S-REITs - Week 6 - 2025

( YTD: -3.64% | 5D: -4.50%)

 3 Feb - 1H FY2025 Results

• Review of Performance
  • Finance costs for the period was S$1.4 million higher than in 1H FY2024.
    
    
  • The higher finance costs were mainly due to the replacement of EURIBOR interest rate hedge at a higher rate in October 2023.
    
    
  • After accounting for distribution adjustments such as net change in fair value of derivatives, amortisation of debt-related transaction costs, management fees paid in units, distribution to perpetual securities holders and the enlarged issued unit base, the amount distributable to Unitholders was S$43.5 million.
    
    
  • This translates to a DPU of 1.80 Singapore cents.
    
    
• Comparison of 1H FY2025 vs 1H FY2024
  • Gross revenue of S$103.6 million for the period was S$16.3 million lower than in 1H FY2024.
    
    
  • The lower revenue was mainly attributed to the absence of supplementary rent in relation to the return of Building 3 by Sky, of an amount equivalent to approximately two years of the prevailing annual rent of Building 3.
    
    
  • Property operating expenses were S$28.7 million for the period, S$2.1 million higher than in 1H FY2024.
    
    
  • The higher expenses were mainly due to expenditure in relation to equipment replacement at Sky Complex and higher property operating expense from the Singapore properties.
    
    
  • As a result, net property income for the period was S$18.5 million lower than in 1H FY2024.

For more information, please click here

( YTD: +17.07% | 5D: +0%)

4 Feb - Unaudited Results of Keppel Pacific Oak US REIT for Full Year ended 31 December 2024

• Portfolio value remained stable year-on-year (y-o-y) at US$1.33 billion as at 31 December 2024. Taking into consideration capital expenditures and tenant improvements for 2024, there was a fair value loss of US$46.7 million.
  
  
• Leased 938,655 sf or 19.6% of portfolio net lettable area (NLA) of office space in FY 2024.
  
  
• Portfolio committed occupancy increased to 90.0% as at 31 December 2024 against 88.7% as at 30 September 2024.
  
  
• In 4Q 2024, KORE successfully refinanced a loan facility of US$20.0 million and early refinanced a loan facility of US$40.0 million that were due in 1Q 2025.
  
  
• Aggregate leverage of 43.7% as at 31 December 2024 is within regulatory limits.

For further information, please click here

( YTD: +2.59% | 5D: +1.54%)

5 Feb -  Full Yearly Results

• Distributable income growth of 6.4% year-on-year (y-o-y) to S$385.7 million for the six months ended 31 December 2024 (2H 2024), compared to S$362.5 million in 2H 2023.
  
  
• This positive momentum is mainly driven by the acquisition of a 50.0% interest in ION Orchard, better performance of its existing operating properties as well as prudent management of operating and interest costs, partly offset by the divestment of 21 Collyer Quay.
  
  
• 2H 2024 distribution per unit (DPU) was stable at 5.45 cents compared to 2H 2023 DPU on an enlarged unit base due to the distribution reinvestment plan in March 2024 and equity fundraising in September 2024. 
  
  
• 2H 2024 DPU comprised an advanced distribution of 2.16 cents for the period 1 July to 11 September 2024, which was paid on 17 October 2024. With the record date on 13 February 2025, CICT unitholders can expect to receive the remaining 2H 2024 DPU of 3.29 cents on 21 March 2025
  
  
• For FY 2024, CICT achieved a DPU of 10.88 cents1 , 1.2% higher y-o-y. Based on the closing price of S$1.93 per unit on 31 December 2024, CICT’s distribution yield for FY 2024 is 5.6%.
  
  
• Gross revenue grew 1.2% y-o-y to S$794.4 million in 2H 2024 while net property income rose 1.3% y-o-y to S$571.1 million. 
  
  
• CICT’s portfolio property value rose by 6.2% y-o-y to S$26.0 billion2 as at 31 December 2024.
  

For further information, please click here

( YTD: +0.57% | 5D: +0%)

4 Feb - Business Updates For The First Quarter Ended 31 December 2024

• 1QFY25 Key Highlights
  • WALE: 4.6 years
  • Occupancy Rate: 94.3%
  • Aggregate Leverage: 36.2%
  • 433 million Debt Headroom to 40% Aggregate Leverage
• Interest Coverage Ratio: 4.9x vs 5.0x (30Sept 24)
  
• ESG Credentials
  • Building Certification: >87% of portfolio by GFA green certified or pursing green certification as at 31 Dec 2024

For further information, please click here

( YTD: +2.78% | 5D: +4.23%)

4 Feb - Sabana Industrial REIT completes solar panel installations at majority of its multi-tenanted properties in partnership with Keppel EaaS

• All nine of the REIT’s properties are capable of being powered fully or partially by renewable energy
• Ongoing review of further sustainability solutions and initiatives for the REIT’s portfolio
• The REIT is poised to become one of Singapore’s first carbon neutral industrial REITs by 2040

