FCOT: DPU up 16.8% in the last 18 months.

I did a piece on FCOT in October 2010 when I said that the REIT has probably turned the corner. At that time, it was trading at 15.5c a unit (which would have been 77.5c a unit, post consolidation). It closed at 87.5c in the last session.

DPU was 0.5549c then (which would have been 2.7745c, post consolidation). FCOT has declared a DPU of 3.2423c for 1H FY12 which means that DPU has increased some 16.8% from 18 months ago. It will go XD on 25 April and income distribution will take place on 30 May.

Annualised, we are looking at a distribution yield of 7.4% at a unit price of 87.5c.

Distributable income increased 7.7% YoY to S$15.9m as a result of lower interest expenses.

Average portfolio occupancy eased marginally to 96.1% from 97.6% seen in 1Q.

Weighted average lease to expiry as at 31 Mar was maintained at 3.4 years, with 17.0% of its leases due to expire in FY12.

NAV/unit: $1.33

Gearing: 36.1%

Interest cover ratio: 3.25x.

Related post:
FCOT: Turning around.

See OCBC Research: here.

See presentation slides: here.

Cache Logistics Trust: 1Q 2012 DPU 2.086c.

It is no secret that I like industrial S-REITs as passive income generators. I am also vested in Cache Logistics Trust although my long position here is quite a bit smaller compared to my investments in Sabana REIT and AIMS AMP Capital Industrial REIT.

DPU for the quarter came in at 2.086 S cents and represented a 6.9% YoY increase. 

Income distribution is payable 30th of May 2012.

CACHE’s portfolio properties remained 100% occupied.

The weighted average lease expiry (WALE) stood at 4.4 years.

Aggregate leverage improved from 29.6% as at 31 Dec 2011 to 27.7%. This gives the REIT an estimated S$110m of additional debt headroom for future investment opportunities.

Interest cover maintained at a strong 8.0x.

Related post:
Cache Logistics Trust: 4Q and 2011 results.

See OCBC Research, 19 April:
Cache Logistics Trust: Positive start to FY12.

See presentation slides: here.