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CapitaLand Integrated Commercial Trust s(SGX:C38U)
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LongXia
Veteran |
02-Apr-2022 00:15
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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See my comments here...nowadays can' t talk too much, the most two or three posts a week, otherwise, the posts or even the whole thread will disappear, just like the ESR and ARA threads.... https://www.sharejunction.com/sharejunction/listMessage.htm?topicId=20677& searchString=& msgbdName=CapitaLandInvest& topicTitle=CapitaLand%20Investment%20(SGX:%209CI)
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pasttime
Elite |
15-Feb-2022 09:26
Yells: "peace, love, joy be upon you" |
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turnover rent can le lost , same or increased in rate. or space at the moments, it is about par. some lost, some new entrants. like education moving in to more central locations. with china restrictions on over pressure on ediucations will more move here? see minister Ong message today. " convid-19 restrictions can be eased once omicron wave has peaked." once more eased of restrictions it will benefits 1. casino as it is the easiest for visitors. 2, shopping malls especially those in city. 3. transport like taxi, bus, train due to more workers going to work 4. office demand as business condiufence will boost as uncertainty of open/close/open is now replace with slowly constantly ease of measures. 5. tourism related like airline, tour business attractions, hotel as more mice events will be planned ahead as that has been off for 2 years. i place my wager with 1 year time frame for good divdends with capital gain. increased in footfall will more then offset any interest rate increased via removal of help, higher percentage of rented space and increased rent or share of profit. i have not seen landlord loose money in long term whatever conditions except extreme like war, depression. dyodd |
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darkpoliticks
Member |
11-Feb-2022 17:29
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but isn' t turnover rents riskier than base rents? Turnover rents depends on traffic and receipts. at least base rental gives some comfort.. i am just wondering whether retailers who have gone online during the pandemic include their e-commerce sales in the turnover.
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Lobster
Elite |
09-Feb-2022 15:05
Yells: "Even Adam Khoo believes in the Black Market!" |
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A lot of people sleeping because of CNY, haven' t wake up....
CapitaSpring obtains TOP, secures 93% in leasing commitment |
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pasttime
Elite |
07-Feb-2022 17:40
Yells: "peace, love, joy be upon you" |
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now that economy is openning up. more shoppers, office workers, more footfall changing model of less fix rent more variable components? what is the likely hood of increased rental? what will be the increased in rental income?will it more then offset potential interest rate increased? what if they renewal all their loan due in current year before interest rate increased. what if interest rate only increased a little bit bit. 2x 0.025 versus talk of 0.5 a few times. questions that only time can tell. surely this is not going to die. earn more or earn less only. i think |
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Lobster
Elite |
04-Feb-2022 12:41
Yells: "Even Adam Khoo believes in the Black Market!" |
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Mmmm.... I wonder why the uncles are claiming that when the parents Results are out this son will cheong again. Said will move over $2.10 EASILY..... meanwhlie CIMB also claimed that the second half results will even be stronger, citing Continued recovery in retail sales, new office contributions boost and set a TP of $2.57 |
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PhillipTan
Supreme |
30-Jan-2022 21:22
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Opportunity? I say yes DPU affected by interest rate, debt level etc, surely will But I believe if the REIT manager is capable They would do the necessary to readjust their positions over time Such as (but not limited to) factoring the higher interest costs into new/renewed rental agreements, adjusting their debt level, looking into other sources of financing such as bonds etc Over time, the DPU will go up again, and so will the share price Unless the REIT manager really sucks And buying now (maybe still a bit early, maybe will drop even more?) when there is a dip, it is like buying groceries that are having an offer at discounted prices Hence, it is actually a good opportunity to nibble more REIT shares now Or at least that is my view on this DYODD though
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pasttime
Elite |
30-Jan-2022 20:59
Yells: "peace, love, joy be upon you" |
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now can start to prepare firewood to roast bear paws dishes. for bears who has consistently talk down the tourism related stocks. hotels, transport, etc. those bears who still don' t want to cover will get burn soon. |
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stonkmaster
Veteran |
30-Jan-2022 13:26
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Don?t like that. We need people to buy high sell Low to profit.
