DPU falls as equity base grows after fund-raising, occupancy slips ASCENDAS Real Estate Investment Trust (A-Reit) yesterday reported a net property income of $81.1 million for the second quarter ended Sept 30 - up 11.7 per cent from a year ago. Distributable income also increased as a result, rising 15.4 per cent from the same period last year to $61.6 million. But distributable income per unit (DPU)...
REITS
Ascendas Real Estate Investment Trust (A-REIT) is distributing 3.48 cents per unit, down 13.2 per cent on-year, for the second quarter ended September. However, total distributable income is up 15.4 per cent at S$61.6 million, compared to the same period last year. The drop in distribution per unit is largely attributed to share dilution after the private placement of new units in August this...
Ascendas Real Estate Investment Trust (A-REIT) has announced a 11.7% y-o-y increase in net property income to $81.1 million for 2Q FY09/10 due to an enlarged portfolio compared to $97.3 million for 2Q FY08/09. Distributable income increased by 15.4% to $61.6 million from a year ago. However, DPU for the quarter fell 13.2% to 3.48 cents for the quarter from 4.01 cents a year ago. Reflecting the severe...
Fortune REIT, a property trust controlled by Hong Kong billionaire Li Ka-shing, completed the purchase of three properties in Hong Kong, it said in a statement to the Singapore stock exchange today. The total acquisition cost was HK$2.09 billion ($374 million), including fees and expenses, it said. The purchase was partly funded by a rights issue and a term loan, and brings the trust’s asset value to...
K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents. K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates...
Fortune Real Estate Investment Trust says it has received valid acceptances and excess applications for a total of 955,123,404 rights units at the close of Fortune REIT’s rights issue on Oct 7. This represents 115.8% of the total number of rights units available under the rights issue. The manager had on Aug 24 announced the fully underwritten one-for-one renounceable rights issue of 824,879,427 rights...
Yugen Kaisha JOF, a subsidiary of mainboard-listed Saizen REIT, has entered into an agreement for a S$15.7-million loan from Japan's Mizuho Bank. The loan, which has been fully disbursed, has a term of 10 years. Under the terms, the asset manager of Saizen will act as a guarantor for the loan, and the property portfolio of Yugen will be pledged as security for the loan. The proceeds will be used to...
K-REIT Asia is planning to raise S$620 million through a one-for-one rights issue. It is offering about 667 million rights units at 93 cents each, representing a 21.2 per cent discount to K-REIT Asia's closing price of S$1.18 per unit on September 30. K-REIT Asia said it intends to use about 80 per cent of the gross proceeds to repay borrowings provided by Kephinance Investment. This includes a bridging...
Ratings agency, Fitch, said Singapore real estate investment trusts or S-Reits still face questions about their financial flexibility and refinancing ability. In a research report, Fitch noted that S-reits have largely been able to refinance their maturing debt obligations in 2009. As at June this year, Fitch pointed out that S-Reits are moderately geared at an average of 31 percent. It added that...
Suntec REIT says Sunshine Assets Limited, the special purpose vehicle set up in 2006 to issue notes under the $500 million Medium Term Notes Programme, today issued a new series of three-year fixed rate notes bearing a fixed interest rate of 3.55% per annum, due September 2012. The aggregate issue size of the notes is $25 million, which was oversubscribed. The proceeds from the notes will be on-lent by...