Keeping Track of 1st Quarter 2016 Financial Results

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Below are the REITS I currently hold in my portfolio. Most of them will be announcing their 1st Quarter 2016 financial results. To keep track of the date of release of the 1st quarter 2016 financial results, I have decided to track them using the table below.

So far, only CapitaMall Trust have reported an increase in DPU. Keppel Reit and Soilbuild Business Reit have reported a fall in DPU.

Stock Name

Date Of Release

Of

1st Quarter 2016 Financial Results

Dividend Per Unit (DPU)

Increase or Fall

Frasers Commercial Trust Wednesday, 20 January 2016 DPU Increase
CapitaMall Trust Friday, 15 April 2016 DPU Increase
Keppel Reit Thursday, 14 April 2016 DPU Fall
Soilbuild Business Reit Thursday, 14 April 2016 DPU Fall
Suntec REIT Thursday, 21 April 2016  Pending
Mapletree Commercial Trust Tuesday, 26 April 2016   Pending
Parkway Life Reit Tuesday, 26 April 2016   Pending
Far East Hospitality Trust Wednesday, 27 April 2016   Pending
Cambridge Industrial Trust Thursday, 28 April 2016   Pending
Lippo Malls Indonesia Retail Trust Tuesday, 3 May 2016   Pending

 

CapitaMall Trust DPU Rises for 1Q2016

CapitaMall Trust Logo

CapitaMall Trust announces its 1Q2016 results on 15th April 2016. A higher Distribution Per Unit (DPU) of 2.73 cents was announced for 1Q 2016 which is 1.9% increase as compared to 2.68 cents in 1Q 2015.

Gross revenue is 7.4% higher due to the contribution of S$14.6 million from the acquisition of Bedok Mall on 1 October 2015.

Net property income is 8.6% higher as compared to 1Q 2015.

Based on the closing price of S$2.17 on 15th April 2016, the annualised DPU is 5.06%.

1Q2016
(S$’000)
1Q2015
(S$ ‘000)
YoY(%)
Gross Revenue 179,801 167,353 7.4
Net Property Income 127,860 117,691 8.6
Distributable Amount 96,747 92,864 4.2
Distribution Per Unit (“DPU”) (cents) 2.73 2.68 1.9
Annualised DPU (cents) 10.98 10.87 1.0

Occupancy

Portfolio occupancy as at 31 March 2016 remained high at 97.7%.

Mr Wilson Tan, CEO of CMTML, said, “Despite the challenging macro environment, CMT registered year-on-year growth of 4.9% in shopper traffic and 4.6% in tenants’ sales in the first quarter of the year.

Things to Note

  • Redevelopment of Funan DigitaLife Mall
  • Asset enhancement initiatives for Plaza Singapura, Bukit Panjang Plaza and Tampines Mall

Keppel REIT DPU Fall for 1QFY2016

Keppel REIT Logo

Keppel REIT announces its unaudited financial results for 1QFY2016 on 14th April 2016. Distributable income increased slightly by 0.8% despite the divestment of 77 King Street in Sydney in January 2016. DPU fell by 1.2% from 1.70 cents in 1QFY2015 to 1.68 cents in 1QFY2016.

1QFY2016
(S$’000)
1QFY2015
(S$ ‘000)
YoY(%)
Property Income  41,167  42,405  (3.0)
Net Property Income  32,910  34,587  (5.1)
Distributable Amount  54,438  54,009  0.8
Distribution Per Unit (“DPU”) (cents)  1.68  1.70 ( 1.2)

Weighted Average Debt Maturity

Keppel REIT has completed 100% of refinancing requirements in 2016. The weighted average term to maturity to 3.6 years. There is no refinancing requirements until the second half of 2017.

Weighted Average Lease Expiry

Keppel REIT achieved a significant reduction of expiring leases to only a minimal 3% for the rest of 2016, with a 99% tenant retention rate. Long WALE of approximately 8 years (till year 2024) and 6 Years (till year 2022) for the top 10 tenants and overall portfolio respectively.

Keppel REIT Weighted Average Debt Expiry 1Q2016

Occupancy

Occupancy is 99.4% and an average positive rent reversion of 7% was achieved for all leases executed in 1QFY2016.

Keppel REIT Occupancy

85% of total leases is not due for renewal till 2018 and beyond. Approximately 80% of total leases is
not due for renewal till 2019 and beyond, when limited new office supply is expected.

Rental

Average Grade A rent for Singapore’s core Central Business District is at approximately $9.90 psf in 1Q 2016. Keppel REIT is able to keep it at approximate S$10.90.

Keppel REIT Rent 1Q2016

I have previously added more of Keppel REIT to my portfolio. (Read more at Summary of January 2016 Transactions)