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SINGAPORE: Mainboard-listed Saizen REIT, which owns Japanese properties, said that it will start accumulating cash for distribution in the last quarter of the current financial year.
It has suspended distribution since the start of the last financial year to conserve cash.
The trust reported a net profit of 164 million yen (S$2.5 million) for the first quarter ended September, up 48.9 per cent from a year earlier.
Meanwhile, net property income edged down 0.8 per cent to 736 million yen (S$11.4 million).
Looking ahead, Saizen said its main focus will be to refinance its loans. It added that it is continuing with its efforts to refinance a commercial mortgage-backed securities loan that it defaulted on last week.
The REIT said its asset manager is working closely with the manager and the lender of the loan to formulate a viable course of action.
- CNA/sc
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