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Lets have a quick dive into this week REITs Earnings Release by Elite Commercial REIT, FIRST REIT, SASSEUR REIT, PRIME US REIT, UNITED HAMSPHIRE REIT, IREIT GLOBAL

S-REITs Recap - Week 08

19 Feb - 25 Feb 2024


( YTD: -3.57% )

Elite COMMERCIAL REIT reports DPU of 3.42 pence for FY2023. The recent preferential offering is successful that helps reinforces capital structure within the REIT.

  • Net gearing ratio2 improved to 40.9%3 following successful completion of recent equity fundraising and capital recycling initiatives during the year

  • More than four years of stable, government-backed income with no lease breaks between now and lease maturities, providing income visibility

  • Higher revenue y-o-y benefitting from ~13.1% inflation-linked rent escalations for 136 assets effective from 1 April 2023

  • Lease renewals for Bradmarsh Business Park, Rotherham and Phoenix House, Bradford for another five straight years each

  • Management is on track to execute its strategies which include refinancing and future growth plans to maximise unitholder returns

For further information, please click here


( YTD: 0% )

FIRST REIT delivers DPU of 2.48 singapore cents in FY2023 which translate to >9% of dividend base on share price of SGD$0.265

  • Rental and Other Income (1) bolstered by a built-in increment in rental income from Indonesia and Singapore, as well as a full-period contribution of rental income from Japan portfolio

  • Appraised valuation resilient at S$1.14 billion with developed markets accounting for 25.5% of assets under management as at 31 December 2023

  • Healthy gearing ratio of 38.7% and 87.2% of debt on fixed rates or hedged

For further information, please click here


( YTD: 0%  )

Sasseur REIT 4Q 2023 DPU up 8.7% year-on-year; strong sales performance reflects robustness and resilience of the outlet business

  • Portfolio’s outlet sales increased by 84.6% and 31.9% year-on-year in 4Q 2023 and FY2023 respectively, with FY2023 sales reaching about Renminbi (RMB) 4.7 billion

  • Chongqing Liangjiang Outlet’s FY2023 sales at new high, above pre-COVID FY2019 level by 8.5%

  • Strong portfolio average occupancy rate of 97.6% in 4Q 2023

  • Stable portfolio valuation of RMB8.5 billion, up 0.02% year-on-year at end-2023

  • Balance sheet remained robust with a diversified debt maturity profile and gearing of 25.3%, lowest amongst S-REITs

For further information, please click here


( YTD: -46.67% )

PRIME US REIT gross revenue up 1.1% in 2H2023 vs 1H2023 announces cash distribution + bonus issue

  • Strong leasing pipeline, of which 304k sf executed in 4Q2023 - more than double QoQ

  • Portfolio occupancy increased to 85.4%; Positive rental reversion of +9.6% in 4Q2023

  • Expansion of top ten tenant Matheson Tri-Gas at Tower 909 (Dallas)

  • In constructive refinancing discussions with lenders

  • Target to execute up to US$100 million of deleveraging in 2024

  • Distribution policy aimed at balancing capital preservation with providing a return to unit holders

For further information, please click here

Read more on Singapore listed US Office REIT
"Quick REIT - US Office REIT Dead?" >> Click here


( YTD: -11.88% )

United Hamsphire REIT delivers strong growth with increased gross revenue, net property income, and appraised portfolio valuation

  • 7.1% growth in Gross Revenue and 7.6% rise in Net Property Income in FY 2023

  • Portfolio Valuation increased 4.7%1 y-o-y on a like-for-like basis

  • Grocery & Necessity Properties achieve high committed occupancy of 97.4%

  • Strong tenant retention rate of 92% coupled with long WALE of 7.1 years

  • New Academy Sports store in St Lucie West opened in November 2023, ahead of schedule|

  • No refinancing requirement until November 2026

For further information, please click here


( YTD: -6.17% )

IREIT Global achieves 5.4% uplift in FY2023 gross revenue supported by acquisition and leasing initiatives

  • Gross revenue and net property income rose by 5.4% and 2.3% respectively year-on-year

  • Portfolio occupancy improved to 90.4% as at 31 December 2023 from 88.3% a year ago, while weighted average lease expiry was stable at 4.9 years from 5.0 years a year ago

  • 2024 performance is likely to benefit from positive rental escalations, end of rent-free periods granted to tenants and full-year contribution from B&M Portfolio

  • Key focus is to improve portfolio occupancy rate and to reposition Berlin Campus if main tenant decides to leave at end-2024

For further information, please click here

REITracker Highlights
REIT Name Status
Keppel Pacific Oak US REIT Halt Dividend since 14 Feb 2024
Manulife US REIT Halt Dividend since 14 Aug 2023
EC World REIT Halt Trading since 31 March 2023
Eagle Hospitality Trust Halt Trading since 24 March 2020
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