Category Archives: Funds

A-REIT posts 15.4% y-o-y increase in distributable income to $61.6m

Posted on 19 Oct 2009 | Comments Off on A-REIT posts 15.4% y-o-y increase in distributable income to $61.6m

Ascendas Real Estate Investment Trust (A-REIT) has announced a 11.7% y-o-y increase in net property income to $81.1 million for 2Q FY09/10 due to an enlarged portfolio compared to $97.3 million for 2Q FY08/09. Distributable income increased by 15.4% to $61.6 million from a year ago.

However, DPU for the quarter fell 13.2% to 3.48 cents for the quarter from 4.01 cents a year ago.

Reflecting the severe global recession, A-REIT says occupancy rate declined marginally to 96.8% from 97.1% a quarter ago. For its multi-tenanted properties, occupancy moderated to 93.3% from 94.0%.

In 2Q FY2009/10, A-REIT successfully redeemed its P1-AAA-001 Commercial Mortgage Backed Securities at their principal amount of €144 million ($300 million) with existing unsecured credit facilities. With this redemption, A-REIT’s financial flexibility is significantly enhanced as the number of unencumbered properties in the portfolio increase to 31 properties worth approximately $2 billion. The nearest refinancing requirement is a $300 million term loan facility in March 2010 which A-REIT says it has received an offer to extend the loan. Continue reading →

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Ying Li eyes forming a Reit by 2013

Posted on 15 Oct 2009 | Comments Off on Ying Li eyes forming a Reit by 2013

Odds are high once its rental income is steady and asset size exceeds $1b

YING Li International Real Estate may spin its assets into a real estate investment trust (Reit) by 2013 once its rental income is steady and asset size exceeds $1 billion.

Mr Fang: He says the group may tie up with other established players, such as Macquarie Pacific Star, to tap their expertise

This could materialise when its current project International Financial Centre (IFC) is completed and revalued on a mark-to-market basis.

‘We wish to go into an asset-light model. We are talking to established international players to eventually securitise our assets – to inject our properties into a Reit,’ Ying Li chief executive Fang Ming told BT yesterday in an interview. Continue reading →

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