Occupancy History
Q118
|
FY17
|
FY16
|
FY15
|
FY14
|
FY13
|
91.00%
|
94.60%
|
93.40%
|
95.80%
|
97%
|
96.10%
|
Lease
22.9% of lease base on gross rental income will expired
- 13.5% (14,700 nla) lease will not be renewed which in Q417, the manager has mentioned Cimelia Resource will not renewing its master lease which mean a loss of $2.56m gross rental income and it is account 2% of gross rental income. This one of the cause the occupancy rate to drop to 91%
- Successfully extended the master lease of CIT Cosmeceutical Pte Ltd (6,255.0 sqm of net lettable area), a top 10 tenant, ahead of its lease expiry in FY2018.
- Q118 Lease reversion is -4.3%
Dividend
Q1
|
FY17
|
FY16
|
FY15
|
FY14
|
FY13
|
0.025
|
0.1105
|
0.1135
|
0.1107
|
0.1053
|
0.1072
|
| -9.50% | -2.64% | 2.53% | 5.13% | -1.77% |
For Q118, the distribution rate is 94.4%
Debt
Debt for FY18 $69m and $120m has been secured to be extended to 2021 and 2022 hence no debt will need to be refinance for FY18.Debt for FY19 of $98.4m and $117m will need to be refinance by Nov 18 and Feb 18
In Summary
- Renewal lease reversion is -4.3% and for those new rental and there is no information what is the rate of new rental secured to replace expired rental if it is below the expired rent rate.
- The industrial leasing market remains challenging as supply continues to outpace demand in a soft market environment. This is likely to exert further downward pressure on rentals and occupancy
- 8 Tuas Avenue 20 has secured the 1st tenant with 10 years lease, with the close proximity the prospect to secure the tenant should be better.
- 51 Marsiling Road will be ready in 2Q18 and provide around $3.5m rental, this should cushion the negative rental reversion and lost of Cimelia master lease.
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