Keppel Reit 4QFY2016

Property Income                    $40m
NPI                                        $31.4m
Shr of Associates                  $19.9m
Shr of JV                               $7.7m
Income Available for Dist    $48.7m
DPU                                      1.48 cents
NAV                                     $1.43
Gearing                                 38.5%
Interest Coverage Ratio        4.7
All-in Interest rate                 2.51%
Top Ten Tenants WALE      9.3 years
Portfolio WALE                   6.1 years

Ascott Residence Trust 4QFY2016

Revenue                                    $126.7m
Gross Profit                               $58.2m
Unitholders Distribution           $33.9m
DPU                                          1.93 cents
RevPAU                                    $148
Gearing                                      39.8%
Interest Cover                            4.3X
Effective Interest rate                2.4%
Percentage Of Fixed Debts        82%
NAV                                           $1.33
Weighted Avg Debt to Maturity 4.7 years

MapleLogistics Trust 3QFY16/17

Revenue                                     = $95,526K
NPI                                            = $79,889K
Amount Distributable to Shrs   = $46,841K
DPU                                          = 1.87 cents
Total Debt                                  - $2,175m
NAV                                          = $1.03
Avg leverage ratio                     = 38.7%
Avg debt duration                      = 3.5years
Interest Cover                            = 5.7X

As at 31 December 2016, MLT’s portfolio comprised 128 properties with a book value of S$5.5 billion and a gross floor area of approximately 3.6 million square metres (“sqm”). Of the 128 properties, 51 are in Singapore, 22 in Japan, 8 in Hong Kong, 15 in Malaysia, 9 in China, 11 in South Korea, 9 in Australia and 3 in Vietnam. 

Keppel Infra Trust 4QFY2016

DPU                                0.93 cents
Distributable CF             $32m
NAV                               32.5 cents
Gearing                           37%

Total Assets                    $4,119m ($3158m ex-Basslink)
Total Liabilities              $2,665m ($1197m, ex-Basslink)
Total Borrowings           $1,811m ($1069m, ex-Basslink)
Cash                                $267m ($220m, ex-Basslin)
Net Debt/EBITDA          6.6X (4.6X, ex-Basslink)

Distributable Cash Flows
City Gas                        $4,274k
Concessions                  $17,746k
KMC                             $11,568k
DC One                         $885k
Others                            ($2,523k)
Total                              $31,950k

FirstReit 4QFY2016

Revenue                             = $26.988m
NPI                                    = $26.686m
Distributable Income         = $16.514m
DPU                                   = 2.13 cents (3QFY2015 2.09 cents)
Total Debt                          = $417m
Gearing                               = 31.1%
NAV                                   = 100.79cents

SPH Q1FY2017

Operating Revenue                    $278,304K
Operating Profit                         $70,799K
Investment Income                     ($1,800K)
Profit After Taxation                 $55,814K
Net Profit Attr To Shrs              $45,734K
EPS                                            3 cents
NAV                                           $2.16
Cash & Cash Equiv                    $405,425K

Comments:
The results for 1Q 2017 included charges of S$15.9m relating to the review of the media business and impairment of an associate.  Excluding the charges, operating profit would have declined by S$12.3m (12.4%).

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