The result is expected as there is no major development in Q219 and dividend is supported by $4.9m gain from the Gain on disposal of hotel development right. With this total of $27.2m out of $44m has been used.
Another bad news is Microsoft Operations Pte Ltd which contribute around 3% FCOT gross rental income has exercise option to per-terminate its lease in Alexandra Technopark and it will end by Jan 2020.
There are 2 AEI in progress
From the portfolio, filling 40% vacancy space in Alexandra Technopark will not totally help the gap, Total NLA is around 1m sq ft so 40% will be around 400k sq ft and multiply by rent based on slide 35 will just net around $1.5m gross rental.
I am really guessing they will do some acquisition as I don't think the current dividend is sustainable as the management fees already paid 100% in unit and the gain of disposal left around $17m which might only last 3-5 quarters (Note the cash balance is around $20m)
Another bad news is Microsoft Operations Pte Ltd which contribute around 3% FCOT gross rental income has exercise option to per-terminate its lease in Alexandra Technopark and it will end by Jan 2020.
There are 2 AEI in progress
- China Square Central that cost $38m
- Central Park that cost $11.5m
From the portfolio, filling 40% vacancy space in Alexandra Technopark will not totally help the gap, Total NLA is around 1m sq ft so 40% will be around 400k sq ft and multiply by rent based on slide 35 will just net around $1.5m gross rental.
I am really guessing they will do some acquisition as I don't think the current dividend is sustainable as the management fees already paid 100% in unit and the gain of disposal left around $17m which might only last 3-5 quarters (Note the cash balance is around $20m)
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