Month: April 2010
PST – BT
Pacific Shipping Trust Q1 DPU falls 19%
Revenue from trust’s vessels stays flat at US$15.2m
PACIFIC Shipping Trust (PST) has registered a 19 per cent drop in first-quarter distribution per unit (DPU) to 0.793 US cent, from 0.980 US cent a year back.
The latest DPU is also a drop from 0.827 US cent in Q4 2009, as revenue from the trust’s 12 vessels stayed flat at US$15.2 million.
Income retained for working capital rose to US$10 million, from US$3.2 million in Q1 2009. As a result, income for distribution fell to US$4.7 million, from US$5.8 million previously.
‘PST continues to deliver a healthy performance as a result of our prudent financing structure and the fact that our vessels are fully financed,’ said Teo Choo Wee, acting chief executive of trustee-manager PST Management.
‘Our stable financial situation and cash retention place PST in a position to capture accretive opportunities for strategic fleet expansion as the market gradually recovers.’
Mr Teo also said at PST’s Q4 results presentation that he was looking to undertake ‘value-accretive acquisitions’.
Troubled Chilean line Compania Sud Americana de Vapores, which has chartered two vessels from PST for five years, has recently raised US$773 million of new capital, PST said.
It also said that the recovery of the container ship market in Q4 last year continued into Q1 this year, with an increase in freight rates adding to a rise in asset prices.
‘The freight rate recovery continued into Q1 2010, triggering the gradual reactivation of idle tonnage in the container ship sector,’ Mr Teo said.
‘We are cautiously optimistic that with improving freight rates and global trade forecast to grow 9.5 per cent in 2010, charter rates have begun to bottom out.’
PST’s Q1 DPU represents a tax-free annualised yield of 10.8 per cent based on yesterday’s closing unit price of 29.5 US cents.
CMT – BT
CMT optimistic of future growth
Its Q1 distributable income rises 13.6%; net property income up 5.7%
CAPITAMALL Trust (CMT) yesterday posted stronger results for the first quarter ended March 31 and signalled optimism ahead.
There will be more asset enhancement initiatives at Junction 8 and Tampines Mall. Ongoing works at Raffles City Singapore and Jurong Entertainment Centre are also on schedule.
‘We are now firing up all three engines of our growth strategy, comprising active lease management, asset enhancements and yield-accretive acquisitions,’ said Simon Ho, CEO of CMT Management. ‘We will also continue to be on the look-out for selective acquisition opportunities.’
CMT Management chairman James Koh also said that CMT ‘is poised to benefit further from the broad economic recovery and expected growth of tourist arrivals’.
CMT’s net property income in Q1 was $97.7 million, up 5.7 per cent from a year ago. Earnings improved as rents for new and renewed leases rose and operating and interest expenses fell. There was also greater contribution from Sembawang Shopping Centre after refurbishment works were complete.
Distributable income to unitholders grew 13.6 per cent over the same period to $71.1 million. Distribution per unit (DPU) for Q1 was 2.23 cents, and unitholders can receive this payout on May 27.
This DPU is 13.2 per cent higher than the 1.97 cents a year ago. The annualised DPU in Q1 was 9.04 cents, translating to a yield of 4.9 per cent based on CMT’s closing unit price of $1.86 on Tuesday.
The counter ended trading at $1.85 yesterday, one cent down.
CMT’s recent purchase of Clarke Quay brought its asset size as at March 31 to $7.8 billion. Its portfolio occupancy rate was 99.4 per cent, down from 99.8 per cent three months ago.
CMT is building a two-storey food and beverage annex block at Junction 8, which will have a net lettable area (NLA) of some 3,500 square feet. It will also reconfigure some retail units at Tampines Mall and relocate a taxi stand there. Works at these malls are expected to be done by the end of this year.
Meanwhile, asset enhancement works at Raffles City Singapore are also due for completion by year-end. Of the additional NLA of 16,285 sq ft to be created at Basements 1 and 2, over 70 per cent has been leased.
