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EC World REIT’s Q1 FY2021 Results (guestpost)

EC World REIT’s Q1 FY2021 Results (guestpost)

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2,000 followers.

China-based logistics REIT, EC World REIT (SGX:BWCU) released its financial results for the first quarter of the financial year 2021 ended 31 March 2021 after market hours yesterday (11 May 2021.)

The REIT is one of the few that has continued to report its full financial results, along with payout a distribution to its unitholders on a quarterly basis – both of which are something I appreciate as a unitholder.

In this post, you will find key highlights about the logistics REIT’s latest financial results, debt and portfolio occupancy profile, and distribution payouts, along with my personal thoughts to share.

Let’s begin…

Financial Results (Q1 FY2020 vs. Q1 FY2021)

Q1 FY2020 Q1 FY2021 % Variance
Gross Revenue
(S$’mil)		 $23.5m $30.8m +30.9%
Property Operating
Expenses (S$’mil)		 $2.4m $3.1m +30.3%
Net Property
Income (S$’mil)		 $21.1m $27.7m +30.9%
Distributable
Income to
Unitholders (S$’mil)		 $9.3m $12.4m +32.9%

From the table above, you can tell that the REIT’s latest quarter results was an improved one across the board.

The improvements in its gross revenue and net property income can be attributed to the absence of rental rebates given out to tenants to help them mitigate the negative impacts of the Covid-19 pandemic in the same time period last year, along with the Chinese Renminbi strengthening by 3.5%.

In-line with the improvements in its gross revenue and net property income, the REIT’s distributable income to unitholders also increased by a similar percentage.

Debt Profile (Q4 FY2020 vs. Q1 FY2021)

Next, let us take a look at the REIT’s latest debt profile (recorded for the first quarter of FY2021 ended 31 March 2021), compared against that recorded in the previous quarter three months ago (i.e. Q4 FY2020 ended 31 December 2020) to find out whether it has improved, remained consistent, or deteriorated:

Q4 FY2020 Q1 FY2021
Aggregate Leverage
(%)		 38.1% 38.3%
Interest Coverage
Ratio (times)		 2.62x 2.79x
Average Term to
Debt Maturity (years)		 1.6 years 1.4 years
Average Cost of
Debt (%)		 4.2% 4.1%

My Observations: Personally, I felt that the REIT’s debt profile for the current quarter under review, compared to the previous quarter 3 months ago, was a mixed bag – first, the positives (in my opinion): a slight decrease in its average cost of debt, along with its interest coverage increasing slightly; the negatives: its aggregate leverage edging up slightly, along with its average term to debt maturity (which is now at 1.4 years, from 1.6 years in the previous quarter.) …

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A Summary of Mapletree Logistics Trust’s EGM on 23 November 2020 (guest post)

A Summary of Mapletree Logistics Trust’s EGM on 23 November 2020 (guest post)

Blue chip logistics REIT Mapletree Logistics Trust (SGX:M44U) held its extraordinary general meeting (EGM) yesterday afternoon to seek unitholders’ approval on the proposed acquisition of 22 properties in China, along with 1 property in Malaysia as well as in Vietnam. Approval was also sought for its proposed issue of new units of the REIT as partial consideration for its China acquisitions, and also for the proposed whitewash resolution.

 

An Analysis of Mapletree Logistics Trust

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has 1442 followers.

Due to the safe distancing measures imposed by the Singapore government (due to the ongoing Covid-19 pandemic), the EGM was held in a hybrid mode – both online as well as offline (limited spaces available.) I have opted to attend the online version of the meeting as a unitholder and in this post, you’ll find a key summary of it, which I’ve compiled for the benefit of those who weren’t able to attend…

