S-REITs - Week 8 - 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

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( 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

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( 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

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( 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

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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

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( 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

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