Author: My Sweet Retirement

Why I did not subscribe to Manulife US REIT IPO

Manulife US REIT was recently listed on SGX on 20th May 2016. It is the first IPO in Singapore with United States office assets. The IPO was priced at US$0.83 per unit. I am not going to write about the financials of Manulife US REIT in this post as you can find the details in their investor reports. I will focus on the factors leading to my decision not to subscribe to this IPO. Here are a few tempting factors for me to look into this REIT First kind of REIT to have assets in the United States. It is a...

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Building My Spouse Stock Portfolio May 2016

For many years, my wife has been lamenting about working her heads off and never earning enough. She doesn’t do any form of investment and not even the simplest form of fixed deposits. Most of her money sits in the savings account earning a petite interest rate of 0.05%. Early this year, I managed to convince her to change her savings account to OCBC 360, thus earning a higher interest every month. She starts to see how the higher interests and the cash back she received monthly can help to offset small bills such as mobile. A bigger achievement...

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Summary of REITs Financial Results in 1Q2016

Most or all of the REITs in my portfolio have completed announcing their 1Q2016 results. There are some hits and some misses. As shown in the table I summarized below, Distribution Per Unit (“DPU”) increases for 6 out of 11 REITS I am holding while DPU fell for the other 5. DPU fell for those REITs that focuses on a single industry sector such as industrial, retail or office. REITs like Suntec REIT which has a combination of office and retail survived the economy downturn. Mapletree Commercial Trust did fairly well too as it has a combination of office...

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Mapletree Commercial Trust DPU Rises for 4Q FY15/16

On 25th April 2016, Mapletree Commercial Trust announces its 4QFY15/16 results. 4QFY15/16 refers to 1st January 2016 to 31st March 2016. Gross revenue increases by 2.8% from S$71 million to S$73 million. Net Property Income (“NPI”) increases by 3.5% from S$53.2 million to S$55 million. Distribution Per Unit (“DPU”) increases 1% from 2 cents to 2.02 cents. 4Q FY15/16 (S$’000) 4Q FY14/15 (S$’000) YoY(%) Gross Revenue 72,991 70,980 2.8 Net Property Income 55,044 53,175 3.5 Distributable Amount 42,918 42,151 1.8 Distribution Per Unit (“DPU”) (cents) 2.02 2 1.0 Occupancy Overall occupancy increase from 95.7% to 96.6%. VivoCity is the only...

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Cambridge Industrial Trust DPU Fell for 1Q2016

Cambridge Industrial Trust announces its 1Q2016 financial results on 28th April 2016. Gross Revenue increased by 3.2% from S$27.5 million to S$28.4 million. Net Property Income (“NPI”) increased by 1.2% from S$21.2 million to S$21.5 million. However, distribution per unit (“DPU”) fell 9.2% from 1.225 cents to 1.112 cents. If 1Q2015 results was adjusted to reflect management fees wholly paid in cash and no capital distribution for a like-for-like comparison to 1Q2016, DPU registered an increase of 3.8%. In the financial statement, the manager announce that it will be conducting a strategic review of Cambridge Industrial Trust’s business and operations....

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Summary of April 2016 Transactions

In the month of April 2016, the results of OUE Hospitality Trust rights application was announced. OUE Hospitality Trust Rights was over subscribed. (Refer to OUE Hospitality Trust Rights Issue Over Subscribed) I managed to get my allocated units and a portion of the excess rights I applied for. Thus my holdings for OUE Hospitality Trust increases from 3% to 5% of my stock portfolio. The market was on a bull run in the month of April as many companies and REITS announce their financial results for 1Q2016. A few stocks I have in my watch list rallied. Examples are...

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Far East Hospitality Trust DPU Rises for 1Q2016

On 27th April 2016, Far East Hospitality Trust announces its 1Q2016 financial results. Gross revenue remains flat at S$27.4 million. Net property income increase slightly by 0.8% from S$24.5 million to S$24.7 million. A Distribution Per Unit (“DPU”) of 1.08 cents was declared which is a 0.9% increase as compared to 1.07 cents in 1Q2015. The slight 1.9% increase in distribution amount was due to the slight increase in tourist arrivals in the first two months of the year. 1Q2016 (S$’000) 1Q2015 (S$’000) YoY(%) Gross Revenue 27,365 27,365 0 Net Property Income 24,679 24,487 0.8 Distributable Amount 19,444 19,203...

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Parkway Life REIT DPU Fall for 1Q2016

On 26th April 2016, Parkway Life REIT announces its 1Q 2016 results. Distribution Per Unit (“DPU”) fell 7% to 2.99 cents from 3.21 cents. The fall in distributable amount was due to a missing one off divestment gains as compared in 2015. Gross revenue grew by 8.6% and Net Property Income (“NPI”) grew by 8.5%. I will consider the result decent although DPU fell which we know it was due to a missing one off divestment gains. 1Q2016 (S$’000) 1Q2015 (S$’000) YoY(%) Gross Revenue 26,901 24,773 8.6 Net Property Income 25,135 23,165 8.5 Distributable Amount 18,097 19,463 (7.0) Distribution Per...