Presentation by Chief Executive Officer, Ms Ng Kiat

  • The following are details of the acquisition:
    • Acquisition of the remaining 50.0% stake in 15 warehouses in China, a 100.0% stake in 7 warehouses in China, 1 warehouse in Malaysia and also in Vietnam
  • Aggregate Agreed Property Value: S$1,509.2 million
  • Implied Net Property Income yield: ~5.2%
  • Net Lettable Area: 1,223,660 sqm
  • Committed occupancy rate: 94.7%
  • Weighted average lease expiry: 2.3 years
  • CEO of Mapletree Logistics Trust, Ms Ng Kiat, shared that the logistics industry have benefited from the ongoing Covid-19 pandemic, where demand for Grade A warehouse space have increased as a result of an increase in adoption of e-commerce.
  • She explained that 3 geographical locations which the REIT will be acquiring properties in (China, Malaysia, and Vietnam) have seen their GDPs staying resilient despite the pandemic. Also, these countries are also projected to see a strong growth in their urban population in the years ahead (which will lead to an increase in demand for modern logistics space.) Coupled with the limited supply of Grade A warehouse space in the 3 countries, Ms Ng added that represents an opportunity for the REIT, being a leading provider of quality logistics space in Asia-Pacific, to come in and fill the market gap.
  • On top of that, Ms Ng also shared that the warehouses’ locations are strategically located near local consumption hubs in under an hour, which is an important consideration for tenants in e-commerce businesses. Not just that, post-acquisition, the REIT will see new top 10 tenants (by percentage of gross revenue) in JD.com… (which will contribute 2.4%) and Cainiao (which will contribute 2.1%.)

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EC World REIT– Key Highlights of Q3& 9M FY2020 Results & My Thoughts (Guest Post)

EC World REIT– Key Highlights of Q3& 9M FY2020 Results & My Thoughts (Guest Post)

How is EC World REIT performing?

EC World Reit taps market for $630m, Companies & Markets News & Top Stories - The Straits Times

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has 1442 followers.

The following table is the REIT’s distribution per unit for the current quarter under review, compared to the same period last year:

Despite the Singapore Exchange allowing companies to switch to reporting its full financial results on a half-yearly basis, EC World REIT (SGX:BWCU) at the moment is still continuing to report its full financial results on a quarterly basis, along with declaring a distribution payout to its unitholders once every three months as well (however, that could change in the future.)

Aftermarket hours yesterday (09 November 2020), the China-based logistics REIT reported its financial results for the third quarter, as well as for the first nine-months of the financial year 2020 (ended 30 September 2020.)

As a unitholder of the REIT, I have studied its results and in this post, you will find key aspects about its latest financial results, debt and portfolio occupancy profile, as well as its distribution payouts, along with my personal thoughts to share.

Let’s begin…
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Lendlease Global Commercial REIT – Q1 FY2021 Business Update Review (Guest Post)

Lendlease Global Commercial REIT – Q1 FY2021 Business Update Review (Guest Post)

Found here are updates of results on Lendlease Global Commercial REIT 

Broker's take: DBS initiates coverage on Lendlease Global Reit with 'buy', Companies & Markets - THE BUSINESS TIMES

This post was originally posted here. The writer, Brian Halim is a veteran community member and blogger on InvestingNote, with a username known as @3Fs and has 2261 followers.

Lendlease Global Commercial REIT announced its Q1 FY2021 business update this morning which I will quickly go through below.

As some of you might already know from my previous update, Lendlease REIT remains one of my biggest portfolio holdings and I am cautiously confident it will continue to become a good investment for the mid to longer term.

I have also summarized the previous Lendlease Q&A on my Facebook page which you can find here.

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Key Highlights in Ascendas REIT’s Q3 FY2020 Business Updates (Guest Post)

Key Highlights in Ascendas REIT’s Q3 FY2020 Business Updates (Guest Post)

Here are the key highlights of Ascendas REIT – Results and business updates.

An Ascend-ing REIT? - Analysis of Ascendas REIT (Part 2)

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has 1421 followers.

Another blue-chip REIT in my long-term investment portfolio (you can check out a list of all the companies I’ve invested here), Ascendas REIT (SGX:A17U), released its business updates for the third quarter of the financial year 2020 (ended 30 September) after market hours yesterday (26 October 2020.)

