Mainboard-listed Saizen Real Estate Investment Trust (REIT) has declared a distribution per unit of 0.50 cent for the six months ended 30 June.
The purely Japanese regional residential property trust also reported its distributable income as at 30 June this year amounted to S$6.1m, compared to S$2.7m in the same period in 2010.
The REIT said the increase was mainly due to a lower amount of cash used for loan repayments during the financial year ended 30 June 2011.
Gross revenue fell 6.4 per cent to S$60.25 million for the full year of 2011. Net property income decreased 8.9 per cent to S$39.5 million for the same period. This was mainly due to the sale of 31 properties between September 2010 and June 2011.
Property income was also affected by earthquake-related rectification work which amounted to about 78 million Japanese yen in FY2011.
Mr Chang Sean Pey, co-CEO of Saizen REIT Manager, said: “In the past year, Saizen REIT’s performance has been underpinned by its stable and resilient operations, even when faced with the unfortunate and difficult circumstances caused by the March 2011 (Japanese) earthquake.”
Moody’s recently announced a corporate family rating upgrade of Saizen REIT from Caa1 to B.
Source : Channel NewsAsia – 23 Aug 2011