For further information, please click here

5 Feb - Statement From The Internalisation Committee And Directors Elect Of Sabana Industrial REIT

For further information, please click here

6 Feb - Update On The Status Of The EGM Requisition

For further information, please click here

( YTD: +6.13% | 5D: +2.84%)

5 Feb - 2H And FY2024 Business Update

• Full Year DPU Growth Y-o-Y by 1.0% to 14.92 cents
  
  
  • Excluding the impact of equity funding raising (enlarged unit base), DPU for 2024 would have been higher at 15.11 cents, a 2.3% increase from 2023’s DPU of 14.77 cents As the REIT has hedged the net income from Japan, the drop in revenue will be compensated by the FX gains from the settlement of the forward contracts
    
    
  • Higher distributable income from Singapore hospitals and some Japanese nursing homes with step- up lease arrangements
    
    
• Gross Revenue for 2024 declined by 1.5%
  
  
  • Declined mainly due to depreciation of JPY and partly offset by contribution from the properties acquired in 2023 and 2024
    
    
• FY2024 Portfolio Annual Valuation
  
  
  • Valuation gain of S$97.2 million and S$6.0 million as compared to last valuation as at 31 December 2023 and against the net book value respectively
    
    
  • This is largely contributed by the projected rent increase for the Singapore hospitals and partly offset by the capex expended on Mount Elizabeth Hospital (Project Renaissance) and capitalised costs of the France acquisition

For further information, please click here

( YTD: +1.39% | 5D: -0.68%)

5 Feb - Full Yearly Results

• Retail portfolio, CLCT’s largest asset class, was boosted by a 13.7% increase in net property income of three malls post-AEI
  
  
• Maintained business parks occupancy above or in line with market performance, while stabilising logistics parks portfolio despite a challenging environment
  
  
• Achieved 100% occupancy for Shanghai Fengxian Logistics Park with new master-lease tenant secured in December 2024

For further information, please click here

( YTD: +2.72% | 5D: +1.93%)

6 Feb - Full Yearly Results

• FY 2024 Distribution per Unit (DPU) rose by 0.3% year-on-year to 15.205 Singapore cents. This was supported by the full-year contribution from properties acquired and completed in FY 2023 and the portfolio’s robust operational performance.
  
  
• Portfolio occupancy was healthy at 92.8% and leases renewed in FY 2024 achieved a high positive average rental reversion of 11.6%
  
  
• Gross revenue and net property income for the period from 1 January 2024 to 31 December 2024 (FY 2024) rose by 2.9% and 2.6% year-on-year (YoY) to S$1,523.0 million and S$1,049.9 million, respectively.
  
  
• Distributable income increased by 2.2% YoY to S$668.8 million while Distribution per Unit (DPU) for FY 2024 rose 0.3% YoY to 15.205 Singapore cents.
  
  
• In FY 2024, the Manager further strengthened CLAR’s logistics presence in the US with two strategic investments totalling approximately S$248.2 million. These investments include the development of Summerville Logistics Center, a best-in-class, green-certified logistics distribution property in Charleston, South Carolina for S$94.8 million, as well as DHL Indianapolis Logistics Center, CLAR’s first sale and leaseback acquisition of a modern, Class A logistics property in Indianapolis, Indiana for S$153.4 million.
  
  
• The development of Summerville Logistics Center is expected to be completed in 4Q 2025 while the acquisition of DHL Indianapolis Logistics Center was completed in January 2025.
  
  
• To enhance the quality of the existing portfolio, the Manager completed two asset enhancement initiatives (AEIs) totalling S$3.9 million at Pacific Tech Centre and ONE@Changi City in Singapore.
  
  
• As at 31 December 2024, CLAR’s S$16.8 billion portfolio has a customer base of approximately 1,790 tenants.
  
  
• The portfolio is geographically diversified across the developed markets of Singapore (66% or S$11.0 billion), Australia (13% or S$2.2 billion), the US (11% or S$1.9 billion) and the UK/Europe (10% or S$1.6 billion).
  
  
• CLAR’s portfolio of 225 investment properties2 spans across three key segments: Business Space & Life Sciences (46%), Industrial & Data Centres (29%) and Logistics (25%).
  
  
• As at 31 December 2024, the occupancy rate of the portfolio increased to a healthy 92.8% (30 September 2024: 92.1%)
  
  
• A positive average rental reversion3 of 11.6% was achieved for leases that were renewed in multi-tenant buildings in FY 2024. Average rental reversions were 11.0% in Singapore, 20.9% in the US, 12.9% in Australia, and 10.8% in the UK/Europe. The average rental reversion for leases signed in 4Q 2024 was 8.6%.

For further information, please click here

( YTD: +0% | 5D: -1.68%)

7 Feb - Mandatory Conditional Cash Offer: Close Of Offer, Final Level Of Acceptances And Lapse Of Offer

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