---
title: S-REITs - Week 8 - 2024
description: Get the latest updates on S-REIT earnings releases for Elite Commercial REIT, FIRST REIT, SASSEUR REIT, PRIME US REIT, UNITED HAMSPHIRE REIT, and IREIT GLOBAL in this weekly recap for Week 8 of 2024.
---

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# [S-REITs - Week 8 - 2024](https://reitsavvy.com/insights/s-reits-week08-2024)

 Written by [REITsavvy Team](https://reitsavvy.com/insights/author/reitsavvy-team) | Feb 25, 2024 2:00:00 AM

 

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**

| **ELITE COMMERCIAL REIT** |
| --- |
| **( 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](https://investor.elitecreit.com/newsroom/Elite_Commercial_REIT-FY2023_Results_Press_Release.pdf) |

| **FIRST REIT** |
| --- |
| **( 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](https://firstreit.listedcompany.com/newsroom/20240220_205332_AW9U_0O2T5UCWNDEMTMCC.2.pdf) |

| **SASSEUR REIT** |
| --- |
| **( 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](https://investor.sasseurreit.com/newsroom/Sasseur_REIT-Press_Release_FY2023.pdf) |

| **PRIME US REIT** |
| --- |
| **( 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](https://investor.primeusreit.com/newsroom/PRIME_4Q2023_-_Press_Release.pdf) Read more on Singapore listed US Office REIT "Quick REIT - US Office REIT Dead?" >> [Click here](https://reitsavvy.com/insights/2024-02-quick-reit-us-office-reit-dead) |

| **UNITED HAMSPHIRE REIT** |
| --- |
| **( 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](https://investor.uhreit.com/newsroom/3._UHREIT_2H2023_Press_Release.pdf) |

| **IREIT GLOBAL** |
| --- |
| **( 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](https://investor.ireitglobal.com/newsroom/IREIT_FY2023_Results_Press_Release.pdf) |

| **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 |

| **Exclusive REITsavvy Newsletter** |
| --- |

 

[View full post](https://reitsavvy.com/insights/s-reits-week08-2024)

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