S-REITs - Week 5 - 2024

( YTD: -7.01% )

Higher gross revenue and NPI despite rise in utility costs and forex challenges DPU tempered by rate hikes and absence of one-off gain

1. Strong Singapore Performance: Contributed positive results after fully offsetting higher utility expenses
   
   
2. Overseas Earnings: Steady contributions from Hong Kong and Japan dampened by stronger SGD
   
   
3. Steady Operational Performance: All markets posted higher committed occupancies
   
   
4. Portfolio Rental Reversion Continued to Climb: Singapore achieved notable rental uplift
   
   
5. VivoCity: Steady tenant sales approaching full-year record high, and reconfiguration works completed
   
   
6. Festival Walk: Resilience supported by progressive improvement in shopper activities and full occupancy, and continued progress towards rental stabilisation
   
   
7. Strategic Currency Swapping: Targeted swapping of more HKD loans into CNH for enhanced risk and interest rate advantages
   
   
8. Portfolio Fully Green-Certified: Gateway Plaza and The Pinnacle Gangnam secured green building certifications

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( YTD: 0% )

OUE REIT Delivers Stable DPU of 1.04 cents in 2H 2023 Core 2H 2023 DPU Excluding Capital Distribution Rises 8.3% YoY

1. Net property income rose 15.9% YoY to S$119.7 million in 2H 2023 underpinned by the full reopening of Hilton Singapore Orchard and the resilient performance of Singapore commercial portfolio
   
   
2. Portfolio valuation increased by 1.7% YoY to S$6,276.5 million as of 31 December 2023, underpinned by higher valuations for the hotel properties and stable valuation of Singapore offices
   
   
3. Aggregate leverage decreased by 1.2 ppt QoQ to 38.2% as of 31 December 2023 with no further refinancing requirements until 2025
   
   
4. Overall hospitality segment revenue and NPI increased 48.5% and 52.2% YoY respectively in 2H 2023, driven by Hilton Singapore Orchard as well as the continued recovery of the tourism, business travel and MICE sectors in Singapore
   
   
5. Committed occupancy of Singapore office properties remained healthy at 95.2% as of 31 December 2023 buoyed by positive rental reversions of 12.0% in FY 2023
   
   
6. Completed Crowne Plaza Changi Airport asset enhancement in December 2023 with an expected 10% return on investment
   
   
7. Rebranded to OUE REIT to reflect the REIT’s diversified mandate in both hospitality and commercial sectors

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( YTD: -2.68% )

CapitaLand India Trust’s FY 2023 net property income increased 8% year-on-year

1. Driven by quality acquisitions and higher rental income from existing properties
   
   
2. DPU dropped 21% y-o-y mainly due to the enlarged unit base1 , higher finance costs and appreciation of SGD against INR
   
   
3. Net assets grew 19% y-o-y

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( YTD: -2.02% )

CapitaLand Ascott Trust increased FY 2023 Distribution per Stapled Security by 16% through stronger operating performance and new acquisitions

1. Revenue per available unit for FY 2023 grew 23% year-on-year to pre-pandemic levels
   
   
2. Achieves about S$156 million or 2% increase in portfolio valuation with better operating performance and outlook for properties

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( YTD: -2.86% )

1H FY23/24 DPU of 1.78 cents

1. NPI was up 0.3% y-o-y to S$74.5 million on the back of improved performance in Singapore Properties and Myer Centre Adelaide Retail
   
   
2. Successfully renewed Toshin master lease at Ngee Ann City Property, extending portfolio WALE to 7.9 years by net lettable area
   
   
3. Estimated completion of asset enhancement works in February 2024 for Myer Centre Adelaide façade and March 2024 for Wisma Atria basement

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( YTD: -7.21% )

2H/ FY 2023 Results

In the second half of 2023, CDL Hospitality Trusts' (J85) distribution per stapled security experienced an -11.1% drop, compared to the same period in the previous year.

There was a positive performance in net property income and revenue, which increased by 3.7% and 5.8% respectively.

Net property income rose to SG$75.5 million from SG$72.8 million, while revenue reached SG$138.3 million compared to SG$130.7 million in the previous year.

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( YTD: -0.54% )

Keppel REIT Achieves Higher Net Property Income Supported by Strong Operating Performance

1. Net property income (NPI) in FY 2023 increased 3.7% year-on-year to $182.4 million

2. Positive rental reversion supported by healthy demand from diverse sectors for prime office space

3. Achieved higher portfolio committed occupancy of 97.1% compared to 95.9% a quarter ago

4. KR Ginza II has achieved 100% committed occupancy following the signing of two new tenants from the technology, media and telecommunications sector

5. Executing asset enhancement initiatives (AEI) at key properties to enhance customer experience, improve amenities and future proof the assets

6. Aggregate leverage at 38.9% and all-in interest rate of 2.89% p.a. with 75% of borrowings on fixed rates

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( YTD: -11.29% )

CLCT posts 5.3% year-on-year growth in net property income for FY 2023, boosted by contribution uplift in 2H 2023

1. Retail operating metrics in 2H 2023 continued to improve over 1H 2023
   
   
2. 2H 2023 NPI grew by 10.5% year-on-year

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( YTD: -3.48% )

Business Updates For The First Quarter Ended 31 December 2023

In the fiscal first quarter concluding on December 31, 2023, the REIT achieved a robust portfolio occupancy rate of 95.8%.

Notably, the logistics and industrial segment maintained full occupancy at 100%, while the commercial assets displayed a commendable 89.4% occupancy rate.  