As the REIT have switched to half-yearly reporting for the first and third quarter, there are no updates on their financial results. Likewise, there are also no dividends declared for the two quarters as the REIT have switched to paying out unitholders on a semi-annual basis.

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Mapletree Industrial Trust – A Summary of its Q2 and FY2020/21 Performance (Guest Post)

Mapletree Industrial Trust – A Summary of its Q2 and FY2020/21 Performance (Guest Post)

Mapletree Industrial Trust: A Summary of its Q2 and FY2020/21 Performance

Mapletree Industrial Trust posts 1% dip in 2Q DPU of 3.10 cents on enlarged unit base | The Edge Singapore

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has 1422 followers.

Mapletree Industrial Trust is a new addition made on Monday (26 October 2020) at S$3.10, that is if you’ve been keeping tabs on my personal long-term investment portfolio (you can check it out here), you would have noticed that  Based on a distribution payout of 12.24 cents/unit in FY2019/20, even though the yield is just 3.9%, but given its track record in the management increasing its distribution payouts to its unitholders over the years, along with sound business fundamentals, I am confident of the blue-chip industrial REIT’s growth in the years ahead – I have done a writeup about the REIT last month, which you can read up here to learn more about the REIT.

After trading hours yesterday (27 October 2020), the REIT released its financial results for the second quarter of the financial year 2020/21 (it has a financial year-end every 31 March.) As a unitholder, I have studied through its latest set of financial results, debt and portfolio occupancy profile, along with its distribution payout to unitholders (the REIT is one that pays out its unitholders on a quarterly basis), and in this post, I will be sharing with you the most important aspects about its latest updates to take note of, along with my personal thoughts to share.

Let’s begin…

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EC World REIT’s 2Q and 1H FY2020 Results – A Key Summary and My Thoughts (as a Unitholder) (Guest Post)

EC World REIT’s 2Q and 1H FY2020 Results – A Key Summary and My Thoughts (as a Unitholder) (Guest Post)

Pure-play China specialised logistics and e-commerce logistics REIT EC World REIT (SGX:BWCU) released its second quarter and half-year results for the financial year 2020 ended 30 June 2020 last Friday (07 August) evening.

ec-world

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

As a unitholder of the REIT, I have studied its latest set of results in detail and in this post, you will find the most important aspects of the REIT’s results to take note of, along with my thoughts about it (for sharing purposes):

Key Financial Results (2Q FY2019 vs. 2Q FY2020, and 1H FY2019 vs. 1H FY2020)

In this section, you will find a quarter-on-quarter (q-o-q) as well as a year-on-year (y-o-y) comparison of the REIT’s financial results:

2Q FY2019 vs. 2Q FY2020:

2Q FY2019 2Q FY2020 % Variance
Gross Revenue
(S$’mil)		 $23.7m $28.2m +18.8%
Property Operating
Expenses (S$’mil)		 $2.6m $2.4m -8.0%
Net Property
Income (S$’mil)		 $21.2m $25.8m +22.1%
Distributable Income
to Unitholders
(S$’mil)		 $12.3m $11.1m -9.5%

In SGD terms, the REIT’s gross revenue and net property income went up by 18.8% and 22.1% respectively, while in RMB terms, its gross revenue and net property income saw improvements by 19.0% and 22.3% on a q-o-q basis – this is due to contributions from Fuzhou E-commerce which was acquired in August 2019, along with organic rental escalations.

Distribution to unitholders, however, fell 9.5% q-o-q due to the REIT retaining 10% of the distributable income.

1H FY2019 vs. 1H FY2020: …

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What You Need to Know about Mapletree Commercial Trust’s FY2019/20 Annual Report (Guest Post)

What You Need to Know about Mapletree Commercial Trust’s FY2019/20 Annual Report (Guest Post)

Retail and office REIT, Mapletree Commercial Trust (SGX:N2IU), which is also a component of Singapore’s benchmark Straits Times Index, have released its latest annual report for the financial year 2019/20 ended 31 March 2020, along with details of its upcoming annual general meeting (AGM).