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pasttime
Elite |
30-Jan-2022 07:57
Yells: "peace, love, joy be upon you" |
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reits are on sale due to expected interest rate raise factor. opportunity? dpu can be affected by interest rate, debt level, backing owner and new income source. capitalspring will contribute soon. the malls in city revival as more people go back to office. f1 marina street circuit 30 sep-2 Oct 2022 is a strong indiction of tourism revival. Hotels benefits. sale of jcube will raise head room for growth. |
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PhillipTan
Supreme |
30-Jan-2022 04:17
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When rate rise, share price drops If don' t buy when share price drops, then? Wait until share price goes up again then we buy? Maybe you could advise more or elaborate further?
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Stocky901
Supreme |
29-Jan-2022 13:26
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Everything up but dpu down due to dilution effects. 🙄
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CleanNGreen
Member |
29-Jan-2022 10:24
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https://www.edgeprop.sg/property-news/singapore-office-rents-rebound-2021-growing-19-y-o-ySingapore office rents rebound in 2021, growing 1.9% y-o-y |
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Joelton
Supreme |
28-Jan-2022 09:09
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CICT reports 2HFY2021 DPU of 5.22 cents on enlarged base FY2021 DPU of 10.40 cents
The manager of CapitaLand Integrated Commercial Trust (CICT) has reported a distribution per unit (DPU) of 5.22 cents for the 2HFY2021 ended December, 8.9% lower y-o-y. This brings the DPU for the FY2021 to 10.40 cents, 19.7% higher y-o-y.
Distributable income for the 2HFY2021, however, grew 30.5% y-o-y to $338.8 million, largely driven by contribution from the assets under the former CapitaLand Commercial Trust (CCT) and 100% contribution from Raffles City after the merger with CCT in 2HFY2020.
The lower DPU for the period is likely due to the enlarged base from the 127.6 million new units issued under the REIT&rsquo s private placement to raise some $250.0 million of equity proceeds in December 2021.
An advanced distribution of $314.3 million for the period from July 1, 2021 to Dec 15, 2021, will be paid on Jan 28. The remaining distribution of $24.5 million from Dec 16 to Dec 31, 2021, will be paid on March 15.
2HFY2021 gross revenue climbed by 54.5% y-o-y to $659.4 million mainly due to contribution from the enlarged portfolio following the merger in October 2020. The lower rental waiver granted to tenants in the 2HFY2021 contributed to the higher amount as well.
2HFY2021 property operating expenses increased by 38.4% y-o-y to $180.5 million mainly due to the merger in October 2020.
Accordingly, net property income (NPI) for the 2HFY2021 stood 61.6% y-o-y up at $478.9 million.
During the half-year period, finance costs stood 10.7% higher y-o-y at $8.2 million mainly from borrowings drawn down to fund the merger.
Share of results of joint venture in the 2HFY2021 grew $119.6 million to $133.5 million mainly due to the gain on disposal on One George Street and fair value gain on investment properties of CapitaSpring.
FY2021 gross revenue surged by 75.1% y-o-y to $1.31 billion mainly due to the contributions from the enlarged portfolio.
FY2021 property operating expenses increased 52.3% y-o-y to $354.0 million for the same reasons.
As a result, NPI for the FY2021 increased by 85.5% y-o-y to $951.1 million.
Finance costs for the FY2021 stood 42.2% y-o-y higher due to borrowings drawn down from the merger.
Share of results of joint venture stood $154.3 million higher at $140.2 million.
As at end-December, CICT reported a portfolio occupancy of 93.9% with a weighted average lease expiry (WALE) of 3.2 years.
During the year, the REIT signed around 1.9 million sq ft of new leases and renewals.
CICT&rsquo s aggregate leverage stood at 37.2% as at end-December.
