Just received the latest annual report this week. Taking some notes.Titled "SUSTAINING LONG-TERM GROWTH". This tells me something or am I reading too much into it ?
Financial Highlights
Share price is below book value. 6.3% Yield. Less impacted by the poor retail environment.
AEI
Northpoint - 2nd largest mall in the portfolio will undergo AEI in phases over 18 months. There's hint on possible acquisition of new assets in their sponsor's portfolio. Nevertheless I look forward to the NPI number due to the AEI impact !
Occupancy and Expenses
84.2% occupancy in Bedok Point. Maybe they should sell it than holding the baby for the parent. Anyway is only 3.8% of the Reit. Changi Point will be something we need to understand in next few quarters. Overall expenses increased 14.9% which is above Gross Revenue and NPI growths.
Financing
Gearing 28.2% at 2.4% cost. ......