S-REITs - Week 5 - 2025

( YTD: +2.87% | 5D: +1.70%)

 27 Jan - 2H/FY 2024  Financial Results

• Increased its 2H 2024 gross profit by 8% year-on-year (y-o-y) to S$198.0 million compared to 2H 2023
  
  
• Revenue also rose by 6% y-o-y, reaching S$423.2 million. The increase was mainly due to CLAS’ stronger operating performance, additional contributions from CLAS’ new acquisitions and properties which have completed their asset enhancement initiatives (AEI) in 2024, which mitigated the impact of foreign exchange and higher financing costs.
  
  
• With the continued strong demand for international travel, CLAS’ revenue per available unit (REVPAU1) for 2H 2024 grew 6% to S$167, compared to 2H 2023, continuing its upward path.
  
  
• The REVPAU growth was a result of an increase in average daily rates and a higher average occupancy rate at 81%, compared to 77% in 4Q 2023.
  
  
• REVPAU for all of CLAS’ key markets was higher with Japan achieving the biggest increase of 37% y-o-y. Australia, Singapore and the United Kingdom (UK) also attained double-digit growth.

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( YTD: -1.72% | 5D: +0%)

27 Jan - FY2024 Financial Results

• FY 2024 property income and net property income (NPI) grew 12.2% and 10.7% year-on-year respectively, bolstered by strong operational performance, as well as contributions from 2 Blue Street and the newly acquired 255 George Street
  
  
• Achieved strong rental reversion of 13.2% and maintained a high portfolio committed occupancy of 97.9% through proactive asset management, bolstered by the flight-to-quality trend
  
  
• Long portfolio weighted average lease expiry (WALE) and top 10 tenants’ WALE of 4.7 years1 and 9.0 years1 respectively
  
  
• Distributable income including Anniversary Distribution for FY 2024 decreased 1.9% year-on-year to $214.5 million due mainly to an increase in borrowing costs. 
  
  
• 2H 2024 DPU was 2.80 cents with FY 2024 DPU at 5.60 cents. Based on the market closing price as at 31 December 2024 of $0.87 per Unit, distribution yield was 6.4%.

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( YTD: +3.20% | 5D: +1.57%)

28 Jan - Third Quarter FY2025 Business Update

• Gross Revenue and Net Property Income rose by 5.7% and 1.9% YoY to S$139.1 million and S$99.6 million for 9M FY2025 respectively
  
  
• DPU increased by 1.1% YoY to 7.070 Singapore cents for 9M FY2025
  
  
• Positive rental reversion of 21.2% for 9M FY2025 and long portfolio WALE of 4.7 years
  
  
• Portfolio occupancy on committed leases at 96.3%, excluding the impact from AEIs and transitory movement of tenants
  
  
• Proposed divestment of 3 Toh Tuck Link at a premium to support growth initiatives
  
  
• Portfolio rejuvenation strategy on track to drive long-term value for Unitholders
  
  
• 4.3% year-on-year (“YoY”) rise in distribution to Unitholders and 1.1% YoY rise in distribution per Unit to 7.070 Singapore cents for the nine months ended 31 December 2024 (“9M FY2025”)
  
  
• Gross revenue rose by 5.7% YoY to S$139.1 million and Net Property Income increased by 1.9% YoY to S$99.6 million, mainly driven by sustained positive rental reversions across all segments of the portfolio.

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( YTD: -5.26% | 5D: -1.82%)

21 Jan - New CFO

• Appointed Kevin Tan Heng Chew as its new chief financial officer, effective Feb. 1.

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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