Furthermore, during this reporting period, the trust successfully leased approximately 128,000 square meters of space and achieved a noteworthy 11.6% portfolio rental reversion based on incoming rent versus outgoing rent.

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( YTD: -26.67% )

The Manager intends to inform that the financial results for 2H and FY2023 will be disclosed on a date to be decided, ensuring it occurs within 60 days after December 31, 2023, at the latest.

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( YTD: 0% )

AA REIT achieves 5.2% YoY rise in Distributions to Unitholders to S$55.1 million for 9M FY2024

1. Continued positive rental reversions of 22.7% for 9M FY2024 (3Q FY2024 13.0%)
   
   
2. High portfolio occupancy of 98.1%
   
   
3. Recent renewal of long-term master leases with Kintetsu World Express and Aalst Chocolate extends portfolio WALE from 4.2 years to 4.6 years
   
   
4. Prudent gearing position of 32.2% provides financial flexibility for upcoming AEIs and new growth opportunities

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( YTD: -3.10% )

Positive Retail Rental Reversion of 15.7%1 Achieved in 1H FY2024

1. Restructured lease for Sky Complex provides greater certainty on long-term cashflow from Sky Italia without pre-termination rights
   
   
2. Positive office rental uplift of 1.5%3 on top of the 5.9% rental escalation in May 2023
   
   
3. Higher tenant sales in 1H FY2024 with visitation continuing to trend close to preCOVID-19 average levels • Healthy tenant retention rate of 80.6%
   
   
4. No refinancing risks on committed debt facilities until FY2025
   
   
5. Approximately 85% of the total committed debt facilities are sustainability-linked financing

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( YTD: 0% )

Digital Core REIT Reports Results for the Full Year 2023

1. Declared a distribution per unit of 3.70 U.S. cents for FY 2023
   
   
2. Maintained 97% portfolio occupancy
   
   
3. Entered Asia Pacific with the acquisition of a 10% interest in a data centre in Osaka, Japan
   
   
4. Repurchased 6.8 million units at an average price of $0.4942 for the full year of 2023, generating DPU accretion of approximately 0.6%.
   
   
5. Completed the sale of two Silicon Valley facilities in January 2024, generating gross proceeds of US$160.2 million
   
   
6. Preserved balance sheet flexibility with pro forma aggregate leverage at 33.5%2 , reflecting proceeds from the asset sales in January 2024

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( YTD: 0% )

ESR-LOGOS REIT Achieves 2.564 Cents in DPU for FY2023. Registers Impressive 12.6% Growth in FY2023 Revenue and 11.8% in NPI; Poised for Expansion with Favorable Gearing Position.

1. FY2023 Revenue and NPI grew 12.6% and 11.8% respectively mainly due to the full year contributions from the merger in April 2022 and the acquisition of ESR Sakura Distribution Centre in October 2022, partially offset by loss of income from divestment of non-core assets
   
   
2. Financial discipline and prudent actions achieved early in FY2023 through equity fund raising and S$440.6 million of non-core assets divestments resulted in E-LOG’s resilient position and robust balance sheet strength amidst rising inflation and “higher-for-longer” interest rate concerns
   
   
3. Strong 11.1% positive portfolio rental reversion driven by New Economy assets in Logistics and High-Specs sectors, with stable occupancy
   
   
4. Low gearing at 35.7%, with 81.6% of borrowings on fixed interest rates mitigated the impact of the high interest rate environment
   
   
5. FY2023 DPU at 2.564 cents, dip of 14.5% y-o-y mainly due to new units issued for the equity fund raising (accounting for 13.6% of total outstanding units1 ) and divestments of non-core assets, with proceeds planned for future deployment
   
   
6. No refinancing risk; obtained commitment from a panel of lending banks to provide E-LOG with its first sustainability linked loan facility, which will be used to refinance all FY2024 expiring debt
   
   
7. TOP obtained for new development at 7002 Ang Mo Kio Avenue 5 2 and built-to-suit redevelopment at 21B Senoko Loop3

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( YTD: -5.28% )

CapitaLand Ascendas REIT delivers DPU of 15.160 Singapore cents for FY2023

1. FY2023 net property income grew 5.6% year-on-year to S$1,023.2 million. This was underpinned by contributions from acquisitions completed during FY2023 and FY2022, as well as the portfolio’s robust operational performance.We achieved high portfolio occupancy of 94.2% and positive average rental reversion of 13.4% for leases that were renewed in FY2023.
   
   
2. Despite higher interest rates globally, our healthy leverage of 37.9% and a high proportion of fixed rate debt at 79.1% moderated interest expenses.
   
   
3. Same-store portfolio valuation was S$16.0 billion as of 31 December 2023 compared to S$16.3 billion as of 31 December 2022

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( YTD: -0.82% )

PLIFE REIT Sustains Uninterrupted DPU Growth

1. Distribution Per Unit (DPU) grew 2.1% and 2.7% to 7.48 cents and 14.77 cents for 2H 2023 and FY 2023 respectively
   
   
2. Healthy gearing level of 35.6% with no long-term debt refinancing needs till March 2025
   
   
3. Achieved a portfolio valuation gain of S$15.8 million

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( YTD: -7.07% )

Business Updates for 1Q FT2024

In the fiscal first quarter concluding on December 31, 2023, the REIT revenue per available room within its Singapore portfolio witnessed a year-on-year decrease of 16.6%.

During the same period, the average daily rate experienced a modest 1.2% increase compared to the previous year.

However, there was a decline in occupancy, registering a 14.1% decrease year-on-year.

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