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Munster South Building,
One of vacant floor since April 2017, finally the manager has manage to lease out with 8.5 years commencing 1 July 201. This will bring additional income and support to maintain current dividend.
The finance cost has come down due to refinancing at the lower interest rate from 2% to 1.5% which bring additional income to the dividend as stated by the manager
“Income available for distribution increased by 3.3% YoY due mainly to lower finance
expenses post refinancing of borrowings in Feb 2019″
The lease profile has been extended from 4.2 years to 4.6 years with majority lease expire will start from FY2022 which give assurance to me for the dividend for another 2.5 years from now.
With CDL come into the picture, I am looking forward for IReit to growth their portfolio to diversify their income which currently derived majority from their 2 key tenants.
GMG (52.3%) a key tenant for 3 out of 5 properties and Deutsche Rentenversicherung Bund (34.2%) a key tenant for Berlin Campus
Currency can be either good or bad for me, this is a natural risk I can’t avoid as they operated outside Singapore.
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