S-REITs - Week 4 - 2025

( YTD: +0.00% | 5D: -0.56%)

 20 Jan - Loan Facility

• A A$85,000,000 facility agreement dated 20 January 2025 (the “Facility Agreement”) between Athllon Trustee Pty Ltd (in its capacity as trustee of Athllon Drive Landholding Trust) (the “Borrower”), as borrower, and Commonwealth Bank of Australia (the “Lender”), as lender.

For more information, please click here

( YTD: +1.96% | 5D: +0.00%)
formerly known as ESR-LOGOS REIT

24 Jan - FY2024 Financial Results

• FY2024 Gross Revenue and NPI dipped 4.1% and 4.2% respectively due to divestment of non- core assets in FY2023 and FY2024, and decommissioning of 2 Fishery Port Road
  
  
• FY2024 DPU at 2.119 cents, a decrease of 17.4%, mainly due income loss from divestments of non-core assets and the decommissioning of 2 Fishery Port Road, lower capital gains distributed in FY2024 and an enlarged unit base from the equity fund raising in 1H2023 with proceeds pending deployment
  
  
• Transformational “On-Strategy” acquisitions of ESR Yatomi Kisosaki Distribution Centre and 51% interest in 20 Tuas South Avenue 14, which are expected to be +3.0% DPU accretive on a pro forma basis, commenced income contribution, with full year revenue contribution to come in FY2025; portfolio and earnings quality improved
  
  
• Portfolio now has 70.2% New Economy assets with portfolio land lease increased to 43.8 years, freehold or >30 years land lease assets in portfolio increasing to 71.6%
  
  
• Strong 10.3% positive rental reversion driven by New Economy assets in Logistics and High-Specs Industrial sectors with positive trend expected to continue; stable 92.3% occupancy
  
  
• Lower all-in-cost of debt at 3.84%, down from 4.03% as at 30 June 2024
  
  
• Gearing of 42.8%, with 74.8% of borrowings on fixed interest rates
  
  
• No refinancing risk – all FY2025 expiring debt has been refinanced ahead of expiry at lower margins; commencing early refinancing of FY2026 expiring debt
  
  
• Entered into ESR-REIT’s inaugural sustainability-linked and green loans in FY2024

For further information, please click here

( YTD: +5.56% | 5D: +4.11%)

21 Jan - 2H 2024 and FY2024 Results Presentation

• DPU would have been higher at 3.15 cents if not for approximately 10% of distributable income for FY 2024 being retained for prudent capital management given costs incurred and to be incurred in connection with the internalisation
  
  
• Declared 2H 2024 DPU of 1.52 cents
  
  
• 2H 2024 Net Property Income (“NPI”) increased by 8.9% y-o-y to $30.3 million mainly due to strong positive rental reversions. NPI for FY 2024 grew to $57.5 million, a 4.5% increase y-o-y
  
  
• Sustained track record of driving double-digit positive rental reversions for four consecutive years

For further information, please click here

( YTD: -0.79% | 5D: -0.79%)

21 Jan - 3Q FY24/25 Financial Results

• Portfolio occupancy improved to 96.3% with positive rental reversions achieved across most markets
  
  
• Higher borrowing costs, regional currency depreciation and weakness in China continued to weigh on distributable income
  
  
• Proactive capital management strategy mitigated the impact of higher interest rates
  
  
• Maintain focus on portfolio rejuvenation with over S$220 million in acquisitions and S$201 million in divestments announced/completed year-to-date

For further information, please click here

( YTD: +0.47% | 5D: +0.47%)

22 Jan - Business Updates for First Quarter ended 31 December 2024

• Occupancy Rate: 99.5% vs 1Q24 99.9%
• Aggregate Leverage: 39.3% vs 1Q24 37.2%
• Average cost of debt (all-in): 4.0% vs 1Q24 4.3%

For further information, please click here

( YTD: -0.45% | 5D: -1.79%)

22 Jan - 3QFY24/25 Financial Results

• Higher Net Property Income driven by contributions from the Tokyo Acquisition, Osaka Data Centre and new leases and renewals
  • 3QFY24/25 Net Property Income: S$133.2 million
  • 3QFY24/25 Distribution to Unitholders: S$97.1 million ( 2.6% y-o-y) 2.0% y-o-y)
  • 3QFY24/25 DPU: 3.41 cents ( 1.5% y-o-y)
    
    
• Portfolio update for 3QFY24/25
  • Weighted average rental reversion rate of about 9.8% across all property segments in Singapore
  • Weighted average lease to expiry of the Overall Portfolio increased q-o-q from 4.4 years to 4.5 years mainly due to the lease extension at 8011 Villa Park Drive, Richmond
    
    
• Completed the proposed acquisition of a freehold mixed-use facility with redevelopment potential in Tokyo, Japan for JPY14.5 billion on 29 Oct 2024
  
