*Official* MasterLeong Thread - Part 2

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MasterLeong

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Office (cont’d)
 While a sizeable supply is expected in 2017, the supply position for the next two to three years
looks manageable. With higher leasing volumes observed lately, recovery in rents may be possible
by late 2017.
Business Park
 The business park market delivered a relatively low-key but resilient performance in 4Q 2016,
during which leasing enquiries have slowed down in the face of challenging business
conditions. For the whole of 2016, demand has been led largely by selected technology and
biomedical companies.
 As future supply remains limited with average annual new supply over the next three years at a
historical low, business park rents are expected to hold up despite downward pressures from
the softening office market.
Overall
 MCT’s properties are expected to remain relatively resilient, supported by VivoCity’s healthy
performance in a challenging wider retail market and manageable expiries in its office / business
park portfolio in the next 12 months.
 
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onlybuyneversell

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MasterLeong said:
learn from mistake lor

we talked so much about MCT here, did u at least read their presentation slides on the biz park deal? that was the big golden fish
Click to expand...

Ok la. Cannot board all the boats in the market. What matter is not miss all the boats.

At least I still board some sampan. 没有鱼，虾也好.
 
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MasterLeong

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Mapletree Commercial Trust’s 3Q DPU grows 9.7% to 2.28 cents
By Michelle Zhu / theedgemarkets.com.sg | January 25, 2017 : 6:44 PM MYT
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SINGAPORE (Jan 25): The manager of Mapletree Commercial Trust (MCT) has declared a distribution per unit (DPU) of 2.28 cents for the 3Q17, a 9.6% increase from 2.08 cents a year ago and 6.5% higher than the forecast DPU of 2.14 cents.

Gross revenue grew 47.4% to $108.76 million compared to $73.77 million a year ago, which was largely due to a $31 million contribution by its accretive acquisition of Mapletree Business City I (MBC I).

(See also: Mapletree Commercial Trust acquires Mapletree Business City (Phase 1) for S$1.78 bil from sponsor)

Positive contributions to gross revenue also notably came from VivoCity, Mapletree Anson, and PSAB, which reported revenue growths of $2.6 million, $0.8 million and $0.6 million respectively in comparison to 3Q16 figures.

Property operating expenses for the quarter, however, were 42.2% higher at $24.4 million compared to $17.2 million a year ago.

This was largely due to MBC I’s property operating expenses; higher property maintenance expenses; property taxes and property management fees incurred by the existing properties; as well as higher marketing and promotion expenses due to additional and bigger scale programmes organised to celebrate VivoCity’s 10th anniversary.

Finance expenses for 3Q17 were 54.1% higher at $5.5 million.

As such, the trust’s net property income (NPI), which grew 49% to $84.4 million for the quarter, was offset by higher finance expenses and management fees – in addition to higher unrealised foreign exchange loss arising from the translation of the Japanese yen medium term notes (JPY MTN) into Mapletree Commercial Trust Treasury Company’s functional currency in Singapore dollars .

As at Dec 31, MCT’s overall portfolio occupancy was higher at 99.0% as compared to 98.8% as at 30 Sept 2016.

In its filing to the SGX on Wednesday, MCT’s manager observes “some encouraging signs” emerging for the office market in 2016 despite a “challenging start” to the year, opining that recovery in office rents may be possible by late 2017 given the recent trend of higher leasing volumes.

With regards to the business park market, it believes future supply remains limited with average annual new supply over the next three years at a historical low, but thinks business park rents will hold up despite downward pressures from the softening office market.

“MCT’s properties are expected to remain relatively resilient, supported by VivoCity’s healthy performance in a challenging wider retail market and manageable expiries in its office/business park portfolio in the next 12 months,” concludes the manager.

Units of MCT closed 1 cent lower at $1.48.
 
MasterLeong

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Asphodeli said:
thats why REITs are a different class of stocks...depending on whether they buy good assets or not, share price and DPU can go up one.
Click to expand...

yup

asset quality and management quality is key

cannot blindly chase the numbers

example sabana, cache, soilbuild... numbers looked good but are traps
 
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[M]aiev

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MasterLeong said:
yup

asset quality and management quality is key

cannot blindly chase the numbers

example sabana, cache, soilbuild... numbers looked good but are traps
Click to expand...

If they duno much about inside info right, sure many people jump insai sabana liao.

Rafflesian added Sabana Reits inside his portfolio, ish he playing DPU kind short term player ?

:eek:
 
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