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...
Saizen Reit
Saizen REIT Executive director Raymond Wong's comments about Japan crisis leading to tighter credit conditions were of a general nature, said the company in a statement Wednesday. Saizen REIT said the comment did not refer to any delay in refinancing a loan that its subsidiary, YK Shintoku, had defaulted on. It also said it has never indicated any timeline for the resolution of the YK Shintoku loan...
Mainboard-listed Saizen Reit says it has started to accumulate cash in preparation for its resumption of distribution payouts. It says it has turned the corner and expects payment of its 2010 financial year distributions to unitholders to take place in September this year. Saizen says its net property income for the third quarter ended in March fell 12.4 per cent to S$10.1 million compared to the same...
Mainboard-listed Saizen REIT on Thursday said it has proposed not to declare any distribution for its second quarter after reporting a loss. Net loss for the three months ended in December was 94.3 million yen or about S$1.48 million. That was in sharp contrast to a 214.6 million yen profit made over the same period a year ago. Saizen REIT said it saw a loss in the divestment of its properties, leading...
Mainboard-listed Saizen REIT said on Monday that it has repaid some S$71.3 million loan of a unit, Yugen Kaisha Shingen. It made the repayment last Friday. Giving an update, the REIT said it has fully deployed the net proceeds of about S$41.1 million from the rights issue in making the repayment. It had also utilised its internal cash resources in paying back the money. Saizen REIT's rights issue was...
Mainboard-listed Saizen REIT, which owns Japanese properties, said that it will start accumulating cash for distribution in the last quarter of the current financial year. It has suspended distribution since the start of the last financial year to conserve cash. The trust reported a net profit of 164 million yen (S$2.5 million) for the first quarter ended September, up 48.9 per cent from a year...
Mainboard-listed Saizen Real Estate Investment Trust said it has defaulted on a commercial mortgage-backed securities loan worth 7.3 billion yen or about S$113 million. It said despite efforts since early last year, it was unable to find a commercially viable solution before the maturity of the YK Shintoku loan. The loan is non-recourse and Saizen said the default is not expected to affect its other...
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...
The recent credit crunch has hit real estate investment trusts (REITs), making it difficult for them to refinance loans. Japan-based Saizen REIT said it will have S$123 million worth of loans - which are in the form of commercial mortgage backed securities (CMBS) - to refinance by the end of the year. This is despite a strong showing of support from shareholders for a planned rights and warrants...
Some want to pay investors part-units instead of all cash WHEN the property market was booming, investors picked up real estate investment trusts (Reits) for their policy of paying out most of their profits in cash. But with the economy now slowing and asset prices falling, these one-time market darlings are looking for ways to conserve cash - and that may lead some of them to pay investors partly in...