Tag Archives: Singapore REITS

Parkway Life Reit stays upbeat as Q3 DPU rises 12%

Posted on 6 Nov 2009 | Comments Off on Parkway Life Reit stays upbeat as Q3 DPU rises 12%

PARKWAY Life Reit yesterday reported distribution per unit (DPU) of 1.91 cents for the third quarter to Sept 30, up 12.1 per cent from 1.71 cents in the equivalent period last year.

Mr Yong: ‘we continue to enjoy strong growth quarter after quarter’

 

Income available for distribution was $11.6 million, up from $10.3 million last year.

Annualised DPU was 7.65 cents for a 6.59 per cent yield, based on Parkway’s closing price on Sept 30, up from 5.9 per cent last year; or 6.32 per cent based on yesterday’s closing price of $1.21 a unit. For the three months ended June, the Reit posted a 13.7 per cent increase in income available for distribution to $11.4 million, for a DPU of 1.89 cents.

For the third quarter, gross revenue rose 23.6 per cent year-on-year to $16.5 million, from $13.3 million. Net property income was $15.4 million, up from $12.5 million.

For the first nine months, distributable income was $34.3 million, up 14.1 per cent, for DPU of 5.69 cents, up from 5 cents last year.

Chief executive officer of the Reit’s manager Yong Yean Chau said: ‘Despite the challenging market conditions, we continue to enjoy strong growth quarter after quarter. Continue reading →

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Saizen Reit defaults on 7.25b yen loan

Posted on 4 Nov 2009 | Comments Off on Saizen Reit defaults on 7.25b yen loan

Property trust says maturity default not likely to affect its ability to operate

Singapore-listed property trust Saizen Reit said yesterday it had defaulted on a 7.253 billion yen (S$112.65 million) commercial mortgage-backed securities loan.

The company said in a statement the ‘maturity default’ was not expected to affect Saizen Reit’s ability to operate as a going concern nor impair its ability to get further financing.

A maturity default occurs when the borrower fails to pay the lender the balloon payment, or principal balance, at maturity.

‘The main impact of this maturity default is an increase in the interest rate from 3.07 per cent to a default rate of 7.07 per cent per annum,’ Saizen said in a statement.

The loan, known as ‘YK Sintoku’, is a non-recourse and not cross-collateralised against other properties in Saizen Reit’s portfolio. It was originally provided by Credit Suisse Principal Investments Ltd, a unit of Credit Suisse, in 2005 and was later securitised and transferred to an issuer of the commercial-mortgage backed securities, the statement said.

Saizen, which went to market in November 2007, is the only Singapore-listed real estate investment trust (Reit) with purely Japanese regional residential properties.

Source : Business Times – 4 Nov 2009

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