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CapitaLand India Trust Q3 income up 13% on higher contributions
CAPITALAND India Trust&rsquo s (Clint) total property income for the third quarter ended Sep 30 rose 13 per cent to three billion rupees (S$53.5 million) from 2.7 billlion rupees last year.
This comes on the back of higher income contribution from its portfolio, including Building Q1, Arshiya Warehouse 7 and industrial facility at Mahindra World City, Chennai.
Net property income grew 8 per cent to 2.4 billion rupees in Q3 2022, from 2.2 billion rupees. Gains from higher property income contributions were, however, partially offset by higher property expenses, said the trust&rsquo s manager.
As at September 2022, the total floor area owned by Clint stands at 15.5 million square feet. This is projected to rise by 63 per cent as construction works for more than half of its properties are underway and are set to be completed at different timings ranging from the second half of this year to 2025.
The trust&rsquo s portfolio occupancy stands at 91 per cent, and it has net gearing of 34 per cent as at end-September, including cash and cash equivalents.
With many MNCs moving production from China to India, would AIT benefit from it?
*semi annually and not quarterly. my bad.
HVRRVH ( Date: 03-Aug-2022 16:45) Posted:
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Quarterly distribution back to above 4 cents could be the force driving this trend up. Today up 6 cents and hopefully it will hit $1.3x level soon and it should be achievable if quarterly distribution do not drop again like 2H21. Thankfully had added during price weakness.
HVRRVH ( Date: 25-Mar-2022 18:13) Posted:
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wait below $1?
I have added shorty after the H2 results released. Price stable for a while but today big drop again. Now I will wait and see what' s going on since there seem no apparent news behind this drop. If something wrong we will know soon enough.
Yes why price suddenly drop? Bought in a few more to DCA. Hopefully prices go up again soon.
y price r dropping?
Ascendas India Trust proposes to acquire Panvel warehouse for 2.2b rupees
ASCENDAS India Trust (a-iTrust) Ascendas-iTrust : CY6U +0.83% on Thursday (Mar 24) entered into definitive agreements to acquire a 330,000 square foot warehouse in Panvel, Navi Mumbai, for 2.2 billion rupees (S$38.7 million).
a-iTrust will acquire the recently constructed warehouse from Arshiya Group as part of a forward purchase agreement executed in July 2019, the trustee-manager said in a bourse filing.
The 2.2 billion rupee consideration comprises an upfront payment of 1.9 billion rupees and an additional deferred consideration of up to 210 million rupees to be paid over the next 4 years when certain performance milestones are achieved.
After the acquisition is completed, a-iTrust will enter into a lease agreement with Arshiya Panvel FTWZ Services to lease back the property for 6 years. Arshiya Panvel FTWZ Services will operate and manage the property and pay rent during its term.
The multi-storeyed warehouse is located in the Arshiya Free Trade Warehousing Zone (Panvel FTWZ). It sits on a land plot spanning 5.5 acres (2.2 hectares) and is the 7th warehouse to be acquired in the Panvel FTWZ after a-iTrust acquired 6 warehouses with a total area of 830,000 square feet in February 2018.
The trustee-manager has engaged CBRE South Asia to carry out an independent valuation of the property as at Mar 10. It added that the " open market value" of the warehouse is about 2.5 billion rupees.
Volatile price movements since results announced. Happy to have added.
HVRRVH ( Date: 28-Jan-2022 12:16) Posted:
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Added 50% more to the holding. This drop is quite fierce and may drop even more so no further action for now.
wah really didn' t give chance. dropping more than dpu declared. can buy gradually. just take note that it is diversifying to data centre and logistic.
Ascendas India Trust H2 DPU down 14% to S$0.036
ASCENDAS India Trust on Wednesday posted a distribution per unit (DPU) of S$0.036 for the second half of the fiscal year 2021 ended December, down 14 per cent from a DPU of S$0.0419 in the corresponding year-ago period.
This brought the trust' s DPU for the full FY2021 to S$0.078, some 11 per cent lower than DPU of S$0.0883 in FY2020.
Unitholders can expect to receive their H2 DPUs on Feb 25, with the record date set at 5 pm on Feb 17.
Income to be distributed for H2 slipped 14 per cent to S$41.6 million from S$48.2 million in the year-ago period.
