Recent newspaper articles have increasingly laid blame on real estate investment trusts (REITs) for the rising occupancy costs in retail and industrial properties. In fact, in my earlier article in this newspaper titled "Hawker centres and REITs: An inflation face-off?" (Nov 25, 2011), I also highlighted that REITs, in their relentless pursuit of superior shareholder returns, have generally been very...
Singapore REITS
CapitaMalls Asia said it has acquired the remaining 73.71 percent stakes each in La Park Mizue in Tokyo, Izumiya Hirakata in Osaka and Coop Kobe in Kobe. The acquisition price for the three shopping malls was about S$217.4 million. This represents a 16.9 percent discount to the malls' latest valuations as at December 2011. CapitaMalls Asia, the retail arm of Southeast Asia's biggest developer...
Global Logistic Properties (GLP) says its third quarter net profit rose 3.4 per cent year-on-year to US$86.3 million. This was boosted by higher revenue contribution from its new properties in China. Revenue for the quarter ended Dec 31 rose 18.8 percent to US$144.7 million from the previous year. GLP, which own properties in China and Japan, says in a statement that its revenue from China properties...
Singapore shopping mall developer CapitaMalls Asia has reported a net profit of S$205.4 million for its fourth quarter ended December - up 42.6 per cent from the previously-reported S$144 million last year. In a stock exchange filing, the company said revenue grew S$66.3 million from S$55.2 million in the same period last year, driven by strong growth in markets like Singapore, China and Malaysia. In...
Global Logistic Properties (GLP) said the construction of its 79,023 square-metre large-scale multi-tenant logistics facility in Soja city, Japan will start in June this year and finish by February 2013. The project costs around USD$103 million, GLP said in a news release. It is the second under the Japan Development Fund - GLP's joint venture with the Canada Pension Plan Investment Board (CPPIB)...
Shares of CapitaRetail China Trust rose 3.9 per cent on Friday after the company posted a near-10 per cent hike in income for the fourth quarter. The shopping mall owner said it is aiming to at least match the result this year and it is on the lookout for acquisitions. CapitaRetail China Trust owns nine shopping malls in China, which it estimates will become the world's second biggest consumer market by...
Mapletree Industrial Trust (MIT) has reported a 5.4 per cent increase in its distribution per unit (DPU) to 2.16 Singapore cents for the third quarter ended 31 December. The higher DPU is due to higher rental income which lifted the trust's net property income by 25 percent to S$45.6 million. Its chief executive officer, Mr Tham Kuo Wei, said in a statement: "MIT continued to deliver strong performance...
CapitaCommercial Trust (CCT), one of Singapore's leading commercial property owners, said its income growth was flat last quarter, due to the economic slowdown. Distribution Per Unit (DPU) was down 0.5 per cent from a year ago to S$54 million. Its shares, however, rallied three per cent. For the landlord of Raffles City and eight other commercial buildings in Singapore, CapitaCommercial's stalled...
Ascott Residence Trust (Ascott Reit) has announced a distribution per unit of 8.53 cents for the full year in 2011. That is up by 13 per cent on-year, better than its own forecast. Revenue meanwhile increased by 39 per cent on-year to S$288.7 million. Ascott Reit said the better results were mainly due to strong performance of its properties. Despite the cloudy outlook for this year, it remains...
Singapore-listed real estate investment trust, CapitaMall Trust (CMT) said its distribution per unit for the fourth quarter dipped by 2.5 per cent, to 2.30 Singapore cents. For the full year, distribution per unit rose 1.4 per cent, to 9.37 Singapore cents. At a results briefing, CMT said it has booked a net property income of S$418.2 million for its 2011 financial year. That's up by 4.8 per cent...