Lippo Malls Indonesia Retail Trust DPU Rises for 1Q2016

LMIR Trust Logo

Lippo Malls Indonesia Retail Trust (“LMIR Trust”) announces its 1Q2016 financial results on 3rd May 2016. Gross revenue increase by 8.5%. Net Property Income (“NPI”) increase by 4.6%. Distribution Per Unit (“DPU”) increases 5.1% to 0.83 cents as compared with 0.79 cents in 1Q2015.

1Q FY16
(S$’000)
1Q FY15
(S$’000)
YoY(%)
Gross Revenue45,52441,9728.5
Net Property Income40,83239,0264.6
Distributable Amount23,17821,5017.8
Distribution Per Unit (“DPU”) (cents)0.830.795.1

Debt

LMIR’s total outstanding debt as at 31 March 2016 stood at SGD 695 million, with a gearing ratio of 35.7%. Weighted Average Maturity of debt facilities was 2.18 years. I noticed that  S$150 million fixed rate note are due this year October 2016.

LMIR Weighted Average Debt Maturity 1Q2016

Rental Revenue

These are the top tenants by gross rental revenue. Some familiar names are Giant supermarket, Fitness First and Carrefour. The top 10 tenants contribute to approximately 22.7% to LMIR Trust gross rental revenue.

LMIR Top 10 Tenants 1Q2016

Lease Expiry Profile

The weighted average lease expiry is 4.92 years. The mixture of long and short term leases in LMIR Trust’s portfolio provides growth and stability.

LMIR Lease Expiry Profile 1Q2016

Rental Reversion

The below shows the rental reversion trend for LMIR Trust.

LMIR Rental Reversion 1Q2016

Mapletree Commercial Trust DPU Rises for 4Q FY15/16

Mapletree Commercial Trust Logo

On 25th April 2016, Mapletree Commercial Trust announces its 4QFY15/16 results. 4QFY15/16 refers to 1st January 2016 to 31st March 2016. Gross revenue increases by 2.8% from S$71 million to S$73 million. Net Property Income (“NPI”) increases by 3.5% from S$53.2 million to S$55 million. Distribution Per Unit (“DPU”) increases 1% from 2 cents to 2.02 cents.

4Q FY15/16
(S$’000)
4Q FY14/15
(S$’000)
YoY(%)
Gross Revenue72,99170,9802.8
Net Property Income55,04453,1753.5
Distributable Amount42,91842,1511.8
Distribution Per Unit (“DPU”) (cents)2.0221.0

Occupancy

Overall occupancy increase from 95.7% to 96.6%. VivoCity is the only retail mall in Mapletree Commercial Trust portfolio. Shopper traffic grew about 7% and tenant sales grew about 6% in 4Q FY15/16 on a year on-year basis.

As at 31 Mar 2015As at 31 Mar 2016
VivoCity97.5%99.6%
Merrill Lynch Harbourfront (“MLHF”)100.0%100.0%
PSA Building95.4%92.8%
Mapletree Anson87.5%91.0%
MCT Portfolio95.7%96.6%

Lease Expiry Profile

Weight Average Lease Expiry (“WALE”) for its office assets is 2.8 years while retail is 2.0 years.

Mapletree Commercial Trust 4Q2015 Lease Expiry

With the positive renewal/restructuring of Bank of America Merrill Lynch’s lease at Merrill Lynch Harbourfront (“MLHF”) in Apr 2016, the office WALE is extended from 2.8 years to 3.5 years.

Mapletree Commercial Trust 4Q2015 Lease Expiry New

Debt

Gearing ratio is 35.1%. Weighted average debt expiry is 3.4 years. Investors need to take note of 29% debt due in FY19/20.

Mapletree Commercial Trust 4Q FY15/16 Debt

Cambridge Industrial Trust DPU Fell for 1Q2016

Cambridge Industrial Trust Logo

Cambridge Industrial Trust announces its 1Q2016 financial results on 28th April 2016. Gross Revenue increased by 3.2% from S$27.5 million to S$28.4 million. Net Property Income (“NPI”) increased by 1.2% from S$21.2 million to S$21.5 million.

However, distribution per unit (“DPU”) fell 9.2% from 1.225 cents to 1.112 cents. If 1Q2015 results was adjusted to reflect management fees wholly paid in cash and no capital distribution for a like-for-like comparison to 1Q2016, DPU registered an increase of 3.8%.

In the financial statement, the manager announce that it will be conducting a strategic review of Cambridge Industrial Trust’s business and operations. As such, the manager has recently appointed Goldman Sachs (Singapore) to assist the Manager in its analysis of certain recent trends and developments in the Singapore REIT sector and the potential implications to Cambridge Industrial Trust.

1Q2016
(S$’mil)
1Q2015
(S$’mil)
YoY(%)
Gross Revenue28.427.53.2
Net Property Income21.521.21.2
Distributable Amount14.515.7(7.5)
Distribution Per Unit (“DPU”) (cents)1.1121.225(9.2)

Occupancy

Occupancy remains healthy at 94.1%. The weighted average lease expiry (“WALE”) stands at 3.6 years. Cambridge Industrial Trust has achieved a positive rental reversion of 2.9%.

Debt

Gearing ratio is 37.1%. Weight average debt expiry is 2.9 years. Cambridge Industrial Trust has a well-staggered debt maturity profile, with no refinancing due till FY2017.

Cambridge Industrial Trust Debt Maturity 1Q2016