SRS - Closing status 22 November

Invested into Cache Logistics Trust 2 lots in this week under SRS 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.

Portfolio walk since previous posting :-

+$7,895 Total Returns as of 15 Nov

-$304 Unrealised positions worsened

+$7,591 Total Returns as of 22 Nov

previous posting :- SRS - Closing status 22 Nov