[Official] REITs CD tracking thread

[cloudfire]

I thought it is 3 out of 11 and they are trying to renew the remaining 8?

sabana still got 5 properties to be converted to multi tenanted this year. when this happened the last time, their dpu drop from 2.4 to 1.78

 

[dork32]

I thought it is 3 out of 11 and they are trying to renew the remaining 8?

yupp, you are right, mistyped the number.

 

[SpeedingBullet]

Capitaland Malls Trust 2Q:

Revenue decreased 2.9%
NPI decreased 4%
Net Income before change in fair value of derivatives and ppty valuation decreased 20.9%
net income after tax decreased 42.5%

Distribution to unitholders up by 0.7%

CMT's own words:

2Q 2015 vs 2Q 2014
Gross revenue for 2Q 2015 was S$159.6 million, a decrease of S$4.7 million or 2.9% from 2Q 2014. The decrease was mainly due to lower gross revenue of S$2.1 million from IMM as a result of the ongoing phase 2 Asset Enhancement Initiative (“AEI”) which commenced in July 2014 and lower gross revenue of S$4.1 million from JCube and Clarke Quay due to lower occupancy. This was partially offset by higher gross revenue of S$1.5 million from Bugis Junction after the completion of phase 2 AEI in September 2014.

Property operating expenses for 2Q 2015 were S$50.1 million, a decrease of S$0.1 million or 0.3% from 2Q 2014. Asset management fees at S$10.1 million were S$0.2 million or 1.9% lower than 2Q 2014 due to lower revenue.

Finance costs for 2Q 2015 of S$23.5 million were S$4.6 million lower than the same quarter last year. The decrease was mainly due to the refinancing of EMTN of US$500.0 million in April 2015 at a lower interest rate through the issuances of 3 tranches of fixed rate notes issued in August 2014, November 2014 and February 2015, the floating rate notes issued in February 2015 under the MTN programme and the term loan drawn down in March 2015. This was partially offset by the refinancing for FY 2014 through the Retail Bonds issuance in February 2014 and 2 MTNs issuances in December 2013 and February 2014, refinancing for January 2015 through the issuance of the MTN in August 2014 as well as higher borrowing costs in 2Q 2014.

Forward Looking Statements:

According to advanced estimates by the Ministry of Trade and Industry, the Singapore economy grew 1.7% on a year-on-year basis in 2Q 2015, lower than the 2.8% growth in the previous quarter. On a seasonally-adjusted
quarter-on quarter annualised basis, the economy contracted by 4.6%, a reversal from the 4.2% expansion in the
preceding quarter.

As reported by the Singapore Department of Statistics, the retail sales index (excluding motor vehicle sales)
increased by 0.9% on a year-on-year basis in May 2015, following a decrease of 0.7% in April 2015. CMT has a strong portfolio of quality shopping malls which are mostly well-connected to public transportation hubs and are strategically located either in areas with large population catchments or within Singapore’s popular shopping and tourist destinations. This, coupled with the large and diversified tenant base of the portfolio, will contribute to the stability and sustainability of the malls’ occupancy rates and rental revenues.

Going forward, the Manager of CMT will continue to focus on sustaining DPU growth.

 

[Squaredot]

CMT Q2 DPU $0.0271. XD 28/7/2015. Payment date 28/8/2015.

 

[Squaredot]

ART 1H2015 DPU $0.03847. XD 28/7/2015. Payment date 28/8/2015.
FCT Q3 DPU $0.03036. XD 28/7/2015. Payment date 28/8/2015.

 

[lzydata]

A-REIT declares DPU 3.841c up 5.5% year on year. Will be distributed at end of next quarter. Overall portfolio occupancy up to 88.8%, Aperia now at 84.7% committed.

 

[havetheveryfun]

Higher rents and a boost from the acquisition of Changi City Point sent the distribution per unit (DPU) to a record high for Frasers Centrepoint Trust (FCT) in the third quarter. DPU came in at 3.036 cents, 0.5 per cent ahead of the same period last year and the highest for any quarter.

 

[Darkzi0n]

The problem is quality of service.

We go to restaurants not to eat but to be served. These ipad-donning food chains treating customers like **** like another variable in their optimization makes many diners alienated (myself included). Yes, sushi express, I'm talking to you.

The thing is hawker centres and fast food chains like KFC can operate in similar fashion. However, if you position yourself as fine dining, diners expect to be served.

The same with physical stores. I still go to Challenger for some human touch and recommendations. When the staff there says, "I don't know, choose yourself" or "you don't know what you want" , I'm pissed off.

That's the main reason.

To make them flourish again, bring back ft for these areas.

That's just ur preference. I rather use the iPad.

 

[simon_84]

report from vickers about CMT:

not really a fan of cmt, given its portfolio size and not able to increase dpu to be equivalent to fct yield.
however it has the longest debt to maturity period among retail reits.

