Capitaland China Trust

Q3 2010 results for CRCT:
Key Points
    * DPU for the quarter ended 30 September 2010 is 2.08 Singapore cents.
    * CRCT has achieved net property income (NPI) of RMB94.2 million for 3Q 2010, up 9.1% against the same period last year.
    * Income available for distribution is S$13.0 million.
    * As at 30 September 2010, CRCT's total borrowing was S$413.7 million, with gearing at 33.7% and healthy interest cover of 6.2 times.
    * CRCT has secured the refinancing of the S$200.5 million loans maturing in November 2010. The debt maturity will be extended to 2013 and 2014. With this completed, there will be no major refinancing needs in 2011.


http://sreitinvestor.blogspot.com/p/date...lease.html

OCBC initiated coverage on CRCT today with a pretty comprehensive report:

http://www.remisiers.org/cms_images/rese...18-OIR.pdf [Report]

CRCT is one of the 3 SGX listed REITs which managed to increase its DPU annually since listing (the other two are FCT and Plife). CRCT closed at $1.27.

China domestic demand is increasing...

CRCT benefits from China’s retail boom

SINGAPORE — CapitaRetail China Trust (CRCT) yesterday said income available for distribution rose 7.5 per cent in the second quarter from the corresponding period a year earlier, benefiting from an increase in rents due to the booming retail sector in Asia’s largest economy.

For the three months ended June 30, CRCT reported distributable income of S$17.9 million, up from S$16.6 million previously, as net property income increased 6 per cent to S$26.4 million. Gross revenue rose 4.9 per cent to S$40 million.

http://www.todayonline.com/business/prop...etail-boom

Financial Statements: http://infopub.sgx.com/FileOpen/Annc_CRC...eID=260676

Press Release: http://infopub.sgx.com/FileOpen/NewsRele...eID=260675

Presentation Slides: http://infopub.sgx.com/FileOpen/Slides_C...eID=260677

Quote:

CRCT’s 3Q 2013 distributable income up 2.1% year-on-year
Distribution per unit (DPU) for 3Q 2013 was 2.26 cents2. Based on an annualised DPU of 8.97 cents and CRCT’s closing price of S$1.395 per unit on 22 October 2013, the annualised distribution yield is 6.4%.

(not vested)

OK. Took back the dividends.

Thats why REITs have the most friendly IR.

CRCT TO ISSUE 45.4 MILLION NEW UNITS AT S$1.30 PER UNIT THROUGH PREFERENTIAL OFFERING

http://infopub.sgx.com/Apps?A=COW_Corpor...mft8ShQLAk

From pg 9 of CRCT (not CMA) slide set http://infopub.sgx.com/FileOpen/CRCT_Pre...eID=260891

"Jointly managing the mall since July 2013"

This mall, the Grand Canyon Mall, is the subject of the proposed acquisition which is not completed yet. The CRCT reit manager would have property managers managing malls in it's portfolio, for which fees would be paid by the unitholders to the property managers.

Since Grand Canyon Mall is not yet in the portfolio and not yet contributing to the reit's income for unitholders, just who is paying for the property manager who is jointly managing the mall?

Sorely missing from this announcement is also a forecast that when the dust finally settles, it will be yield accretive for CRCT unitholders.

(24-10-2013, 12:40 AM)swakoo Wrote: From pg 9 of CRCT (not CMA) slide set http://infopub.sgx.com/FileOpen/CRCT_Pre...eID=260891

"Jointly managing the mall since July 2013"

This mall, the Grand Canyon Mall, is the subject of the proposed acquisition which is not completed yet. The CRCT reit manager would have property managers managing malls in it's portfolio, for which fees would be paid by the unitholders to the property managers.

Since Grand Canyon Mall is not yet in the portfolio and not yet contributing to the reit's income for unitholders, just who is paying for the property manager who is jointly managing the mall?

Sorely missing from this announcement is also a forecast that when the dust finally settles, it will be yield accretive for CRCT unitholders.

The current NPI yield is 3.5% but CRCT believes the potential is 7-8% in the longer term. Slide 24 (as indicated on bottom left of slides) of the set below may give a better idea.

http://infopub.sgx.com/FileOpen/Slides_C...eID=256256

(24-10-2013, 07:01 AM)Muck Wrote:

(24-10-2013, 12:40 AM)swakoo Wrote: Sorely missing from this announcement is also a forecast that when the dust finally settles, it will be yield accretive for CRCT unitholders.

The current NPI yield is 3.5% but CRCT believes the potential is 7-8% in the longer term. Slide 24 (as indicated on bottom left of slides) of the set below may give a better idea.

http://infopub.sgx.com/FileOpen/Slides_C...eID=256256

Thanks! On slide 25:
Expected to be yield accretive post completion

This info is from a non-deal roadshow slide set in Sept - wonder why they didn't include this critical piece of info in the preferential offering slide set.

as of the latest quarter, the NAV is ard 1.47 with last price 1.405. I think it is right for them to issue rights @ discount as opposed to a PO below NAV.

(23-10-2013, 11:43 PM)opmi Wrote: OK. Took back the dividends.

Thats why REITs have the most friendly IR.

CRCT TO ISSUE 45.4 MILLION NEW UNITS AT S$1.30 PER UNIT THROUGH PREFERENTIAL OFFERING

http://infopub.sgx.com/Apps?A=COW_Corpor...mft8ShQLAk

For all the bad press reits get for rights and placements (and rightfully so with some reit managers blatantly abusing unitholders by diluting their holdings to increase AUM), this one looks like an example of a benign rights issue.

A dated analysis by Daiwa:
http://asiaresearch.daiwacm.com/eg/cgi-b...pdf#page=1