Cash and cash equivalents as at end-December stood at $365.1 million.
&ldquo CICT is pleased to deliver a DPU of 10.40 cents in FY2021 against the backdrop of an ever-evolving pandemic and a challenging business environment. We continue to support our tenants in times of uncertainty by managing their space requirements with agility,&rdquo says Teo Swee Lian, chairman of the manager.
&ldquo For retail tenants affected by Covid-19, we have provided them with relevant omnichannel marketing support and granted them rental waivers. Doing so has built greater resilience into CICT&rsquo s portfolio, and positioned it well to benefit from the market upturn,&rdquo she adds.
In Australia, Teo says the REIT&rsquo s inroads into the country&rsquo s central business district (CBD) office market will enable it to &ldquo capitalise on the country&rsquo s reopening theme and add another stable income stream in the near future&rdquo .
Singapore will remain CICT&rsquo s home base and key market, she continues.
Tony Tan, CEO of the manager says the REIT remains &ldquo cautiously optimistic&rdquo in its outlook for 2022.
&ldquo Firstly, CICT&rsquo s portfolio valuation as at end-2021 was up 3.5% year-on-year, signifying an improving outlook for Singapore&rsquo s retail and office market. Secondly, CICT&rsquo s portfolio operating metrics have remained resilient after weathering through the challenges of 2021. Importantly, properties such as 21 Collyer Quay and Six Battery Road that have undergone upgrading works in the last two years, the newly completed development project CapitaSpring as well as the completion of the three Sydney assets, are expected to meaningfully contribute income from 2HFY2022,&rdquo he says.
&ldquo 2HFY2021 saw the active and disciplined execution of CICT&rsquo s portfolio reconstitution strategy, whereby capital unlocked from the sale of non-core assets was recycled into higher-yielding investment opportunities that enhance CICT&rsquo s foundation for growth. This journey continues into 2022 as we unlock the value of JCube through an asset sale forS$340.0 million. Going forward, we will continue to stay nimble and flexible as we strive to further strengthen CICT&rsquo s portfolio and ride the economic recovery of Singapore, Australia and Germany,&rdquo he adds.
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Lobster
Elite |
28-Jan-2022 09:05
Yells: "Even Adam Khoo believes in the Black Market!" |
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If you must ask.... DPU for this second half is $0.0522 vs $0.573 in 2H20 but total DPU for FY21 is $0.104 vs $0.0869 in FY20. Frankly, I' m not impressed.... |
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Lobster
Elite |
28-Jan-2022 08:58
Yells: "Even Adam Khoo believes in the Black Market!" |
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CapitaLand Integrated Commercial Trust posts H2 DPU of S$0.0522CAPITALAND Integrated Commercial Trust (CICT) CapLand IntCom T: C38U 0% has announced a distribution per unit (DPU) of S$0.0522 for the second half ended Dec 31, 2021, down 8.9 per cent from S$0.0573 in the year-ago period. This includes an advanced DPU of S$0.0485 for the period Jul 1 to Dec 15, which unitholders can expect to receive today, the Reit' s manager said in its financial results released on Friday (Jan 28). The remaining DPU of S$0.0037 for the period Dec 16 to 31 will be issued on Mar 15, 2022, after the record date on Feb 9. The dip in H2 DPU and split in distribution is due to a private placement of around 127.6 million units on Dec 16, which raised about S$250 million. This brings the full financial year ended Dec 31, 2021 DPU to S$0.104, up from S$0.0869 from FY2020. The Reit' s H2 distributable income for H2 FY2021 is S$338.8 million, up 30.5 per cent from S$259.7 million in H2 FY2021. The increase was largely driven by CICT' s merger with CapitaLand Commercial Trust (CCT) on Oct 21, 2020, via a trust scheme of arrangement where all units of CCT were acquired by CICT. Raffles City Singapore became a direct wholly-owned subsidiary of CICT due to the merger. Lower rental waivers were also granted to tenants in the second half of FY2021. The full year' s distributable income also went up to S$674.7 million, an increase of 82.7 per cent from FY2020' s income