Ascendas India Trust Ascendas-iTrust: CY6U +1.47% ' s total property income for the period under review was up 5 per cent year on year to S$97.4 million from S$92.7 million. The trust attributed the increase primarily to income contributions from Anchor Annex building in Bangalore, which was completed in November 2020, and aVance 6 building in Hyderabad, acquired in March 2021.
These were, however, partially mitigated by lower portfolio occupancy, as well as lower utilities and carpark income amid low physical park population because of Covid-19 concerns during the year.
Total property expenses for H2 inched up 3 per cent year on year to S$18.9 million from S$18.3 million, due to higher operation and maintenance expenses, as well as an allowance for expected credit loss in the period under review, versus a reversal of expected credit loss that the company booked in H2 FY2020.
Consequently, net property income was up 5 per cent to S$78.5 million from S$74.4 million.
Ascendas India Trust, which reports its financial figures in both rupee and Singapore dollar (SGD) terms, noted an approximate 3 per cent year-on-year appreciation of the SGD against the rupee.
As at end-2021, the trust had a committed portfolio occupancy of 87 per cent, with a weighted average lease expiry of 3.6 years.
Its portfolio valuation went up by 18 per cent to S$2.4 billion, on the back of new acquisitions, development and fair-value gains. Excluding new acquisitions in 2021, the value of existing properties grew by 9 per cent.
As at end-December last year, the trust' s gearing ratio stood at 35 per cent on a loan-to-value basis, with " ample debt headroom" of S$960 million, as well as cash and undrawn committed facilities totalling S$254 million.
Sanjeev Dasgupta, chief executive of Ascendas India Trust' s manager, said that there has been a gradual increase in physical occupancy in the trust' s parks since India' s second wave of the coronavirus, which peaked last June. He noted that some 11 per cent of the trust' s park population were back to the office by the end of 2021.
" With the uncertainty due to the Omicron variant, we are monitoring and supporting our tenants' back-to-office arrangements, keeping their well-being and safety in our business parks as our key priority," he said.
Despite a " challenging leasing environment" , he said some 2.8 million square feet (sq ft) of the trust' s portfolio was leased or renewed in 2021 through active tenant-engagement efforts. The trust' s portfolio rental reversion rate stood at 5.5 per cent, and office rental collections were at 98 per cent.
He added: " We are encouraged by the early signs of leasing interest and expect leasing momentum to pick up, based on ongoing tenant discussions.
" To strengthen portfolio resilience and enhance sustainable returns to our unitholders, we are actively undertaking asset enhancements and strategically diversifying to new-economy assets such as data centres and logistics/industrial facilities."
Ok. Given current climate should drop, will brace for a drop of more 2 to 4 cents in short term.
HVRRVH ( Date: 26-Jan-2022 12:08) Posted:
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I must say, very disappointed with the results, a 14% drop in dpu y-o-y for second half results and a 11% drop y-o-y for FY total dpu. but $0.036 per unit share, okay la... I expected more, hope it will not affect CLI' s dividends ..
https://links.sgx.com/FileOpen/AIT%202H%20FY%202021%20Press%20Release_Final.ashx?App=Announcement& FileID=698949
https://links.sgx.com/FileOpen/AIT%202H%20FY%202021%20Press%20Release_Final.ashx?App=Announcement& FileID=698949
To each his own la... but actually no need millions to play stock market or to make more money...
I give you a true coffee shop example. Uncle makes $22,000 last month. Instead of putting in FD and earn $200 for one whole year, he decides to buy 10,000 Keppel DC REIT .... he will be getting $350 for just one month.... and if lucky, in one month time, if the price goes up by 10 cents after he receives his dpu, he may decide to sell.... another $1,000 this time. Of course experience and luck count.
I give you a true coffee shop example. Uncle makes $22,000 last month. Instead of putting in FD and earn $200 for one whole year, he decides to buy 10,000 Keppel DC REIT .... he will be getting $350 for just one month.... and if lucky, in one month time, if the price goes up by 10 cents after he receives his dpu, he may decide to sell.... another $1,000 this time. Of course experience and luck count.
Thi654321ABCDEF ( Date: 26-Jan-2022 12:14) Posted:
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for 2 0r 3 cents divident , how much money need to put in
where to get thousands , millions of money to buy all these reits
only rich man can
where to get thousands , millions of money to buy all these reits
only rich man can
Lobster ( Date: 26-Jan-2022 09:27) Posted:
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Bought a bit this morning. If the price drop more than the DPU declared after the results, will buy more.
SSH selling again.... Disposal of 3,120,000 shares @ average $1.37.
