KPMG, the auditor for MacarthurCook Industrial REIT (MI Reit), said the property trust's ability to continue depends on whether it can refinance borrowings which are due by the end of the year. It did not qualify its opinion. The trust has total borrowings of S$224.3 million that are maturing this December. It has also committed to buying a property for S$91 million, which is expected to be settled in...
REITS
Mainboard-listed Parkway Life Real Estate Investment Trust (REIT) said Friday that its issuer default rating was downgraded. Ratings agency Fitch cut Parkway Life REIT's rating to 'BBB' from 'BBB+', giving it a stable outlook. Fitch said the REIT could be impacted by its sponsor, Parkway Holdings, the owner of Parkway Hospital Singapore. Parkway Hospital is the operator of the REIT's three hospitals...
The Monetary Authority of Singapore (MAS) has released a consultation paper on a proposal to require real estate investment trusts (REITs) to hold annual general meetings (AGMs). The proposal will affect all REITS which are regulated as Collective Investment Schemes in Singapore. Potential changes include requiring REITS to hold AGMs every calendar year, with an interval not exceeding 15 months from the...
CapitaCommercial Trust (CCT) is looking to raise S$828.3 million through a 1-for-1 rights issue. According to the real estate investment trust, the proceeds will be used primarily to reduce its borrowings. CCT is looking to ease its debt burden, which comes to some S$2.6 billion. And it plans to do so with a S$828.3 million rights issue. Under the rights issue, it plans to offer unit-holders one unit...
Singapore-listed Parkway Life REIT said it has achieved a distribution per unit (DPU) of 1.89 Singapore cents for the first quarter, up 17 percent from a year ago. This was on the back of a 37 per cent rise in net property income for the three months ended March to S$15.2 million. The trust saw higher revenue from its Singapore hospital properties and positive contributions from its Japan properties. As...
CapitaCommercial Trust (CCT) is turning the interior ground floor open space at its Market Street property into a fully air-conditioned, themed-food court. The property trust announced on Thursday that the 11,000 square feet space has been leased to food court operator, Koufu. CCT made the move after deciding earlier this year not to redevelop the Market Street Car Park into a commercial building. The...
Suntec Real Estate Investment Trust (REIT) has booked a distribution income of S$46.4 million for the first quarter – up from S$37.6 million in the same period a year ago. It works out to a distribution per unit (DPU) of 2.918 Singapore cents, up by 16 per cent from a year earlier. In the first three months ended March, the property trust posted a 15 per cent increase in net property income to S$49...
Mainboard-listed Starhill Global REIT, which owns malls along Orchard Road, has reported a 6.3 per cent increase in its distribution per unit (DPU) for the first quarter of this year, compared to a year ago. The DPU for the three months ended March was 1.87 Singapore cents. Its total income available for distribution also rose 12.2 per cent to S$19.1 million. Of this, S$18 million will be distributed....
Mapletree Logistics Trust saw its distributable income amount rise 36.1 per cent to some S$29 million in the first quarter of 2009 over the previous year. The trust said available distribution per unit (DPU) was 1.47 cents for the period, which is about 0.7 per cent higher compared to the previous quarter. The payout will be made on May 29, 2009. Mapletree Log said the increase is largely due to lower...
First REIT has recorded a 2.5 per cent on-year jump in distributable income to S$5.2 million for the first quarter of 2009. The healthcare real estate investment trust attributed the increase to its resilient trust structure. It added that the distribution per unit (DPU) also rose 1.6 per cent to 1.88 Singapore cents for the three months ended March 31. First REIT said it achieved a distribution yield of...