasers Centrepoint Trust
Frasers Centrepoint Trust (FCT) has entered into a conditional sale and purchase agreement to acquire Changi City Point mall for a purchase consideration of $305 million. It planned to finance the purchase with a combination of equity and debt financing. This will ensure that the acquisition is DPU‐accretive to FCT shareholders, while maintaining an optimum level of gearing. The proposed acquisition of Changi City Point will take the total number of suburban retail malls in FCT's portfolio to 6, it will also increase FCT's total assets by about 14% to $2.4 billion.
Changi City Point started operations in Nov 2011 and is 97.8% occupied as at end Feb 2014 and it has a remaining useful life of 55 years till Apr 2069. FCT is currently trading at 5.57% yield and 1x book which is about in line with sector peers.
With this acquisition of Changi City Point, the DPU will be increase, making it a sound investment portfolio for income investors to include FCT into their portfolio. Yield will be increased to approximately 6% for this sound and steady REIT.
Changi City Point started operations in Nov 2011 and is 97.8% occupied as at end Feb 2014 and it has a remaining useful life of 55 years till Apr 2069. FCT is currently trading at 5.57% yield and 1x book which is about in line with sector peers.
With this acquisition of Changi City Point, the DPU will be increase, making it a sound investment portfolio for income investors to include FCT into their portfolio. Yield will be increased to approximately 6% for this sound and steady REIT.
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