ESR-REIT (formerly Cambridge Industrial Trust)

[sreitinvestor]

Q3 2010 results for Cambridge:
Key Points
   * Successfully acquired new assets worth S$37.1 million, supported by a S$40.0 million Private Placement in August 2010.
   * Reduced gearing from 42.3% to 39.2%, following loan prepayment of S$32.0 million. Further repayment is planned.
   * Improved financial flexibility with a new three-year Acquisition Term Loan and Revolving Credit Facility totalling S$70.0 million.
   * Delivered distributable income in 3Q2010 of S$10.8 million, which translated to a distribution per unit ("DPU") of 1.187 cents.
   * Successfully completed an asset enhancement initiative, with three others in the pipeline, plus leases re-negotiated.
   * An advanced distribution of 0.680 cents per unit was paid on 16 September 2010 in conjunction with the private placement exercise carried out in August 2010. The balance of 0.507 cents DPU will be payable on 30 November 2010.
   * The Trust holds S$86.2 million in cash as at 30 September 2010, including approximately S$35.0 million relating to divestment proceeds. It is committed to use these proceeds to repay the syndicated term loan facility on 17 November 2010. This is expected to further reduce gearing to approximately 36.8%.
   * The carrying value of the property portfolio increased by S$7.3 million during the quarter to S$838.5 million as at 30 September 2010.
   * The 3Q2010 occupancy rate for CIT of 99.97%, remains higher than the national average of 92.3%


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

[Drizzt]

ok i am starting to get abit confused here. if you listed all the REITs here to announce to everyone, does that mean that all of them are value buys? if its news results you can always keep to one of them.

i know we all run blogs here so we do advertise our articles here and there, but try to keep it within one thread for objectivity please. thanks.

[yeokiwi]

REITs are getting expensive.
Some of them are even selling at a higher price than their NAV. Crazy??
Investors are buying these "price above NAV" REITs purely for the dividend yield.

There are stocks around that give about the same dividend and share price much lower than NAV.

[sreitinvestor]

ok i am starting to get abit confused here. if you listed all the REITs here to announce to everyone, does that mean that all of them are value buys? if its news results you can always keep to one of them.

i know we all run blogs here so we do advertise our articles here and there, but try to keep it within one thread for objectivity please. thanks.

I am creating a thread for Cambridge under the Listed Companies category, and posting news related to it. This is the usual practice for forums with Listed Companies category. Its that simple. I don't see any confusion. Are you saying all the REITs should come under one thread?

[kazukirai]

Yea, I'm also not sure that combining the REITS into a single thread is a good idea.

One, news clippings or even a point summary could generate discussion.

Two, if it is contained within a single thread, then it's simpler to view the previous posts to get some historical recall which is good for 1) recall or 2) investors new to the counter. Granted threads may get off-topic sometime (such as this one now) but still think that that's less messy.

What do the others think?

[mightyreds]

Yea, I'm also not sure that combining the REITS into a single thread is a good idea.

One, news clippings or even a point summary could generate discussion.

Two, if it is contained within a single thread, then it's simpler to view the previous posts to get some historical recall which is good for 1) recall or 2) investors new to the counter. Granted threads may get off-topic sometime (such as this one now) but still think that that's less messy.

What do the others think?

I think it's ok to keep them separate to maintain a tidy forum and ease of research. It'll be a nightmare to sieve out info on a company lumped together with 20 others in a single long thread.

[KopiKat]

Interesting for me to see Templeton investing in Cambridge Industrial Trust,

http://info.sgx.com/webcorannc.nsf/Annou...66000F2EEB

1. Date of change of Interest 12-12-2011
2. The change in the percentage level From 6.13 % To 7.04 %

In my early days investing, I bought some unit trusts and the only ones which I ended up making $$ were the Templeton Fund ones (lost $$ in the local bank ones). I wonder if they are the same Templeton.

[KopiKat]

PROPOSED DIVESTMENT OF CAMBRIDGE INDUSTRIAL TRUST’S ENTIRE STAKE IN 63 HILLVIEW AVENUE

6. PRO FORMA FINANCIAL IMPACT FROM THE DIVESTMENT
Strictly for illustrative purposes only, the Manager has modelled the pro forma impact of the Divestment by assuming that CIT completed the Divestment on 1 January 2012. Assuming that all of the proceeds from the Divestment of approximately S$140.0 million were used to repay debt on the same date, the pro forma financial effects of the Divestment are as follows:

(a) increased the distribution per unit of CIT (“DPU”) for FY2012 by 0.060 cents, bringing the DPU to 4.844 cents;

(b) increased the net tangible asset (“NTA”) per unit of CIT as at 31 December 2012 by 2.53 cents, bringing the NTA to 67.23cents; and

( c) decreased the gearing ratio of CIT as at 31 December 2012 from 38.6% to 30.4%.

Assuming that all or a portion of the sale proceeds from the Divestment had been used for acquisitions having a yield higher that the debt that it was assumed was retired, the financial impact on the DPU would have been more than that set out in paragraph 6(a) above but the impact on gearing ratio would have been less than that set out in paragraph 6( c) above.

[Nick]

Interesting for me to see Templeton investing in Cambridge Industrial Trust,

http://info.sgx.com/webcorannc.nsf/Annou...66000F2EEB

1. Date of change of Interest 12-12-2011
2. The change in the percentage level From 6.13 % To 7.04 %

In my early days investing, I bought some unit trusts and the only ones which I ended up making $$ were the Templeton Fund ones (lost $$ in the local bank ones). I wonder if they are the same Templeton.

I guess it was a good move to add then !

[egghead]

Rather disappointed that the enbloc was unsuccessful. Otherwise could have realized a much larger value.