Lobster ( Date: 29-Oct-2021 20:00) Posted:
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I will be posting this in all REITs stock in which I have some interests. But please hor, due diligence please, do not take this as the final and only positive statement and cheong to take up positions.....if you are lazy to read through the entire article, just focus on the highlighted parts....
Why is the Singapore REIT market going so strong after two years of COVID-19?
SINGAPORE: Singapore real estate investment trusts or S-REITs have emerged as a resilient segment of the local stock exchange in the past two years.
Traditionally a key pillar of the portfolios of individual investors in Singapore, the iEdge S-REIT Index, regarded as the S-REIT benchmark, reported a total return of 5.2 per cent since the start of 2020 to Nov 17.
This was despite S-REITs raising new equity from unitholders, creating additional units and leading to potential dilution risk. In the past 23 months, S-REITs raised a total of S$8 billion through placements and rights issues led by mega-issuances from Ascendas Real Estate Investment Trust and Frasers Commercial Trust.
Most S-REITs largely maintained their dividends, compensating for the fall in unit prices in this period.
Global financial markets including S-REITs initially crashed when COVID-19 became a pandemic, with investors panicking and selling liquid financial assets. For investors daring and savvy enough to put money to work during the trough in end-March 2020, total returns from capital gains have been a whopping 57 per cent.
Despite headlines on troubles in the retail space and how work-from-home has made offices redundant, occupancies measured by leases have remained high for S-REITs holding shopping malls and offices in Singapore, with little problems in rental collection, even if fewer are using these spaces.
In the hardest hit hotel sector, the fall in physical property asset value was contained to less than 10 per cent at a portfolio level among the S-REITs tracked by OCBC, a good outcome despite the pandemic curbing travel.
Hospitality REITs will likely need time to recover and could do better in a 24-month timeframe as borders reopen further.
S-REITs today generate a significant volume of trading activity for the stock exchange - about one-fourth of the daily turnover before COVID-19. Primary equity markets in Singapore also skew towards S-REITs.
S-REITs, at S$110 billion, represents 12 per cent of Singapore&rsquo s whole equity market by market cap &ndash a figure that is 6 per cent for Australia and only 2 per cent for Japan, the other two top REIT markets in the Asia-Pacific with large domestic economies.
WHY S-REITS STILL ATTRACT SO MANY INVESTORS
The top-performing Singapore stock in the past 23 months goes to iFAST Corporation, an investment products distribution platform, which generated total returns of 771 per cent during this time, superseding the Bloomberg Bitcoin Galaxy Index at 750 per cent.
This is lower than the 1,131 per cent on the Bloomberg Galaxy Crypto Index tracking cryptocurrencies.
Still, S-REITs and the Singapore commercial property market continue to attract significant investor attention.
Investors in Singapore are very familiar with the nuts and bolts of running a property, and understand how policies like stamp duties, urban planning, zoning, tenancy and ownership rules influence whether and when investors should buy an investment property and what to look out for in assessing a property&rsquo s attractiveness.
Many like the idea of owning a passive, stable and recurring income stream. S-REITs generate fairly stable revenue, with the iEdge S-REIT Index reporting revenue per unit of S$132.5 in 2019.
Though it dropped 6.3 per cent in 2020, analysts expect a rebound to S$135.6 this year.
S-REITs are a good source of income. Qualifying S-REITs are encouraged to pay gains to unitholders instead of hoarding profits as they not taxed on dividends distributed to unitholders.
The key challenge is share dilution when S-REITs need to raise to acquire new properties.
Past transactions that have stirred market discussions include K-REIT Asia&rsquo s (now known as Keppel REIT) 87.5 per cent interest in Ocean Financial Centre in 2011, Ascott Residence Trust&rsquo s acquisition of Ascott Orchard Singapore, Citadines City Centre Frankfurt and Citadines Michel Hamburg in 2017 and Lippo Malls Indonesia Retail Trust&rsquo s acquisition of Puri Mall in 2021.
S-REITs are also regulated as a collective investment scheme under the Securities and Futures Act, where there is a 50 per cent cap on the leverage limit for S-REITs to keep credit risks in check. As listed entities, S-REITs also follow SGX rules on the disclosure of information and the right for minority investors to vote on major matters.
S-REITS MORE ACCESSIBLE THAN EVER
Until S-REITs were launched in July 2002, the commercial property market was inaccessible to most individual retail investors, with ticket sizes of each standalone commercial property in the millions and billions of dollars.