of S$369.4 million. Gross revenue for H2 FY2021 rose 54.5 per cent year on year to 659.4 million from 426.8 million. H2 net property income for the period also increased 61.6 per cent to 478.9 million from S$296.4 million the year before. For the full FY2021, gross revenue grew 75.1 per cent year on year to S$1.3 billion from S$745.2 million, while net property income expanded 85.5 per cent to S$951.1 million from S$512.7 million. CICT' s portfolio occupancy was at 93.9 per cent, with retail assets at 96.8 per cent, office assets at 91.5 per cent and integrated developments at 96 per cent. The Reit also signed around 1.9 million square feet of new leases and renewals for the year, with major leases and renewals in Q4 2021 and January 2022 including GIC and Sephora. Tony Tan, chief executive of the manager, said the manager remains cautiously optimistic in its outlook for 2022 amid an improving industry environment as well as CICT' s " resilient" portfolio operating metrics. He expects assets that have undergone upgrading works such as 21 Collyer Quay, development project CapitaSpring, and assets which the trust recently acquired in Sydney to contribute income from the second half of FY2022. " Going forward, we will continue to stay nimble and flexible as we strive to further strengthen CICT' s portfolio and ride the economic recovery of Singapore, Australia and Germany," he said. |
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Joelton
Supreme |
25-Jan-2022 10:16
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CICT divests JCube to CapitaLand Group subsidiary for $340 mil as an interested person transaction
The manager of CapitaLand Integrated Commercial Trust (CICT) has divested JCube, a mall located in Jurong Gateway, to CapitaLand Group for a consideration of $340 million on Jan 24.
CICT, on the evening of Jan 24, announced that it had entered into a sale and purchase agreement (SPA) with Tanglin R.E. Holdings in relation to the sale of the property.
Tanglin R.E. Holdings is an indirect subsidiary of the CapitaLand Group. The group itself is an indirect subsidiary of Temasek Holdings.
The consideration amount was arrived at via a bidding process conducted by an appointed property consultant. Savills Valuation and Professional Services (Savills) was commissioned by CICT&rsquo s manager, while Colliers International Consultancy & Valuation (Colliers) was hired by CICT&rsquo s trustee, HSBC Institutional Trust Services.
According to CICT, the divestment is part of its strategy to &ldquo deliver stable and sustainable returns to unitholders&rdquo .
&ldquo This includes assessments of the highest and best use of each asset, in terms of value and yield, under various market cycles. Alongside CICT&rsquo s overall portfolio investment/rebalancing plan, divestments of assets are possibilities, so that the capital could be redeployed such as being applied towards other growth opportunities or other purposes,&rdquo reads the Jan 24 filing on SGX.
Under the SPA, the mall will be sold subject to its existing tenancies and licenses.
Upon the completion of the SPA, Tanglin R.E. Holdings will grant CICT&rsquo s trustee a right of first refusal (ROFR) for 10 years if JCube is redeveloped into a new mixed use development with a commercial component, or if the mall is redeveloped into a new commercial development.
JCube has a total of five storeys, with three basement levels and a roof garden. It has a total net lettable area (NLA) of 210,038 sq ft with a 99-year leasehold with effect from March 1, 1991.
It is one of the REIT&rsquo s three malls in the Jurong East region, and the smallest by net lettable assets (NLA). The other two malls are Westgate and IMM Building.
As at Dec 31, 2021, JCube has a committed occupancy of 95.5%.
The divestment is considered an interested party transaction (IPT) as the purchaser is wholly-owned by a controlling unitholder of CICT. It is expected to be completed in the first quarter of 2022.
In a separate statement, CapitaLand Development (CLD) announced that it will continue to operate JCube while it explores &ldquo options to reposition or redevelop the mall in line with the gradual transformation of [the] Jurong Lake District&rdquo . Till then, CLD will continue to receive recurring income from the mall.
