Invested into Cache Logistics Trust 2 lots in this
week under CPF portfolio. In its recent 3Q2013 financial results; DPU
slightly lowered by 0.8% due to higher number of issued units. NPI
higher by 8.5% for 3Q2013. Property expenses gone up 27.7% from Qtr 2
to Qtr 3 due to one off reversal of expense accrual in Qtr 2. As of
end Qtr 3, its NAV was valued at $0.97 but Mr Market believes that it is
worth much more with its Friday closing price at $1.145. No debt
re-financing requirement till 2015. 70% debts hedged by way of fixed
interest rate swaps. Its $375 mil secured term loan (includes $62 mil
undrawn) are well spread out across 19 international banks. Continued
to maintain a portfolio occupancy at 100% in 3Q2013. No
lease expiry renewal risk for the remaining months of 2013. And only 3%
of total GFA lease to be renewed in year 2014. Over 85% of GFA taken
up by MNCs and government entities.
Invested into Keppel Reit 3 lots in this week under CPF portfolio. In its recent 3Q2013 financial results; DPU was up slightly by 0.5%. Property expenses gone up 19.2% from Qtr 2 to Qtr 3 due to higher repair and maintenance costs amounting close to $1 mil variance. NPI higher by 6.8% for 3Q2013. Profit +20% due to higher NPI, interest income, profit from its related companies and lower amortization expenses; but offset by lower rental support, higher borrowing costs and management fees as a results of the larger portfolio of assets under management. As of end Qtr 3, its NAV was valued at $1.27 but Mr Market believes that it is worth much more with its Friday closing price at $1.18. 99.4% committed occupancy as at end Sep'13. Six out of eight buildings are 100% occupied. 88% of assets in Singapore and 12% of assets in Australia. 100% of Singapore properties located in the prime CBD. Ocean Financial Centre Phase 2 comprising the seven storey retail and car park annexe received TOP. For Australia, five premium office buildings in the CBDs of Sydney, Melbourne, Brisbane and Perth. On 1 Aug'13, completed the acquisition of 50% interest in Melbourne which is immediately DPU accretive. Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 9.3% in year 2015. There are no refinancing requirements over the next 24 months and nearly 70% of the borrowings are at fixed interest rates. Completed early refinancing of 100% of borrowings due in 2013 and 2014.
l will know the exact investment costs and divestment proceeds when the bank send the CPF Investment statement to me after month end; which l will then make necessary update to the Total Returns.
Portfolio walk since previous posting :-
previous journal :- CPF - Closing Status 15 Nov
Invested into Keppel Reit 3 lots in this week under CPF portfolio. In its recent 3Q2013 financial results; DPU was up slightly by 0.5%. Property expenses gone up 19.2% from Qtr 2 to Qtr 3 due to higher repair and maintenance costs amounting close to $1 mil variance. NPI higher by 6.8% for 3Q2013. Profit +20% due to higher NPI, interest income, profit from its related companies and lower amortization expenses; but offset by lower rental support, higher borrowing costs and management fees as a results of the larger portfolio of assets under management. As of end Qtr 3, its NAV was valued at $1.27 but Mr Market believes that it is worth much more with its Friday closing price at $1.18. 99.4% committed occupancy as at end Sep'13. Six out of eight buildings are 100% occupied. 88% of assets in Singapore and 12% of assets in Australia. 100% of Singapore properties located in the prime CBD. Ocean Financial Centre Phase 2 comprising the seven storey retail and car park annexe received TOP. For Australia, five premium office buildings in the CBDs of Sydney, Melbourne, Brisbane and Perth. On 1 Aug'13, completed the acquisition of 50% interest in Melbourne which is immediately DPU accretive. Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 9.3% in year 2015. There are no refinancing requirements over the next 24 months and nearly 70% of the borrowings are at fixed interest rates. Completed early refinancing of 100% of borrowings due in 2013 and 2014.
l will know the exact investment costs and divestment proceeds when the bank send the CPF Investment statement to me after month end; which l will then make necessary update to the Total Returns.
-$6,606 Total Returns as of 15 Nov
-$386 Unrealised positions worsened
-$386 Unrealised positions worsened
-$6,992 Total Returns as of 22 Nov
previous journal :- CPF - Closing Status 15 Nov
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