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Prime US Reit SGX debut 19 JUL 2019
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chengwh1
Elite |
17-Mar-2021 23:30
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Tq. Yes,... am aware of all the news abt departmental stoes closing down since the closure of Robinsons last year. Also, am aware of the mention of both SPH REIT and FCT being affected if Metro is to totally withdraw from the retail business, with the former being impacted more because of its reliance on Paragon. However, recently,... I saw a news saying the retail outlets are ' redesigning' themselves, and that this would include Metro too. The word ' corner' came from the same article if I' m not mistaken,.. but this ' corner' does occupy a large floorspace, which is the norm for a departmental store. I was earlier betting-on SPH REIT being able to continue enjoying having Metro among its tenants. Looks to me like this dependance might be short-lived soon. Our dpu will really be affected badly if we lose Metro at Paragon,... not to mention M& S as you' ve indicated,...
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Starship
Supreme |
16-Mar-2021 13:54
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The possibility of Metro also closing its Dept Stores was also in the news when Robinsons declared closing down its stores. The Metro in Paragon is not just " a corner" in Paragon. It' s a store occupying big floor space in multiple floors in Paragon. The other big occupier in Paragon is Marks & Spencer ---- also at risk of shrinking or exiting.
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chengwh1
Elite |
16-Mar-2021 13:29
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Bros and Sis' ,... like to improve on what I initially wrote in the above. If, due to whatever reasons, tho' slim,... the buyover of JM of JS is unsuccessful, FLCT will NOT be able to be promoted to the STI,... just a foreword here for your guys,... in order to be transparent. Articles and publications around us of course all mentioned the buyover will definitely go through. Another ' unconfirmed' news I have heard is The Metro Departmental Store is seriously considering exiting the retail business. One big departmental store of Metro in at the Paragon Mall under SPH REIT. This store occupies a corner of the mall and without Metro here, wondering what will happen to this corner,... will another ' big' tenant be willing to take-up this corner. Sad case it is,... this could be happening after after closure of Robinsons. DYDD. |
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Joelton
Supreme |
14-Jan-2021 09:39
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SPH Reit Q1 DPU down 13% to 1.2 Singapore cents
SPH REIT has declared a first-quarter distribution per unit (DPU) of 1.2 Singapore cents, down from 1.38 Singapore cents in the year-ago period.
The lower DPU, down by 13 per cent year on year, was " in line with the gradual Covid-19 recovery in both Singapore and Australia" , said the manager in an interim business update on Wednesday.
This came even as gross revenue rose by 10.8 per cent year on year to S$66.6 million, for the three months to Nov 30, 2020.
Reit turnover was shored up by South Australia' s Westfield Marion, which was acquired in December 2019, as well as stable contributions from Figtree Grove in New South Wales.
On the other hand, the Reit' s Singapore assets saw a decline in gross revenue, attributed to rental relief for tenants affected by the Covid-19 pandemic. The flagship Paragon contributed S$38.5 million to the top line, down from S$44.2 million before.
Retail activity at Paragon remains affected by Singapore' s border restrictions. The Clementi Mall has taken a hit from work-from-home arrangements, the manager said. Still, it added that footfall and tenant sales across its Singapore shopping centres recovered during the year-end festive period.
Meanwhile, in Australia, tenant sales at both Westfield Marion and Figtree Grove " are recovering steadily to near pre-Covid-19 levels" , the manager noted.
SPH Reit had S$1.3 billion in debt as at Nov 30, 2020, up from S$1.1 billion the year before. The weighted average term to maturity was 2.7 years.
The manager said that it is refinancing S$215 million in loans maturing by July 2021, while revolving credit facilities of S$225 million remain available and undrawn.
Portfolio occupancy stood at 97.9 per cent at the end of November 2020, while weighted average lease expiry by net lettable area was 5.5 years.
The DPU, which includes 0.13 Singapore cent deferred from earlier income under Covid-19 relief measures, will be paid on Feb 26 the books close on Jan 21.
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WhereI
Master |
27-Nov-2020 14:00
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Let me bring out a seven year old price target below...
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WhereI
Master |
27-Nov-2020 13:42
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It' s a buy then.
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NT1825
Master |
27-Nov-2020 13:19
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At 97.7%, it is one of the best record in the industry. Thank you for sharing
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Joelton
Supreme |
27-Nov-2020 13:09
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SPH Reit to focus on ' providing sustainable rental income'
SPH Reit will now focus on providing " sustainable rental income" by minimising vacancies for FY2021, it said at an annual general meeting (AGM) on Wednesday.
