Accordia Golf Trust's H1 DPU at 2.45 cents, up from 2.32 cents

ACCORDIA Golf Trust on Friday reported a distribution per unit (DPU) of 0.61 Singapore cent for the fiscal second quarter ended Sept 30, 2016, down 19.7 per cent from a year ago due mainly to a one-off refund of Japanese consumption tax.

This brings its semi-annual DPU to 2.45 Singapore cents for the fiscal first half from April 1 to Sept 30, higher than the 2.32 cents paid out for the same period last year. This represents an annualised yield of 9.6 per cent.

Revenue for the quarter slipped 1.4 per cent to 27.23 million yen (S$361,227) as income from golf courses, restaurants and membership declined.

Accordia Golf Trust is the first business trust comprising investments in golf course assets in Japan. As at Sept 30, some 70 per cent of its 89 courses are located in the three largest metropolitan areas. Its loan-to-value ratio stood at 28.8 per cent as at Sept 30.

The trustee manager has a policy to distribute at least 90 per cent of Accordia Golf Trust's distributable income.

It also announced on Friday the appointment of Toshikatsu Makishima, who became executive director last month, as chief operating officer with immediate effect. Mr Makishima is responsible for overseeing the overall management and day-to-day operations of the company.

The distribution payment date for the fiscal first-half is Dec 15, with the book closure date on Dec 6.

Units of Accordia Golf Trust were unchanged at 66 cents on Friday.