Ascendas Real Estate Investment Trust (A-REIT) has booked a 12.6 per cent increase in distributable income to nearly S$211 million for the financial year ended March 31. It also reported a net property income of S$296.6 million, up 21.8 per cent on-year. And though it said that 2009 will be a difficult year, it expects to maintain a similar level of income for the current financial year. This is because...
Singapore REITS
CapitaMall Trust (CMTL) reported a distributable income of S$62.6 million for the first quarter of 2009, an eight per cent increase year-on-year. The company said Friday that shareholders can expect a distribution per unit of 1.97 cents for the three months ended March 31, to be distributed on the May 28. CapitaMall added that the numbers were largely due to a retention of S$5.9 million, which includes...
CapitaLand's CEO Liew Mun Leong has raised his stake in its unit, CapitaMall Trust, following the REIT's recent rights issue. Mr Liew almost doubled his interest in CapitaMall, increasing the number of shares held from 333,410 to 633,479. That means he now holds about 0.02 per cent of CapitaMall, up from the previous stake of 0.0105 per cent. Mr Liew is the deputy chairman and a non-executive director...
First Real Estate Investment Trust, or First REIT, has secured a three-year loan facility from OCBC Bank worth S$70 million. OCBC will also provide a notional amount of S$50 million as part of an Interest Rate Derivative Facility for interest hedging on this loan. This will then limit First REIT's exposure to possible upward fluctuations in interest rates. The trust said some of the money will be used...
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...
The credit crunch and a soft property market are putting the squeeze on Singapore property trusts, according to analysts. They expect more cash-strapped REITs to seek funding through rights issues in the coming months. Analysts added that some three to four smaller players may end up being absorbed by their bigger counterparts. There are currently 21 REITs listed on the Singapore Exchange (SGX). Banks...
CapitaMall Trust said Friday its rights issue was 1.16 times oversubscribed. Under the exercise first announced in February, the real estate investment trust offered nine rights for every 10 existing units held at S$0.82 each. CMT plans to use a major portion of the proceeds to repay borrowings totalling S$956.2 million due this year. The offer closed on Wednesday. CapitaMall Trust is a unit of real...
CapitaMall Trust said its S$1.23 billion rights issue has been oversubscribed. The offer closed on Thursday, and final results will be released soon. CapitaMall Trust, a unit of CapitaLand, said last month that it would offer nine rights for every 10 existing units at 82 cents each. It said a major portion of the proceeds would be used to repay borrowings of S$956 million due this year. Source :...
The manager of Singapore-listed Mapletree Logistics Trust said it currently has no plans for any equity fundraising exercise. In a filing to the Singapore Exchange, MapletreeLog sought to differentiate itself from its sister entity Mapletree Industrial Trust, or MIT. MIT said on Friday that it is deferring cash distributions to investors for at least two years because of stricter covenants by the...
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...