It added that it is committed to supporting tenants through this challenging Covid-19 period, so as to position assets to be ready to capture the business opportunity when recovery begins.
The chief executive of SPH Reit management, Susan Leng Mee Yin, said: " We will continue to work closely with our tenants in a targeted manner... so that both landlords and tenants can be ready for recovery."
This is in hopes of preserving long-term returns for its unit holders, she said.
To maintain occupancy in its assets for sustainable rental cash flow, rental relief totalling S$39.9 million has been granted to help its tenants during the Covid-19 pandemic, it said.
Tenancies for its Australian assets have recovered strongly, hitting close to pre-Covid-19 levels, but tenancies for its Singapore assets are turning around more slowly.
The Reit' s portfolio has maintained its occupancy rate at 97.7 per cent.
SPH Reit on Thursday also unveiled its multi-pronged growth strategy to provide unit holders with regular, stable distributions. The strategy includes continually optimising the tenant mix of its properties, as well as implementing asset-enhancement initiatives and proactive marketing plans, Ms Leng said.
There will also be a right of first refusal for the Reit' s sponsors' future income-producing properties used primarily for retail purposes in Asia Pacific.
Given the uncertainty and fluidity of the Covid-19 pandemic, the extent of its impact on SPH Reit' s financial performance for the next reporting period, and the next 12 months cannot be determined at this stage, Ms Leng added.
The chairman of SPH Reit management, Leong Horn Kee, said: " We will continue to build on the strong partnerships established with our tenants, and adapt and overcome the challenges in the fast-changing retail environment."
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Joelton
Supreme |
26-Nov-2020 11:23
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SPH Reit says it will maintain its approach to acquisitions
THE manager of SPH Reit has said it will not change its approach to acquisition, even with the unprecedented disruption caused by the pandemic.
In its response to questions from the Securities Investors Association (Singapore) (SIAS), the manager said that while the turmoil in the retail real estate market caused by Covid-19 may present acquisition opportunities, the Reit will continue to exercise care and due consideration.
This is particularly " due to the risks brought about by uncertainty in the retail market" , it added.
SPH Reit' s portfolio in the medium term will remain primarily Singapore-based assets. It has not set a targeted capital allocation by geography, in order to maintain flexibility in the exploration of acquisition opportunities, the manager said.
Asked by SIAS about the experience of the manager and board of directors in investing in retail malls in Australia, the manager said that the core strength and competency of the team is in the retail sector.
It added that the first acquisition in Australia, Figtree Grove Shopping Centre in December 2018, was acquired with a minority joint-venture partner, who also acts as the asset manager, to ensure an alignment of interests. A local property manager was also appointed.
The second acquisition was a 50 per cent stake in Westfield Marion Shopping Centre a year later. The other 50 per cent owner is Scentre, which has managed the asset for more than 25 years, the manager said.
Both acquisitions are distribution per unit (DPU) yield-accretive, generating about 0.45 cents DPU in FY2020.
SIAS further queried SPH Reit' s manager on the level of influence and control of the operations in the Australia assets, given that the manager relies on appointed investment and property manager for the day-to-day running.
The manager said that as co-owner, SPH Reit participates actively in the day-to-day management. " A detailed operating framework is in place for the review and approval of budgets, leasing plans, as well as proposed asset enhancements and capital expenditure," it added.
The manager denied acting as a mere " financial" investor with little to no ability to add value.
It said the board remains committed to releasing the deferred S$14.5 million in distributable income, amounting to DPU of 0.52 Singapore cent , to unitholders.
