Guiding You On REITs

S-REITs - Week 8 - 2024

Written by 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

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

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

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

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

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

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

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