  
• Retained approximately S$7.9 million from the distribution reinvestment plan (“DRP”) for 2QFY24/25 distribution

For further information, please click here

( YTD: +4.13% | 5D: +2.71%)

24 Jan - Unaudited Results of Keppel DC REIT for the Second Half and Full Year Ended 31 December 2024

• FY 2024 DPU grew 0.7% year-on-year to 9.451 cents
  
  
• Proactive portfolio management drove strong reversion of approximately 39% in FY 2024
  
  
• Continued execution of strategy to capitalise on growth opportunities within hyperscale segment, leveraging positive market trends including generative artificial intelligence (AI)
  
  
• Value creation via strategic acquisitions of three hyperscale data centres in Singapore and Tokyo, opportunistic divestment of Intellicentre Campus and investment in Australia Data Centre Note
  
  
• Assets under management increased by 35.1% year-on-year to $5.0 billion; strong balance sheet and agile financial strategies will continue to support future growth

For further information, please click here

( YTD: -0.83% | 5D: -0.00%)

23 Jan - 3Q and YTD FY24/25 Financial Results

• VivoCity spearheads with higher gross revenue and NPI despite ongoing AEI
  
  
• Overseas contributions further impacted by persistent SGD strength
  
  
• Strategic capital management yields improved finance costs and lower cost of debt
  
  
• Sustained resilience supported by positive portfolio rental reversion and improved committed occupancy across all markets except China
  
  
• VivoCity Basement 2 AEI progressing well; tenant sales outpace market despite temporary disruptions
  
  
• Festival Walk achieves above-market growth in shopper traffic and tenant sales from previous quarter
  
  
• Singapore dominates with more than 50% of portfolio, remains fundamental pillar of long- term stability

For further information, please click here

( YTD: +5.26% | 5D: +1.69%)

23 Jan - OUE REIT Delivers Resilient Performance, 2H 2024 DPU Rises 8.7% YoY To 1.13 Singapore Cents

• Revenue increased by 1.7% YoY to S$148.8 million in 2H 2024, underpinned by the stable operational performance of the Singapore office portfolio and the successful asset enhancement of Crowne Plaza Changi Airport.
  
  
• Committed occupancy of Singapore office properties remained healthy at 94.6% as of 31 December 2024 with full year positive rent revision of 10.7%.
  
  
• Overall hospitality revenue for 2H 2024 grew by 5.4% YoY, led by Crowne Plaza Changi Airport’s RevPAR 25.5% growth YoY in 2H 2024.
  
  
• Leveraging on strong institutional demand, OUE REIT undertook a bond re-tap issuance of S$120 million in November in addition to its existing 7-year investment grade Green Notes at 100.714% tap re-offer price, representing a tighter tap re-offer yield of 3.78% – the lowest ever bond issuance yield achieved by OUE REIT. Full allocation towards institutional investors.
  
  
• Enhanced portfolio resilience and improved financial flexibility with the divestment of Lippo Plaza in Shanghai for a sale consideration of RMB1,917.0 million (approximately S$357.4 million)1 and an agreed property value of RMB1,680.0 million (approximately S$313.2 million) on 27 December 2024.

For further information, please click here

( YTD: +1.00% | 5D: +1.00%)

23 Jan - 1H FY24/25 Performance

• Gross revenue and NPI for 1H FY24/25 were up by 1.7% and 1.6% y-o-y respectively, mainly driven by the Singapore Properties, with committed portfolio occupancy of 97.7% as at 31 December 2024
  
  
• 1H FY24/25 DPU rises 1.1% y-o-y to 1.80 cents
  
  
• Wisma Atria to embark on further asset enhancement initiatives

For further information, please click here

( YTD: +3.42% | 5D: -1.63%)

23 Jan - Financial Results For the 2H and Financial Year ended 31 December 2024

• Distribution per unit (“DPU”) from operations1 to unitholders was 6.192 cents or 2.3% lower year-on-year. With the absence of capital distribution in FY 24, DPU declined 13.2% year-on-year.
  
  
• Operational performance of the Singapore Office and Retail portfolios, as well as the Sydney properties improved in FY 24, while the Melbourne properties remained stable. Distributable income was impacted by higher financing costs and lower contributions arising from vacancies at 55 Currie Street, Adelaide and The Minster Building, London.
  
  
• On the divestment front, Suntec REIT divested $58.3 million of strata units at Suntec City Office Towers at an average price of 24% above book value. The proceeds were used to pare down debts. The transactions were accretive to the REIT’s earnings as the achieved divestment yield were lower than current borrowing costs.
  

For further information, please click here

On the 8 Jan 2025, REITsavvy hosted the annual event for Singapore REITs Outlook: What’s ahead for 2025, jointly organised with SGX. We want to extend our greatest appreciation to our sponsor; Philip Capital, Sassuer REIT and Elite UK REIT.

Read the event review - click here