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Saturday, 19 April 2014

CPF - Closing Status 17 April

Divested away Mapletree Logistics 2 lots in this week at break-even as part of usual portfolio re-balancing.  For its 3Q2014 financial results, NPI -0.2%; excluding the forex impact then NPI +4.0%.  Borrowing costs -23% due to lower average interest rates achieved and weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  95% of amount distributable is hedged into / derived in SGD.  100% of income stream from Japan has been hedged.  Amount distributable to unitholders +8% driven by enlarged portfolio, positive rental reversions and lower financing costs.  NAV as of end Dec'13 at $0.93 but Mr Market says it is worth $1.085 at the moment.  Aggregate leverage ratio 33.9%.  73% of total debt hedged into fixed rates.  Portfolio occupancy 98.4%.    

Divested away Mapletree Industrial 2 lots in this week under CPF portfolio as part of usual portfolio re-balancing for $52 nett gain.   Using previous quarter dividends rate, the expected Qtr 4 dividends will be at $50 (2 lots x $0.0251) so, l have already collected its Qtr 4 dividends in advance. In 2013, the payment date was on 4th June.  For its 3Q2014 financial results, NPI +12.0%.  81% of borrowings had been hedged through interest rate swaps and fixed rate borrowings.  Amount distributable to unitholders +12.0%.  NAV as of end Dec'13 at $1.11 but Mr Market says it is worth $1.425 at the moment.   Aggregate leverage ratio 36.3%.  As of end Dec'13, net current liabilities position due to the reclassification of long term borrowings which are maturing in Aug'14 and Sep'14 (for financial year 2015).  It has existing banking facilities available to refinance most of these borrowings and has also obtained in-principle agreement with certain banks to refinance these loans on a longer term basis.  Portfolio occupancy 92.5%.  It recently signed a sale and purchase agreement to acquire a four-storey light industrial building located at 2A Changi North Street 2 on a sale-and-leaseback arrangement; completion of acquisition expected in 2nd Quarter of 2014.  has signed an agreement with Hewlett-Packard Singapore to develop and lease a new build-to-suit facility (BTS) at its existing Telok Blangah Cluster.  The proposed redevelopment is slated for completion in the first half of 2017 and will be carried out in two phases.  It has sufficient financial capacity to fund the BTS Facility.  Assuming the BTS Facility is fully funded by debt, the aggregate leverage ratio is expected to increase progressively from 36.3% (as at 31 December 2013) to 41.0% upon completion of the BTS Facility.

Divested away Keppel Reit 3 lots in this week as part of usual portfolio re-balancing for $33 nett gain which is only 55% of the actual dividends declared (3 lots x $0.0197 x 55%).  In its recent 1Q2014 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses  now stabilized at +4.3%;  NPI higher by 14.7% resulted from improved performance from Ocean Financial Centre and Prudential Tower, as well as the additional income from 8 Exhibition Street in Melbourne;  Profit +20.1% due to higher NPI, higher interest income, higher share of results of associates and jv, lower trust expenses 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 1, its NAV was valued at $1.39 but Mr Market believes that it is worth much lesser with its Friday closing price at $1.24.  99.8% committed occupancy as at end Mar'14.  Approximately 3.1% of portfolio NLA due for renewal and 6.3% of portfolio NLA due for rent review in 2014.  Nearly 68% of the borrowings are at fixed interest rates.  In 1Q 2014, early refinancing of a further 33% and 16% of borrowings due in 2015 and 2016 respectively.   Aggregate leverage at 42.4%.
 Portfolio walk since previous posting :-

-$7,902 Total Returns as of 11 Apr

+$86 Nett gain on sales of Keppel Reit, Mapletree Industrial, Mapletree Logistics

+$1,298 Unrealised positions improved

-$6,517 Total Returns as of 17 Apr

previous journal :- CPF - Closing Status 11 Apr

Remarks :- Profits locked in to-date $1,226 / year 2014 $581

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