REITS

JPMorgan does not foresee 2Q10 results of S-REITs to spring any surprises except that consensus DPU estimates for several property trusts, such as Ascendas REIT, CDL Hospitality Trusts may be revised lower. Expects overall 2Q10 results to be in line with street estimates, with guidance on rental reversion, asset enhancement initiatives, potential acquisitions being key issues to watch. Notes market has not fully accounted for impact of withdrawal of govt rebates and higher operating cost

on Ascendas REIT. Adds consensus estimates too bullish for CDL HTrust's FY10 DPU forecast as bulk of hotel REIT's fixed leases will be fully renewed only by Sep. Cambridge Industrial Trust will be first to kick off 2Q results due Jul 15.