Gross revenue for 4Q2013 decreased 3.1%to SGD23.3m and Net property income decreased 8.1% to SGD19m as compared to the corresponding quarter of the previous year. However, DPU increased 1.8% to SGD1.251 cents with annualized FY2013 DPU at SGD4.976 cents, a 4.0% increase yoy from SGD4.784 cents.
It has entered into a SGD250m interest rate swaps to fix interest rates on its borrowings, reducing the all-in cost to 3.6% p.a. from 3.9% p.a. from June 2014 onwards with no major refinancing due till 2016. Net asset value per unit increased to SGD69.5cents with gearing ratio is at 28.7%. Maintain BUY with an unchangted TP of SGD0.81.
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