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Stocks to watch: GLP, PLife Reit, Thakral, Rowsley
THE following companies have made announcements which could affect their trading activities on Thursday:
Global Logistic Properties (GLP) has completed its acquisition of a US$4.55 billion portfolio from Industrial Income Trust, enlarging its US footprint by 50 per cent to 173 million square feet, making it the second-largest logistics property owner and operator in the United States. It has established GLP US Income Partners II with China Life and two additional leading global institutional investors. Additional investors are expected to join GLP US Income Partners II by April 2016. GLP will retain a stake of less than 10 per cent.
Healthcare-related Parkway Life Real Estate Investment Trust (PLife Reit) reported on Thursday that its distribution per unit (DPU) for the third quarter ended Sept 30, 2015, rose 15.6 per cent to 3.36 Singapore cents from 2.90 cents in the year-ago period. Without the one-time divestment gains from the completion of the asset recycling initiative in March, DPU from recurring operations grew 2.5 per cent from a year ago.
Gross revenue rose to S$26 million, up 2.5 per cent from S$25.3 million a year ago. The higher revenue was primarily from higher-yielding properties acquired from the asset-recycling initiative and higher rent from the Singapore properties.
Thakral Corporation has swung back into the black, with a net profit of S$5.8 million for the third quarter ended Sept 30, 2015, from a net loss of S$2.4 million a year ago. The improved performance was attributed to its investment division and an unrealised valuation gain of S$9.6 million on investment properties. Revenue, however, fell 35 per cent to S$250.6 million from S$383.2 million a year ago. Thakral expects to report profit from its Union Balmain project in Australia in Q4 this financial year.
Rowsley, a mainboard-listed company controlled by Singapore billionaire Peter Lim, sank into the red, posting a net loss of S$4.2 million for the third quarter ended Sept 30, 2015, in the absence of the non-recurring fair-value adjustment gain of S$52.1 million seen a year ago.