--- title: S-REITs - Week 1 - 2024 description: Get ready for an exciting journey into the world of S-REITs with REITsavvy's weekly recap! Discover the latest updates on Manulife US REIT, Lippo Malls Indonesia Retail Trust, Keppel REIT, and Mapletree Industrial Trust. Plus, don't miss out on the exclusive 2024 S-REITs Outlook in collaboration with SGX. 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Announcement by Manulife US REIT, Lippo Malls Indonesia Retail Trust, Keppel REIT, Mapletree Industrial Trust --- Get ready to dive into the exciting world of S-REITs with us! Before we kick off our weekly REITs update, we're delighted to share the thrilling news: ReitSavvy is teaming up with SGX to deliver the eagerly awaited 2024 S-REITs Outlook. This collaboration is set to empower investors with crucial insights, keeping you ahead of the curve. Brace yourself for an exhilarating journey into the realm of S-REITs opportunities! Limited seats available, so be sure to register early and commence your 2024 REITs journey on a positive note! **>>[Click here for registration<<](https://www.sgxacademy.com/event/seminar-singapore-reits-outlook-whats-ahead-for-2024/?doing_wp_cron=1703162645.5581068992614746093750)** **![20240127-SGX-REIT-Market-Outlook_Final](https://reitsavvy.com/hs-fs/hubfs/Others/20240127-SGX-REIT-Market-Outlook_Final.png?width=990&height=453&name=20240127-SGX-REIT-Market-Outlook_Final.png)** ---   **S-REITs Recap - Week 01** **1 Jan - 7 Jan 2024** | **Manulife US REIT** | | --- | | **( YTD: -2.50% )** | | Manulife US REIT Properties Decline in Valuation  All 10 properties has declined in value. Highest loss of valuation is Figueroa at -20.1% from US$174m to US$139m. Lowest loss of valuation is Phipps at -1.2% from US$178.15m to US$176m. From the overall portfolio valuation basis, the decline is at -8.0%. For further information, please click [here](https://investor.manulifeusreit.sg/newsroom/20240105_072912_BTOU_N97SVRGS9XT590HC.1.pdf) | | **Lippo Malls Indonesia Retail Trust** | | --- | | **( YTD: -11.76%)** | | 1) Fitch Downgrades Lippo Malls Indonesia Trust's Rating to 'C'  Why Fitch Downgrade? The downgrade follows LMIR Trust’s announcement on 27 December 2023 that the tender offer for its senior unsecured notes due in 2024 and 2026 would proceed and in Fitch’s view, such a tender offer constitutes a distressed debt exchange, as the transaction will lead to a material reduction in original terms of the notes and is being conducted to avoid a traditional default. For further information, please click [here](https://lmir.listedcompany.com/newsroom/20240102_070011_D5IU_NS03W692DI7GV0M6.1.pdf) 2) Lippo Malls Indonesia Trust's estimated aggregate leverage ratio increased to 44.3% as at 31 Dec 2023 Why is there an increase? It is due to the decline in LMIR Trust’s indicative portfolio valuations of its investment properties as at 31 December 2023 of approximately 7.7% compared to the carrying value at the end of 9M FY2023. For further information, please click [here](https://lmir.listedcompany.com/newsroom/20240104_173358_D5IU_N6T7VP4VULJR13XM.1.pdf) | | **Keppel REIT** | | --- | | **( YTD: -0.54% )** | | Keppel REIT’s KR Ginza II in Tokyo achieves 100% occupancy For further information, please click [here](https://www.keppelreit.com/news_item.aspx?sid=64&aid=18984&title=keppel-reits-kr-ginza-ii-in-tokyo-achieves-100-occupancy) | | **Mapletree Industrial Trust** | | --- | | **( YTD: -1.20% )** | | INTERESTED PERSON TRANSACTION IN RELATION TO THE PROVISION OF UNITHOLDER’S LOAN TO JOINT VENTURE COMPANY For further information, please click [here](https://www.mapletreeindustrialtrust.com/~/media/MIT/Newsroom/Announcements/2024/Jan/20240105_IPT%20in%20relation%20to%20the%20provision%20of%20unitholders%20loan.pdf) | | **Singapore REITs Outlook: What's ahead for 2024** | | --- | |  ![20240127-SGX-REIT-Market-Outlook_Final](https://reitsavvy.com/hs-fs/hubfs/Others/20240127-SGX-REIT-Market-Outlook_Final.png?width=1552&height=710&name=20240127-SGX-REIT-Market-Outlook_Final.png) Limited seats available, so be sure to register early and commence your 2024 REITs journey on a positive note! Free Registration! See you there! **>>[Click here for registration<<](https://www.sgxacademy.com/event/seminar-singapore-reits-outlook-whats-ahead-for-2024/?doing_wp_cron=1703162645.5581068992614746093750)** |   ![op can-4](https://reitsavvy.com/hubfs/op%20can-4.png) **[Insights](https://reitsavvy.com/insights)** **[REITs Screener](https://screener.reitsavvy.com/)** Unless otherwise specified, all return figures shown above are for illustrative purposes only, are not actual customer or model returns and are not indicative of future performance or results. Actual returns will vary greatly and depend on various factors including personal and market circumstances. Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become valueless. Some of the statements contained in this website may be considered forward-looking statements which provide current expectations or forecasts of future events. 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