Summary of October 2018 Transactions

This is an exciting month as REITs start to announce their financial results. With the exception of Frasers Logistics and Industrial which will announce their financial results in November, Frasers Commercial Trust, Mapletree Commercial Trust, CapitaMall Trust and Parkway Life REIT has all announced their financial results.

I am happy that Frasers Commercial Trust managed to sustain 2.40 cents per unit for 4Q2018. At the current share price of S$1.43 and FY18 total distribution per unit of 9.60 cents, the yield is 6.71%. The other REIT with fantastic financial results was Mapletree Commercial Trust which reported a growth of 1.3% in Distribution Per Unit (“DPU”) to 2.27 cents.

I have yet to review CapitaMall Trust and Parkway Life REIT financial results but a quick glance shows that the Distribution Per Unit (“DPU”) for CapitaMall Trust has increased by 4.9% to 2.92 cents when comparing 3Q2017 and 3Q2018. Shopper traffic fell 1.8% though. Distribution Per Unit (“DPU”) for ParkwayLife REIT fell 4.1% when comparing 3Q2017 and 3Q2018 financial results. Read More

Mapletree Commercial Trust DPU Grew 1.3% for 2QFY18/19

This is one REIT that give you no surprises. It has been almost a year since I wrote Why I Bought Into Mapletree Commercial Trust. Today, Mapletree Commercial Trust has announced their 2QFY18/19 financial results. Distribution Per Unit (“DPU”) grew by 1.3% to 2.27 Singapore cents driven by higher contribution from VivoCity, MBC I and MLHF.

Mapletree Commercial Trust’s flagship shopping mall, VivoCity achieved healthy growth in shopper traffic and tenant sales of 5.8% and 2.8% respectively in 2Q FY18/19. In addition, the speculation in Investing Note forum that the hypermart will be replaced came true. FairPrice will replace VivoMart with a new integrated concept by 1H FY19/20. This should further boost shopper traffic at VivoCity.

The overall portfolio committed occupancy stood at 98.7% which I think is overall healthy.

Here are the 2QFY18/19 financial results compared with 2QFY17/18. Read More

Frasers Commercial Trust Declares Stable DPU of 2.40 cents for 4QFY18

Frasers Commercial Trust has announced their 4QFY18 financial results on Friday, 19th October 2018. As mentioned in my previous post (My Personal Analysis of Frasers Commercial Trust), Frasers Commercial Trust has managed to pay out 2.40 cents for 1QFY18, 2QFY18 and 3QFY18 respectively. If they payout 2.40 cents for 4QFY18, this will amount to a total of 9.6 cents in FY18 versus 9.82 cents in FY17 which is a merely 2.24% drop in annual DPU. Yes, as per predicted, they have declared a distribution per unit of 2.40 cents for 4QFY18.

Debt

The proceeds from the divestment of 55 Market Street were utilised to repay S$197 million of borrowings in September 2018, which significantly reduced aggregate leverage to 28.3% as at 30 September 2018, from 35.4% as at 30 June 2018. Read More