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katak88
Master |
24-Nov-2020 10:37
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SPH Reit manager defends not disclosing key personnel salariesMON, NOV 23, 2020 - 11:19 PMTHE manager of SPH Reit on Monday defended its decision not to disclose the salaries of its key management personnel in the real estate investment trust' s (Reit) latest annual report, in response to a query from the Singapore Exchange. In its query, SGX noted that SPH Reit had not complied fully with a provision in the corporate governance code addressing the disclosure of remuneration for key management personnel. In its bourse filing addressing the query, SPH Reit Management acknowledged that the remuneration and breakdown with respect to its key management personnel have not been disclosed in SPH Reit' s annual report. However, the report sets out the remuneration policy, its key objectives, considerations in fixing remuneration packages and the mix of remuneration, the manager said. In explaining its policy, the manager said that the remuneration of its directors and employees are not paid out of the deposited property of SPH Reit. The remuneration is paid directly by the manager, which is a private company. The fees that the manager gets from SPH Reit are disclosed in the annual report. " (There) is no misalignment between the remuneration of the directors and the key management personnel of the manager and the interests of the unitholders given that their remuneration is not linked to the gross revenue of SPH Reit," it said. The manager added that " remuneration matters for the CEO and each of the executive officers are highly confidential and sensitive matters" , and that such disclosure may negatively impact the manager in attracting and retaining talent for the long term. SPH Reit is sponsored by Singapore Press Holdings, which publishes The Business Times. Units of SPH Reit closed at S$0.82 on Monday, up 0.61 per cent. https://www.businesstimes.com.sg/companies-markets/sph-reit-manager-defends-not-disclosing-key-personnel-salaries |
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Joelton
Supreme |
27-Jul-2020 09:03
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SPH Reit
On July 21, SPH Reit chairman, non-executive and independent director Leong Horn Kee disposed of his 500,000 units of the Reit for a consideration of S$432,500, at price of 86.5 cents per unit.
He is the chairman of CapitalCorp Partners Pte Ltd, a corporate finance advisory firm. He is currently Singapore' s non-resident High Commissioner to Cyprus.
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Joelton
Supreme |
22-Jul-2020 09:44
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SPH REIT chairman Leong and wife sold all units
Leong Horn Kee, chairman of SPH REIT, has sold all his 300,000 units into the open market.
Leong&rsquo s wife, Chuang Lee Eng, similarly, sold all her 200,000 units as well.
They sold at an average of 86.5 cents.
Leong isn&rsquo t the only insider selling SPH REIT recently.
On June 17, labour movement National Trade Union Congress sold 400,000 units for $355,960, or an average of 89 cents.
With that sale, NTUC has trimmed its stake from 5.012% to 4.998%, which means it isn&rsquo t obliged to declare further selling.
SPH REIT&rsquo s key assets are Paragon and Clementi Mall.
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Kai189
Veteran |
22-Jul-2020 09:23
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remember the fate of NOL.... dun be caught pants down... sell and reinvest in SATS / SIA engineering | ||||
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Peter88
Senior |
22-Jul-2020 09:22
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Unlike Starhill G Reit , Starhill has about 49% of the tenants are long term master lease tenancy. Taka lease will only expires in April 2025. Mayer in 2037 etc... SPH lease are mostly 3years lease . | ||||
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Sgvale
Supreme |
22-Jul-2020 08:16
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Many retail tenants don't want re-new already,? | ||||
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Peter88
Senior |
22-Jul-2020 06:35
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Even chairman also sell , who dare to buy ? | ||||
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Kai189
Veteran |
21-Jul-2020 22:10
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hou mai...run lola run for SPH reit and SPH holders SINGAPORE (July 21): Leong Horn Kee, chairman of SPH REIT, has sold all his 300,000 units into the open market. Leong&rsquo s wife, Chuang Lee Eng, similarly, sold all her 200,000 units as well. They sold at an average of 86.5 cents. Leong isn&rsquo t the only insider selling SPH REIT recently. On June 17, labour movement National Trade Union Congress sold 400,000 units for $355,960, or an average of 89 cents. With that sale, NTUC has trimmed its stake from 5.012% to 4.998%, which means it isn&rsquo t obliged to declare further selling. SPH REIT&rsquo s key assets are Paragon and Clementi Mall. SPH REIT closed July 21 unchanged at 88 cents. https://www.theedgesingapore.com/new...sold-all-units |
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john_ric
Supreme |
02-Jul-2020 10:26
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dpu is a pethetic $0.005 or 0.5 cents per share. that is S$5 per 1000 shares. you happy with that? |
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n3wbie
Elite |
02-Jul-2020 09:25
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SPH REIT is up despite DPU being cut by more than 60% YoY from 3QFY19 quite surprising to see that they increased DPU QoQ despite 3QFY20 being a full quarter of Covid-19 impact. Interestingly, this is also the first time that they are calculating the annualised DPU yield to be at ~3.5% as I don' t recall nor have seen that being worked from the company - not sure if this is a sign to expect that yield for FY20 will be lower than historical (> 5%)? | ||||
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chengwh1
Elite |
19-Jun-2020 15:03
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SPH has student accomodation assets in The UK,... and has started buying aged-care homes in Japan. We can ponder if these assets will be injected into this REIT in future with a chg of mandate for SPHR.
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