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darkpoliticks
Member |
25-Jan-2022 09:27
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hopefully this translates into higher DPU | ||||
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Lobster
Elite |
25-Jan-2022 00:26
Yells: "Even Adam Khoo believes in the Black Market!" |
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At last divestment of JCube
After taking into account the Divestment related expenses (including the divestment fee payable to the Manager)1 and certain completion adjustments, the net proceeds from the Divestment would be approximately S$334.7 million, resulting in an estimated net gain from the Divestment of approximately S$56.7 million. |
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Joelton
Supreme |
17-Jan-2022 09:41
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S-Reits: Bigger and bolder over the years
FOR S-Reits, listing on the exchange is the beginning of a journey. Twenty-four S-Reits had announced asset acquisitions valued at over S$15.3 billion and exceeding S$12.7 billion in total purchase consideration in 2021.
Aside from asset acquisitions, S-Reits have also been active in terms of mergers and acquisition (M& A) opportunities. They have seen at least 5 consolidations since 2018 and could be seeing 2 more this year.
The 5 consolidated S-Reits since 2018 are CapitaLand Integrated Commercial Trust CapLand IntCom T: C38U -0.99% (by CapitaLand Mall Trust and CapitaLand Commercial Trust), Frasers Logistics & Commercial Trust Frasers L& C Tr: BUOU -0.68% (by Frasers Commercial Trust and Frasers Logistics & Industrial Trust), Ascott Residence Trust Ascott Trust: HMN +1.92% (by Ascott Residence Trust and Ascendas Hospitality Trust), OUE Commercial Reit OUE Com Reit: TS0U 0% (OUE Commercial Reit and OUE Hospitality Trust), and ESR-Reit ESR-REIT: J91U 0% (by ESR-Reit and Viva Industrial Trust).
Most recently announced on Dec 31, 2021 is the proposed merger between Mapletree Commercial Trust Mapletree Com Tr: N2IU -1.61% (MCT) and Mapletree North Asia Commercial Trust Mapletree NAC Tr: RW0U -1.82% (MNACT) to form Mapletree Pan Asia Commercial Trust (MPACT).
The proposed merger is expected to propel the combined entity to be the seventh largest Reit listed in Asia with a market capitalisation of approximately S$10.5 billion.
The combined portfolio will consist of 18 commercial assets diversified across Singapore, China, Hong Kong, Japan and South Korea with assets under management (AUM) of approximately S$17.1 billion (per MCT' s AUM as at Sep 30, 2021 and MNACT' s AUM as at Oct 31, 2021).
The proposed merger is expected to be effected by a trust scheme of arrangement with MCT acquiring all MNACT Units in exchange for new units in MCT or a combination of cash and MCT Units.
Reit managers of MCT and MNACT view the merger as an opportunity to bring together 2 leading commercial Reits with highly complementary qualities and see the combined portfolio in providing higher financial flexibility and debt headroom to accelerate its growth and acquisitions.
The new entity is also expected to benefit from the increased representation in key indices and potentially attract a wider investor base and improved trading liquidity.
Another proposed merger in progress is by ESR-Reit and Ara Logos Logistics Trust ARA LOGOS Log Tr: K2LU -1.69% (ALOG) to form ESR-Logos Reit (E-LOG), with a core focus on new economy real estate.
The combined entity, E-LOG, will hold a diversified portfolio of 87 properties consisting of logistics/warehouse, high-specification industrial properties, business parks and general industrial properties with total assets of approximately S$5.4 billion across Singapore and Australia (as at Jun 30, 2021).
Similarly, via a trust scheme, the proposed merger will see ESR-Reit acquire all units in ALOG in exchange for a combination of cash and new units in ESR-Reit.
Reit managers of ESR-Reit and ALOG have noted that the proposed merger will enhance E-LOG' s growth trajectory backed by its sponsor, ESR Group, by providing access to the sponsor' s new economy pipeline properties in Asia-Pacific worth over US$50 billion.
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