CapitaLand Mall Trust: HOLD; Last Traded Price: S$2.14; CT SP
Price Target : S$2.25 (5% upside) (Prev S$2.20)
Future-proofing the REIT

• 2Q15 DPU up 0.7% y-o-y to 2.71Scts
• Weak rental reversions of 4.6% unsurprising
• Debt tenure extended to a mind-boggling 6.1 years
• Maintain HOLD, TP raised to S$2.25

Highlights:
Results in line. CMT’s 2Q15 DPU rose 0.7% y-o-y to 2.71Scts, bringing 1H15 DPU to 5.39Scts (+2.5%), which is in line with our estimates.

If we include cash retained (S$3.2m) in 2Q14 for comparison purposes, income available for distribution would have fallen 3% y-o-y to S$94m. This was largely attributable to lower occupancy rates at Clarke Quay (85.2% vs 100% in 2Q14) and JCube (82.3% vs 95.5%) as these assets undergo repositioning exercises, as well as AEI-related disruptions at IMM (89% vs 99.3%) and Bukit Panjang Plaza (98.2% vs 100%). However, this was mitigated
by interest savings of S$4.6m and better contribution from Bugis Junction post-AEI.

Debt tenure extended to a mind-boggling 6.1 years. As the Trust paid down its S$700m MTN due in April, its weighted average debt expiry profile jumped to 6.1 years, which is the longest ever achieved by any S-REIT. With >95% of borrowings at the Trust level swapped into fixed rate debt and no debt refinancing obligations until 2017, CMT is very well positioned to ride out near-term interest rate shocks with minimal impact on its balance sheet and distributions.

This is a vindication of their earlier efforts to take advantage of low interest rates and swap rates in the last 1-2 years, and term out their debt expiry profile, which will give them ample flexibility to pursue various funding options when they acquire Bedok Mall, which we estimate will be 1-2% DPU accretive.

Outlook:
1H15 reversions of 4.6% were weak but unsurprising. Rental reversions were
below par for Funan (+2.3%), Raffles City (+1.6%), and JCube (-13.5%). But
we note that reversions were better for non-discretionary malls such as Lot
One (+6.2%), Tampines Mall (+6.8%), Bukit Panjang Plaza (+7.0%) and Junction 8 (+9.9%).

While reversions were weak, they did not come as a shock. In our 1Q15 results comment, we noted that reversions at certain properties were weak despite the strong headline number of 6.1%. As more leases are renewed and committed, we are starting to see the effects of rising labour costs and declining retail sales putting pressure on rental reversions, something that the market is widely expecting.

We are very positive about the Manager’s proactive stance in embarking on
AEI or repositioning exercises to keep the properties relevant to consumers even amid headwinds in the retail sector

Valuation:

We have raised our TP slightly to S$2.25 from S$2.20 as we lower our
property expenses and property expenses growth rate assumptions to factor
in utility savings into our estimates. At its current price, CMT is trading
at a DPU yield of 5.2-5.4% for FY15-16. We maintain our HOLD call on valuation grounds.

Key Risks:

Occupancy risk. As several properties undergo repositioning exercises,
vacancy rates are expected to go up for a short period of time. Prolonged
lower occupancy rates would impact rental income to the REIT, which would
in turn negatively impact distributions.

Economic risk. A deterioration of the economic outlook could have a
negative impact on retail sales and thus cap landlord's ability to raise rents.

 

[SpeedingBullet]

report from vickers about CMT:

not really a fan of cmt, given its portfolio size and not able to increase dpu to be equivalent to fct yield.
however it has the longest debt to maturity period among retail reits.

CapitaLand Mall Trust: HOLD; Last Traded Price: S$2.14; CT SP
Price Target : S$2.25 (5% upside) (Prev S$2.20)
Future-proofing the REIT

• 2Q15 DPU up 0.7% y-o-y to 2.71Scts
• Weak rental reversions of 4.6% unsurprising
• Debt tenure extended to a mind-boggling 6.1 years
• Maintain HOLD, TP raised to S$2.25

Highlights:
Results in line. CMT’s 2Q15 DPU rose 0.7% y-o-y to 2.71Scts, bringing 1H15 DPU to 5.39Scts (+2.5%), which is in line with our estimates.

If we include cash retained (S$3.2m) in 2Q14 for comparison purposes, income available for distribution would have fallen 3% y-o-y to S$94m. This was largely attributable to lower occupancy rates at Clarke Quay (85.2% vs 100% in 2Q14) and JCube (82.3% vs 95.5%) as these assets undergo repositioning exercises, as well as AEI-related disruptions at IMM (89% vs 99.3%) and Bukit Panjang Plaza (98.2% vs 100%). However, this was mitigated
by interest savings of S$4.6m and better contribution from Bugis Junction post-AEI.

Debt tenure extended to a mind-boggling 6.1 years. As the Trust paid down its S$700m MTN due in April, its weighted average debt expiry profile jumped to 6.1 years, which is the longest ever achieved by any S-REIT. With >95% of borrowings at the Trust level swapped into fixed rate debt and no debt refinancing obligations until 2017, CMT is very well positioned to ride out near-term interest rate shocks with minimal impact on its balance sheet and distributions.