Today, all it takes is S$230 at last Wednesday&rsquo s prices for an individual investor to buy into CapitaLand Integrated Commercial Trust (&ldquo CICT&rdquo ), Singapore&rsquo s largest REIT, and enjoy a portion of CICT&rsquo s rental income from shopping malls and offices.
Few investment opportunities provide such stability for 4 to 7 per cent dividend yield per year. It&rsquo s little wonder such investment classes with a dividend income and the potential for capital gains appeal to investors with a neutral risk profile at Singapore&rsquo s median age of 42.
Singapore has maintained an encouraging ecosystem for the development of S-REITs. Regulatory uncertainty is minimised as regulators routinely seek industry feedback from REIT managers, investors and lawyers before introducing new rules.
The market has grown to include fund managers who invest in S-REITs as their specialty, REIT exchange traded funds and REIT derivatives.
Bank lenders and bond investors in Singapore are highly familiar with S-REITs, together providing a pool of liquidity that allows the S-REIT market to grow bigger. Brokerages are also prepared to lend individual investors buying larger amounts of REIT units.
WILL GAINS IN S-REITS CONTINUE?
The bigger question is whether we will continue to see capital gains in the coming 12 to 24 months as interest rates rise.
In a world where stock market prices are affected by sentiments, Reddit fads and breaking news, S-REITs continue to see strong investor demand because their valuation is backed by commercial properties where asset value has seen a continued upward trend.
Indeed, S-REIT indices are not a good representation of the underlying economy. They are weighted towards larger S-REITs, rather than each S-REIT&rsquo s contribution to the Singapore economy.
The iEdge S-REIT&rsquo s top five components make up 43.3 per cent of the index which have an outsized influence on total returns.
Three are large-cap industrial REITs with industrial properties in Singapore and countries across Asia-Pacific, Europe and the United States &ndash in a world where logistics, data centres, business parks and manufacturing facilities have been resilient through the pandemic.
The remaining two are large-cap commercial REITs owning quality assets with tenants largely staying put despite the economic downturn, with occupancies remaining above 90 per cent.
Beyond the broad index, S-REITs that hold hotels and shopping malls located in the city centre have been dragged by the pandemic. With the city centre hollowed out as we work from home and international travelers non-existent, these S-REITs have underperformed Industrial REITs.
Furthermore, the S-REIT industry has been kept buoyant by an inflow of capital. The broad money supply in Singapore has surged by 10.9 per cent year-on-year as of September. With interest rates on cash near-zero, all that money needs to go somewhere.
The S-REITs market is unlikely to cool anytime soon. There is momentum. Thirteen out of the 80 IPOs with primary share offering in Singapore since 2016 were S-REITs raising S$5.6 billion collectively at an average offer size of S$430 million.
Outside of S-REITs, a further S$2.7 billion was raised for two listings, Kakao Corp, the Internet company global depository receipt listing and NetLink NBN Trust, a business trust which holds infrastructure assets.
The remaining 65 had an average offer size of S$28 million &ndash small cap listings with limited liquidity.
Tellingly, the two upcoming IPOs in Singapore - Daiwa House Logistics Trust and Digital Core REIT - are both S-REITs.
The equity analyst community is still optimistic and forecasting a rise in S-REIT dividends in the next 12 to 24 months.
Driven by the growth and resiliency of industrial assets, particularly logistics warehouse and data centres, the Big Three industrial REITs of Ascendas Real Estate Investment Trust, Mapletree Logistics Trust and Mapletree Industrial Trust also recorded average total returns of 15.6 per cent in the past 23 months.
DON&rsquo T DISMISS SGX
Looking ahead, Singapore investors should not be so quick to dismiss the SGX, given the current slew of corporate restructuring exercises with the potential for capital gains, which may not be immediately apparent to new individual investors in the market.
Buying S-REITs is likely to remain a cornerstone investment strategy for many individual investors. The more pertinent decision points remain how much S-REITs should feature as a percentage of one&rsquo s investment portfolio and which specific ones to invest in.
Still, until a next financial crisis with significant liquidity stress, we are unlikely to repeat the kind of capital gains seen from March 2020 to date in S-REITs.
A lot of the negatives has since been priced in, with the broad iEdge S-REIT Index trading at 1.1 times the price-to-book value, indicating that the market cap of the S-REITs as a broad basket is now higher than the value of the underlying properties.