5 reasons why I plan to never sell Mapletree Commercial Trust ...

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

As a unitholder, I have gone through the report to learn about the REIT’s latest developments and in this post, you will find all the notes I have taken (which I feel that as a unitholder, you need to take note of), along with my personal thoughts to share…

Letter to Unitholders by Non-Executive Chairman and Director Tsang Yam Pui, and Executive Director and Chief Executive Officer Sharon Lim

Impact of Covid-19 on VivoCity:

  • As a result of the Covid-19 pandemic in Singapore, VivoCity’s 4Q FY2019/20 performance has been negatively impacted (as a result of a reduced footfall and tenant sales, along with approximately 3.5 months of rental assistances over March to July 2020 which the REIT has rolled out to support the tenants)
  • While there remains uncertainty as to when normalcy can resume, the REIT have decided to exercise prudence by retaining S$43.7m of distribution in the fourth quarter

Acquisition of Mapletree Business City (MBC) II:

  • The REIT completed the acquisition of MBC II on 01 November 2019 at an agreed property value of S$1.55b
  • The acquisition was funded through a fund raising exercise, which received a resounding support from both its existing and new investors, along with securing a S$670.0m of green loan facilities
  • Together with MBC I, it forms one of the largest premium campus-style environment with Grade A building specifications in Singapore

Asset Enhancement Initiative (AEI) Works in VivoCity:

  • In 2Q FY2019/20, the REIT completed its fifth AEI in VivoCity, comprising the changeover of the hypermarket (from Giant to NTUC FairPrice Xtra), and partial recovery of anchor space to accommodate new and expanding tenants
  • The entire exercise delivered a positive rental uplift and approximately 40% of annual return on investment

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Key Updates from EC World REIT’s AGM on 09 June 2020 (Guest Post)

Key Updates from EC World REIT’s AGM on 09 June 2020 (Guest Post)

EC World REIT conducted its virtual annual general meeting this morning (09 June 2020) at 10.00am, and as a unitholder, I have attended the meeting to learn about the latest developments from the top management.

EC World Reit taps market for $630m, Companies & Markets News ...

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1170  followers.

EC World REIT conducted its virtual annual general meeting this morning (09 June 2020) at 10.00am, and as a unitholder, I have attended the meeting to learn about the latest developments from the top management.

The meeting was a short and simple one, lasting approximately 30 minutes, and in this post, you will find key updates of the presentation by Mr Goh Toh Sim, Executive Director and CEO:

Navigating the Covid-19 Pandemic:

  • Business operations in China were strained as a result of the two-month shutdown in the country to contain the spread of Covid-19.
  • However, as at 31 March 2020, tenants in all of EC World REIT’s assets have resumed operations, and business activities in China have largely resumed.

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Mapletree North Asia Commercial Trust: Should You Receive Your Distributions in Cash or in New Units of the REIT?

Mapletree North Asia Commercial Trust: Should You Receive Your Distributions in Cash or in New Units of the REIT?

I received a mail in my letterbox over the weekend from Mapletree North Asia Commercial Trust – a long-term investment of mine (in case you’re wondering, I have gotten the mail because I invested in the REIT via a CDP-linked brokerage account.

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1083  followers.

If you invested in the REIT via a custodian account, you should receive the same message in your brokerage account and if you don’t, you can contact your brokerage firm to enquire.)

In the letter, I was asked to state my preference to either receive the distributions (declared when the REIT announced its fourth quarter and full year 2020 results on 29 April 2020) in a form of cash (of S$0.00496 per unit), in a form of new units of the REIT (which will be computed based on the unit price of S$0.8752 per new unit), or a combination of both.

By default, all unitholders will receive their distributions in a form of a cash payout (unless you state your preference to either receive units of the REIT, or a combination of cash and units of the REIT by 04 June 2020.)

One of the questions on my mind (and very likely the minds of many unitholders) are – how do I calculate the number of new units of the REIT I will receive (if I opt for this option), and which option is more “worth it”?

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