THE following companies saw new developments that may affect trading of their securities on Wednesday (Apr 26):
Suntec Real Estate Investment Trust (Suntec Reit): The Reit on Wednesday posted a distribution per unit (DPU) of S$0.01737 for the first quarter of 2023, a 27.4 per cent decline from the same period a year ago, mainly due to higher financing costs.
The DPU will form part of the Reit’s distribution for the first half of this year, said its manager.
Driven by strong above-market average operational metrics, Frasers Centrepoint Trust (FCT) has a resilient suburban offering that continues to support a rosy report card in FY2023 to FY2024, according to DBS Group Research analysts Geraldine Wong and Derek Tan.
In their April 24 report, Wong and Tan say that 2023 is shaping up to be another banner year for acquisitions with [around] $500 million in acquisition deals year-to-date.
CAPITALAND Ascott Trust gross profit for the first quarter ended March was up 59 per cent year on year, due to stronger operating performance and contributions from new properties.
About 59 per cent of the quarter’s gross profit comprised stable income – which is derived from master leases and management contracts with minimum guaranteed income, as well as longer-stay properties.
iFast Corporation has reported earnings of $2.98 million for 1QFY2023 ended March, down 48.1% over the preceding half year.
The company attributes the drop to start-up costs from iFast Global Bank in the UK. In addition, the total value of assets under administration dropped too.
Revenue for the same period was up 1.9% y-o-y to $53.9 million. While the company collected lower brokerage fees, it enjoyed 522.4% jump in interest revenue.
IREIT Global on Tuesday reported 87 per cent occupancy rates for Q1 2023, down slightly from 88.3 per cent in Q4 2022. This was mainly due to lower occupancy at Spanish properties Il-lumina and Sant Cugat Green.
Rents were up 3.4 per cent in the quarter compared to the year prior, and was a result of step-up rents and indexing to the consumer price index.
Weighted average lease expiry was 4.8 years in Q1 2023. The aggregate leverage for the quarter stood at 32.3 per cent compared to 32 per cent in Q1 2022.
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