ARA Asset Management's Q4 profit rises 25% | AsiaOne Business:
Dennis Chan
The Straits Times
Sunday, Feb 23, 2014
ARA Asset Management, which manages real estate investment trusts (Reit) and private real estate funds, has posted a 25 per cent rise in fourth-quarter net profit to $22.1 million.
Revenue for the three months to Dec 31 was up 19 per cent at $43.8 million. For the full year, net earnings inched up by 2 per cent to $74.3 million on the back of a 5 per cent rise in revenue to $140.4 million.
Recurrent management fees went up by 11 per cent to $114 million, driven mainly by higher Reit management fees and real estate management fees. Reit management fees increased due to the improved asset performance post asset enhancement initiatives which have resulted in higher property valuations of the Reit portfolios under management, as well as higher fees arising from acquisitions made by Fortune Reit, Suntec Reit and Cache Logistics Trust.
Real estate management fees rose due to higher leasing commission recognised by APM from the re-making of Suntec City, and contributions from the Asia Property Management (China) group of companies subsequent to its acquisition in August 2012.
The group's acquisition, divestment and performance fees grew by 78 per cent to $14.7 million, driven mainly by Fortune Reit's acquisition of Fortune Kingswood and Suntec Reit's progress payment for its acquisition of 177 Pacific Highway in North Sydney, Australia in the fourth quarter.
Excluding unrealised marked- to-market adjustments, the group would have achieved a net profit of $81.4 million for the full year, 28 per cent higher than in 2012. Quarterly earnings per share increased to 2.62 cents from 2.3 cents previously while net asset value per share climbed by 1.04 cents to 32.84 cents. ARA's assets under management hit a record $25.5 billion as at year-end.
An unchanged final dividend of 2.7 cents a share was proposed.
dennis@sph.com.sg
'via Blog this'
Dennis Chan
The Straits Times
Sunday, Feb 23, 2014
ARA Asset Management, which manages real estate investment trusts (Reit) and private real estate funds, has posted a 25 per cent rise in fourth-quarter net profit to $22.1 million.
Revenue for the three months to Dec 31 was up 19 per cent at $43.8 million. For the full year, net earnings inched up by 2 per cent to $74.3 million on the back of a 5 per cent rise in revenue to $140.4 million.
Recurrent management fees went up by 11 per cent to $114 million, driven mainly by higher Reit management fees and real estate management fees. Reit management fees increased due to the improved asset performance post asset enhancement initiatives which have resulted in higher property valuations of the Reit portfolios under management, as well as higher fees arising from acquisitions made by Fortune Reit, Suntec Reit and Cache Logistics Trust.
Real estate management fees rose due to higher leasing commission recognised by APM from the re-making of Suntec City, and contributions from the Asia Property Management (China) group of companies subsequent to its acquisition in August 2012.
The group's acquisition, divestment and performance fees grew by 78 per cent to $14.7 million, driven mainly by Fortune Reit's acquisition of Fortune Kingswood and Suntec Reit's progress payment for its acquisition of 177 Pacific Highway in North Sydney, Australia in the fourth quarter.
Excluding unrealised marked- to-market adjustments, the group would have achieved a net profit of $81.4 million for the full year, 28 per cent higher than in 2012. Quarterly earnings per share increased to 2.62 cents from 2.3 cents previously while net asset value per share climbed by 1.04 cents to 32.84 cents. ARA's assets under management hit a record $25.5 billion as at year-end.
An unchanged final dividend of 2.7 cents a share was proposed.
dennis@sph.com.sg
'via Blog this'
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