CMT said some years back that it might integrate Atrium@Orchard with Plaza Singapura and create more retail space. It told BT that the plan is under review, and there will be an announcement when it is firmed up.
CMT has refinanced all borrowings due this year with the issuance of medium-term notes in January, March and April. Taking the April issue into account, its pro forma gearing ratio as at March 31 would be 34.7 per cent.
FCOT – SGX
FCOT achieves an 82% increase in distributable income for 2Q DPU up 78%; total distributable income (including CPPU) up 167%
Singapore – 22 April 2010 – Frasers Centrepoint Asset Management (Commercial) Ltd (“FCAMCL” or the “Manager”), the manager of Frasers Commercial Trust (“FCOT”, SGX:FrasersComm) is pleased to announce the Trust’s financial results for the second quarter ended 31 March 2010.
Operationally, for the financial quarter, 1 January 2010 to 31 March 2010 (2Q FY09/10), gross revenue and net property income are respectively 24% and 26% above those of the same period last year.
Total distributable income was up by 167% year-on-year from S$5.42 million to S$14.48 million, of which S$4.65 million is available for distribution to Series A Convertible Perpetual Preferred Units (“CPPU”) holders.
Distributable income to Unitholders increased by 82% to S$9.84 million. This translates to distribution per Unit of 0.32 cents, up by 78% from a year earlier and by 33% when compared to the preceding quarter.
A total distribution of 0.56 cents per Unit and 2.74 cents per CPPU for the first half FY09/10 will be paid on 27 May 2010. Based on the last closing price of the Units of $0.14 on 22 April 2010, this translates to an annualised yield of 8.0%. CPPU holders who hold the CPPUs transferred to them as at books closure date will receive a pro-rata distribution of 0.3466 cents per CPPU for the period from 9 March to 31 March 2010(1). The distribution books closure date for both the Units and CPPUs is 3 May 2010.
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Cambridge – SGX
Singapore, 21 April 2010 – Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT achieved gross revenue of S$18.6 million and a net property income (“NPI”) of S$16.3 million for its 1Q2010 financial results. “CIT has achieved a set of stable first quarter financial results for its Unitholders.
Unitholders will receive a DPU of 1.274 cents, which will be payable on Monday, 14 June 2010,” said Mr. Chris Calvert, Chief Executive Officer of CITM. “While the outlook for 2010 has improved, we remain cautiously optimistic of a full economic recovery. This further reinforces the need for management to maintain its disciplined strategy of prudent capital and risk management, pro-active asset management and the divestment of noncoreassets that do not meet the Trust’s investment criteria.”
1Q2010 NPI increased by 1.2% to S$16.3 million in comparison to 1Q2009. The increase is attributed to rental escalations and the improved occupancy in CIT’s two multi-tenanted properties. 1Q2010 NPI was marginally lower by 2.4% in comparison to 4Q2009, predominantly due to a reduction in rental revenue arising from asset disposals (i.e. 32 Urbanstrata units at 48 Toh Guan Road East, Enterprise Hub were divested during 1Q2010).
Total gross sale proceeds of S$21.5 million exceeded book value by S$1.6 million. “Divestment proceeds will be used to lower CIT’s gearing level where they cannot be reinvested into the Trust’s existing assets to create additional capital value. The Manager expects gearing level to be around the 38% mark by the end of 2010,” highlighted Mr. Calvert.
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CMT – BT
SINGAPORE – CapitaMall Trust (CMT) posted a net property income of $97.7 million for its first financial quarter ended March 31, 2010, up 5.7 per cent from a year ago.
As a result, distributable income to unitholders rose. It was $71.1 million, up 13.6 per cent.
Distribution per unit (DPU) in Q1 was 2.23 cents, 13.2 per more than the same period last year.
CMT said in a news release on Wednesday: 'the improved performance was mainly due to upside from an increase in gross revenue arising from full contribution from Sembawang Shopping Centre upon the completion of asset enhancement works, higher rental rates for new and renewed leases and lower operating and interest expenses.'
Book closure is on April 29,2010.