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Sunday, 15 December 2013

SRS - Closing status 13 December

Re-invested into AIMS AMP Industrial Reit 2 lots in this week under SRS portfolio.  For its 2Q2014 financial results, NPI +23.6%; available distributable income +28.7%.  DPU +10%.  Its NAV as of end Sep'13 was at $1.52 and its last done share price on this Friday is already at a discount at $1.41.  Earliest debt expiry is in Oct'15. Aggregate leverage of 25.2%.  Its capital structure is well positioned for potential Fed tapering as 100% of its debt costs are fixed.  Portfolio occupancy rate at 98% as of end Sep'13.  Only 3.2% of NLA expiring in 2014.  Redevelopment of its Defu Lane 10 property on schedule and within budget and TOP is expected in May'14.   It commenced development of phase 2e and 3 of its Gul Way property which upon completion resulting 8.3% NPI yield on cost.   It recently acquires 49% interest in Optus Centre in Sydney, Australia; which expected to be completed by 1Q2014.   Optus Centre is Australia's largest campus-style office complex and is fully leased by SingTel for a weighted average lease term of 8.6 years with fixed annual escalation of 3%.

Invested into Soilbuild Reit 3 lots in this week.   Its 3Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday at $0.75 is currently below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

Portfolio walk since previous posting :-

+$6,942 Total Returns as of 6 Dec 

-$532 Unrealised positions worsened

+$6,410 Total Returns as of 13 Dec

previous posting :- SRS - Closing status 6 Dec

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