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Suntec REIT, Keppel REIT, Mapletree Logistics Report Earnings; Capitaland Warns of Annual Loss
January 26, 2021
Singapore based Suntec REIT, Mapletree Logistics and Keppel REIT reported earnings on Monday.
Suntec REIT reported a distribution per unit (DPU) of 2.261 cents for 4Q2020, a dip of 3.7% and 4.109 cents for 2H2020 and 12.8% YoY. This was primarily on account of lower gross revenues in 2H2020 (down 12%) and net property income (down 10.4%). Suntec’s 3.8% SGD perps were flat at 99.79, yielding 3.85%.
Keppel REIT reported a DPU of 2.93 cents for 2H2020, up 4.6% over the same period in the prior year. Property income rose 12.6% and income contribution from joint ventures also jumped 10%. The company noted that the improvement in income was mainly due to contributions from T Tower and Victoria Police Centre, as well as lower borrowing costs. Keppel’s 4.75% SGD perps were up 0.2 to 103.71, yielding 4.22%
Mapletree Logistics reported a DPU of 2.065 cents, 1% higher YoY. Gross revenue was up 15.5% but property expenses rose 20.3%. The company noted completion of an equity fundraising in Q3 ending December which raised gross proceeds of S$644mn ($485mn) to partially finance acquisitions in China, Malaysia, Vietnam and the remaining 50% interest in 15 properties in China. Mapletree’s 4.18% SGD perps were flat at 101.31, yielding 2.56%
CapitaLand warned that it would report a loss for 2020 with its shares falling 4.7%. The company’s 3.65% SGD Perp was flat at 103.06, yielding 2.78%.
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