3Q 2010 results for A-Reit:
Key Points
* DPU for the quarter is 3.30 cents.
* Net Property Income increased 3.5% year-on-year to S$83.9million.
* Positive rental reversion of between 0.6% and 11.6% on lease renewals across most sub-sectors.
* Upgrade in corporate family rating to “A3†by Moody’s Investors Services.
* Occupancy rate moderated slightly to 95.3% for the portfolio and 90.5% for the multi-tenanted buildings.
* The Manager has identified three asset enhancement opportunities within the portfolio to capitalize on underutilized plot ratio or to enhance the attractiveness of the properties.
o Redevelopment of 1 Senoko Avenue
o Asset Enhancement Planned for 10 Toh Guan Road
o Asset Enhancement for Techview
* These asset enhancement initiatives are expected to deliver a weighted average yield in excess of 8.5%.
* Diversified portfolio comprising 92 properties in Singapore with a total asset value of about S$4.9b.
* As at 30 September 2010, A-REIT’s aggregate leverage was 34.3% with a weighted average cost of funding of 3.92% and an average term of debt maturity of 3.4 years. All of A-REIT’s floating interest rate exposure is hedged into fixed rate for the next 2.9 years.
* The Transfer Books and Register of Unitholders will be closed at 5.00 pm on 26 Oct 2010 for the purpose of determining unitholders’ entitlements to distribution.
* The distribution that will be paid on 26 Nov 2010.
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