Results Release of Mapletree Commercial Trust Q3 2011
Today, Mapletree Commercial Trust released results for Q3 2011. MCT is 12% of my Singapore stock portfolio, a rather large holding. MCT released fantastic results, beating forecasts and exceeding expectations. Mapletree Commercial Trust is a hybrid REIT with Vivocity, PSA building and Alexandra Retail Center as its core assets.
Mapletree Commercial Trust Q3 2011 Financial Results
Q3 Revenue beat forecasts by 4.4% at $49.7 mil
Q3 Distributable Income beat forecasts by 15.5% at $26.6 mil
Q3 DPU beat forecasts by 15.5% at 1.428 cents
YTD Q3 Revenue beat forecasts by 1.9% at $127.4 mil
YTD Q3 Distributable Income beat forecasts by 11.5% at $69.2 mil
YTD Q3 DPU beat forecasts by 11.5% at 3.717 cents
Mapletree Commercial Trust Q3 2011 Operational Results
MCT portfolio occupancy rate stands at 94.7%, with the biggest asset Vivocity at 99.9%, ARC is expected to get above 90% occupancy by mid 2012. MCT achieved positive rental reversions of 24.9% for retail leases and 8.6% for office leases. Alexandra Retail Center (ARC) opened in Dec 2011 and is expected to contribute for 2012 onwards. Overall, results look very good and DPU could hit annualized yield of close to 7%.
For further reading, you may be interested in:
Results Release of Fortune REIT FY 2011 and Starhill Global REIT FY 2011
Results Release of CapitaRetail China Trust FY 2011 and Parkway Life REIT FY 2011
Results Release of First REIT FY 2011 and Mapletree Industrial Trust Q3 2011
Results Release of Suntec REIT FY 2011 and Ascott Residence Trust FY 2011
Results Release of Mapletree Logistics Trust FY 2011 and Cache Logistics Trust FY 2011
Results Release of CapitaMall Trust FY 2011 and Frasers Centerpoint Trust Q1 2012
Results Release of Keppel Green and Ascendas REIT
Hi Calvin,
I see that you are very heavily invested in REITs. There was an article about the disadvantages of REITs published in BT and reposted in the blog below. What are your views, as a seasoned REIT investor?
http://whereiszemoola.blogspot.com/2011/11/featured-posting-reits-where-is-moolah.html
Hi ctbff,
I have written a reply to this article before in one of my posts. The article is not very objective in slamming REITs and is a one sided argument. While there are inherent conflicts of interest between the REIT manager and the AUM compensation model, it’s the same for any listed company. Most management models are compensated on the size of the company or assets, which is why many listed companies run around doing acquisitions. The management must be solid in terms of identifying value in acquisitions. The rights are just a form of capital raising, nothing more than that. Rights issues are neither good nor bad, it’s what the right’s raised capital is used for that is important.
http://www.investinpassiveincome.com/comments-on-recent-business-times-article-the-reit-myth-busted/