About the Trust

Financial Highlights

Key Financial Figures

  For the first quarter ended 31 March 2015
S$'000 1Q 2015 1Q 2014 Variance (%) 1Q 2015 4Q 2014 Variance (%)
Gross revenue 25,364 24,570 3.2 25,364 25,292 0.3
Net property income ("NPI") 18,587 18,385 1.1 18,587 18,163 2.3
Income available for distribution 12,973 13,044 (0.5) 12,973 12,891 0.6
Distribution per unit (DPU) (in cents) 1.78(1) 1.88 (5.3) 1.78(1) 1.78 -
Annualised DPU (in cents) 7.22 7.62 (5.3) 7.22 7.06 2.3
Distribution yield (based on the last traded price of S$0.890 per unit as at 17 April 2015.) 8.1% 8.6% (5.8) 8.1% 7.9% 2.5

Selected Balance Sheet Data

As at 31 March 2015 S$'000
Total assets 1,281,894
Borrowings, at amortised costs 479,409
Net assets attributable to Unitholders 774,183
Units in issue and to be issued entitled to distribution ('000) 728,702,354
NAV per Unit (S$) 1.06
Adjusted NAV per Unit (S$) 1.04

Debt Profile

  As at 31 March 2015
Aggregate leverage(2) 38.0%
Borrowings S$486.0 million
Average all-in financing cost(3) 4.2%
Weighted average tenor of borrowings 2.8 years
Interest cover(4) 4.0 times

Notes:

(1) Based on 728,702,354 Units issued and to be issued as at 31 March 2015.

(2) Ratio of total borrowings and deferred payment over deposited property as defined in the Property Funds Appendix of the Code on Collective Investment Schemes.

(3) Inclusive of amortisation of transaction costs.

(4) Ratio of Net Property Income over profit expense (excluding amortisation of transaction costs and other fees) for the period from 1 January 2015 to 31 March 2015.