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Keeping Track of 1st Quarter 2016 Financial Results

Below are the REITS I currently hold in my portfolio. Most of them will be announcing their 1st Quarter 2016 financial results. To keep track of the date of release of the 1st quarter 2016 financial results, I have decided to track them using the table below. So far, only CapitaMall Trust have reported an increase in DPU. Keppel Reit and Soilbuild Business Reit have reported a fall in DPU. Stock Name Date Of Release Of 1st Quarter 2016 Financial Results Dividend Per Unit (DPU) Increase or Fall Frasers Commercial Trust Wednesday, 20 January 2016 DPU Increase CapitaMall Trust...

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Suntec REIT DPU Rises for 1Q2016

On 21st April 2016, Suntec REIT announces its financial results for 1Q 2016. Distribution Per Unit (“DPU”) rises 6.3% to 2.37 cents as compared to 2.23 cents in 1Q2015. Gross revenue increases to S$78.3 million in 1Q2016 as compared to S$74.5 million in 1Q2015. Net property income also increases to S$54 million as compared to S$51.4 million in 1Q2015. The increase in gross revenue and net property income was attributed to the opening of Suntec City Phase 3 which resulted in higher contribution from Suntec City Office and Suntec Singapore. With the completion of Phase 3 in June 2015, this...

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Frasers Commercial Trust DPU Rise for 2Q2016

On 21st April 2016, Frasers Commercial Trust announce its 2Q2016 financial results. Distribution Per Unit (“DPU”) rises 2.9% to 2.45 cents as compared to 2.38 cents in the same quarter in 2015. Higher Distribution Amount The higher distribution amount was due higher rental rates and lower utilities expenses at Alexandra Technopark, contribution from 357 Collins street and lower repair and maintenance and painting expenses for Caroline Chisholm Centre. 2Q2016 (S$’000) 2Q2015 (S$’000) YoY(%) Gross Revenue 38,994 34,814 12 Net Property Income 28,836 24,716 16.7 Distributable Amount 19,348 16,189 19.5 Distribution Per Unit (“DPU”) (cents) 2.45 2.38 2.9  Occupancy Average occupancy...

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Sell in May and Go Away

The month of April is ending and the month of May is coming. As an investor, have you heard of the old saying “Sell in May and Go Away“? The phrase suggest that investors should sell off their stock portfolio in May and only return in fall. Fall is another term used for Autumn in America. There is no fall in Singapore. Being curious about how the old saying came about, I decided to do some research. The full phrase actually goes like this “Sell in May and go away, do not return until St. Leger’s Day.” The saying actually dates...

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CapitaMall Trust DPU Rises for 1Q2016

CapitaMall Trust announces its 1Q2016 results on 15th April 2016. A higher Distribution Per Unit (DPU) of 2.73 cents was announced for 1Q 2016 which is 1.9% increase as compared to 2.68 cents in 1Q 2015. Gross revenue is 7.4% higher due to the contribution of S$14.6 million from the acquisition of Bedok Mall on 1 October 2015. Net property income is 8.6% higher as compared to 1Q 2015. Based on the closing price of S$2.17 on 15th April 2016, the annualised DPU is 5.06%. 1Q2016 (S$’000) 1Q2015 (S$ ‘000) YoY(%) Gross Revenue 179,801 167,353 7.4 Net Property Income 127,860 117,691 8.6 Distributable Amount...

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Soilbuild REIT DPU Fall for 1QFY2016

Soilbuild REIT announces its results for 1QFY2016 on 21st January 2016. Gross revenue increased 8.2% to S$20.1 million and net property income (“NPI”) grew 8.8% to S$17.2 million. Distributable income rose 9.6% to S$14.6 million from S$13.3 million in 1QFY2015. Distribution Per Unit (DPU) fell 4.7% to 1.557 cents as compared to 1.633 cents a year ago. The annualised distribution yield is 8.5% based on the closing price of S$0.73 as at 31st March 2016. 1QFY2016 (S$’000) 1QFY2015 (S$ ‘000) YoY(%) Gross Revenue 20,142 18,615 8.2 Net Property Income 17,193 15,798 8.8 Distributable Amount 14,609 13,325 9.6 Distribution Per Unit (“DPU”) (cents) 1.557 1.633...

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Keppel REIT DPU Fall for 1QFY2016

Keppel REIT announces its unaudited financial results for 1QFY2016 on 14th April 2016. Distributable income increased slightly by 0.8% despite the divestment of 77 King Street in Sydney in January 2016. DPU fell by 1.2% from 1.70 cents in 1QFY2015 to 1.68 cents in 1QFY2016. 1QFY2016 (S$’000) 1QFY2015 (S$ ‘000) YoY(%) Property Income  41,167  42,405  (3.0) Net Property Income  32,910  34,587  (5.1) Distributable Amount  54,438  54,009  0.8 Distribution Per Unit (“DPU”) (cents)  1.68  1.70 ( 1.2) Weighted Average Debt Maturity Keppel REIT has completed 100% of refinancing requirements in 2016. The weighted average term to maturity to 3.6 years. There is no...

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