SREIT – Annual Report CapitaLand 2015

Let’s get started…

Overview

  • CapitaLand Mall Trust (CMT) had 16 properties as at 31 Dec 2015. Only one (Tampines Mall) is in the east of Singapore. Seven are non-suburban i.e. in the centre. These include Raffles City (40% stake). [The only other property under incomplete control was Westgate (30%)]
  • 1.8% of CMT group assets were put into the CapitaLand Retail China Trust (CRCT)

Short term historical prices

I took a rough gauge of the unit prices (Singapore Dollar) – the price at closing on the first day of each month from 2 Jan 2015 up till 1 Nov 2016 (23 months).

  • Highest – $2.19 (only 1 episode)
  • Lowest – $1.895 (only 1 episode)

Volume traded

  • Highest approximation – 28 million
  • Lowest approximation – 1.9 million

Debt

Total leverage was 35.4%, a decline from Financial Year (FY) 2014.

Average Term to Maturity (years) [debt, as I understand it] = 5.3 years (rose by 0.6 years from FY 2014).

It has S$192.8 million (at 3.25% interest) due in 2027 though. It came after a swap with a tranche of HK$1.104 billion 2.77% fixed rate notes. [p.84]

Other costs

Directors’ fees increased from FY 2014 to FY 2015 (seven board meetings in 2015).

Management Expense Ratio = 0.7% [‘…excluding property expenses and finance costs but including performance component of CapitaLand Mall Trust Management Limited’s management fees, expressed as a percentage of weighted average net assets.’]

Advertisements

2 thoughts on “SREIT – Annual Report CapitaLand 2015

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s