This is a vindication of their earlier efforts to take advantage of low interest rates and swap rates in the last 1-2 years, and term out their debt expiry profile, which will give them ample flexibility to pursue various funding options when they acquire Bedok Mall, which we estimate will be 1-2% DPU accretive.

Outlook:
1H15 reversions of 4.6% were weak but unsurprising. Rental reversions were
below par for Funan (+2.3%), Raffles City (+1.6%), and JCube (-13.5%). But
we note that reversions were better for non-discretionary malls such as Lot
One (+6.2%), Tampines Mall (+6.8%), Bukit Panjang Plaza (+7.0%) and Junction 8 (+9.9%).

While reversions were weak, they did not come as a shock. In our 1Q15 results comment, we noted that reversions at certain properties were weak despite the strong headline number of 6.1%. As more leases are renewed and committed, we are starting to see the effects of rising labour costs and declining retail sales putting pressure on rental reversions, something that the market is widely expecting.

We are very positive about the Manager’s proactive stance in embarking on
AEI or repositioning exercises to keep the properties relevant to consumers even amid headwinds in the retail sector

Valuation:

We have raised our TP slightly to S$2.25 from S$2.20 as we lower our
property expenses and property expenses growth rate assumptions to factor
in utility savings into our estimates. At its current price, CMT is trading
at a DPU yield of 5.2-5.4% for FY15-16. We maintain our HOLD call on valuation grounds.

Key Risks:

Occupancy risk. As several properties undergo repositioning exercises,
vacancy rates are expected to go up for a short period of time. Prolonged
lower occupancy rates would impact rental income to the REIT, which would
in turn negatively impact distributions.

Economic risk. A deterioration of the economic outlook could have a
negative impact on retail sales and thus cap landlord's ability to raise rents.

It's cos of CMT's credit rating. iirc it's one of the highest rated REITs in Singapore, if not the highest.

CMT and AREIT have similar debt maturity

CMT's Debt Maturity Schedule:

AREIT

 

[Squaredot]

SUNTEC REIT 2Q2015 DPU 2.5cents
XD 29/7/2015
Payment date 26/8/2015.

 

[MikeL09]

SUNTEC REIT 2Q2015 DPU 2.5cents
XD 29/7/2015
Payment date 26/8/2015.

What's your take on the results? Good or bad? I can't find the report.

Are you on their mailing list?
Again, Suntec reit has been tardy in posting their results on their official website. Sigh.

 

[ValueInvestor]

What's your take on the results? Good or bad? I can't find the report.

Are you on their mailing list?
Again, Suntec reit has been tardy in posting their results on their official website. Sigh.

Dpu up 10% solid results for sure

 

[ValueInvestor]

Frasers Commercial Trust to sell up to 96 mil new units for 357 Collins Street acquisition

By PC Lee / theedgemarkets.com | July 23, 2015 : 9:07 PM MYT
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SINGAPORE (July 23): Frasers Commercial Trust is launching the private placement of 84 million new units at between $1.46 and $1.48 each to partially finance the $231 million acquisition of a 25-storey office tower in Melbourne called 357 Collins Street.

Depending on market conditions, the manager may decide to increase the size of the private placement by up to an additional 12 million new units at the same issue price to pay down debt and for general working capital purposes.

Assuming full placement of 96 million new units, the net proceeds will amount to $140.2 million.

Year to date, Frasers Commercial Trust units have risen 8.5% to $1.54 before the trading halt was called for the announcement.









the new thai boss is no good........ this placement is very harmful to shareholders............ I rather they do rights issue

at least those holding the shares have the chance to buy the discount shares right??????

 

[lzydata]

What's your take on the results? Good or bad? I can't find the report.

Are you on their mailing list?
Again, Suntec reit has been tardy in posting their results on their official website. Sigh.

Why don't you use SGX? Their earnings were announced at 05:18:42 PM.

 

[Applebonkers]

CCT

Estimated Distribution rate: 4.31 cents per unit

Books closure date: Monday, 3 August 2015

Date payable: Thursday, 27 August 2015

 

[makeupconnect]

wow! suntec DPU up 10.3%!

 

[dork32]

wow! suntec DPU up 10.3%!

not surprised. the suntec mall look so much better now compared to its condition 6 months ago.

 

[MikeL09]

Why don't you use SGX? Their earnings were announced at 05:18:42 PM.

I've banished SGX as, historically, they've been rather tardy in posting co. announcement, dividend notices, contract wins, etc.

That's why these days, I tend to go straight to the company's official site.

Perhaps I should give them a second chance.

 

[ValueInvestor]

added 5,000 more CCT today at 1.48

total becomes 25,000

current yield at 5.9% and 15% discount to NAV is just too juicy to ignore

cheers ^_^