S-REITs - Week 9 - 2025

( YTD: -% | 5D: -%)
Halt Trading since 31 March 2023

 24 Feb - FY2024 Financial Results

• Lower operating performance year-on-year
• Portfolio valuation declined by 11.7% year-on-year
• Overall Occupancy improved to 86.3% as of 31 December 2024

Quick Summary

• Gross revenue in RMB terms was 14.5% lower compared to FY2023, mainly due to termination of master lease agreements upon lease expiry, coupled with effect of novation of underlying leases from master leases and related party leases for Chongxian Port Investment, Chongxian Port Logistics, Fu Heng Warehouse and Fuzhou E-commerce during the financial year, impact of discontinuation of China Tobacco leases in Hengde Logistics Phase 1, offset by income from new third party leases secured for HDP1. 
  
  
• NPI in RMB terms was 18.5% lower as compared to FY2023, mainly due to lower revenue, bad debt provision, higher business tax as a result of accrual of late payment penalty, and slightly offset by capitalization of expenses.
  
  
• Outstanding rent receivables, RMB547.4million (S$102.0 million) represents the rent payable accrued pursuant to master leases, while the balance RMB82.5 million (S$15.4 million) represents the rent payable accrued by the Sponsor Group entities pursuant to other related party leases. 
  
  
• Finance costs of S$49.0 million were S$2.4 million or 5.2% higher compared to FY2023, mainly due to higher interest rate for offshore facilities and additional finance cost incurred from the settlement of short-term advance from an onshore SBLC issuer, mitigated by lower loan quantum.
  
  
• ECW’s blended all-in running interest rate for the quarter and 12 months ended 31 December 2024 was 9.1% and 8.2% per annum respectively, from 6.7% and 6.3% in the corresponding period.
  
  
• Distribution to Unitholders of S$15.8 million represents S$13.8 million or 46.7% decrease compared to FY2023, mainly due to lower revenue, higher operating expenses and interest cost. No distribution has been declare.

For more information, please click here

( YTD: -16.67% | 5D: -11.76%)
Halt Dividend since 20 Mar 2023

25 Feb -  4Q FY2024 Results

LMIR Trust registers steady YoY operational recovery with 4Q 2024 gross revenue improving 2.9% to S$49.3 million

• Active asset enhancement activities and tenant management saw portfolio occupancy improving to 81.2% and positive rental reversion of 5.3% for the year
  
  
• Remain prudent with capital management to enhance financial flexibility and steady leverage ratio

Quick Summary

• Both its rental and gross revenues for the year grew 2.3% and 3.1% to Rp1,282.3 billion and Rp2,306.3 billion respectively
  
  
• Net property income on the other hand dipped 1.2% to Rp1,371.1 billion, largely on a net allowance for impairment loss on trade receivables and higher property operating and maintenance expenses.
  
  
• A 4.4% depreciation in IDR against Singapore Dollar (“SGD”)1, saw rental revenue slipping 2.2% to S$108.2 million in FY 2024, while gross revenue edged down 1.4% to S$194.6 million.Similarly, NPI declined 5.5% to S$115.7 million in FY 2024 from S$122.4 million in the previous year (“FY 2023”).
  
  
• For the fourth quarter ended 31 December 2024 (“4Q 2024”), the Trust’s operating performance saw year-on-year (“YoY”) growth in both currencies with rental and gross revenues increasing 1.5% and 2.9% to S$26.9 million and S$49.3 million respectively, while IDR grew at a higher quantum of 4.1% and 5.5% to Rp318.7 billion and Rp584.0 billion respectively.

For further information, please click here

( YTD: +1.07% | 5D: -0.52%)

26 Feb - FY 2024 Financial Results

• DPU increased to SG$0.1492 for the year ended December 31, 2024 vs SG$0.1477 in the previous year
• The amount available for distribution fell to SG$15.6 million vs SG$45.3 million previous year
• Net property income declined to SG$136.6 million vs SG$139.1 million previous year
• Revenue also decreased to SG$145.3 million vs SG$147.5 million previous year

For further information, please click here

( YTD: -2.56% | 5D: +0%)

26 Feb - Entered Into £205 Mln Facility Agreement

For further information, please click here

( YTD: -18.13% | 5D: -11.39%)

26 Feb - Appointment Of Richard Peter Bren As Board Chairman and Appointment Of Lead Independent Director

For further information, please click here

( YTD: -5.88% | 5D: -2.04%)

27 Feb - Debt - Listing Confirmation - S$100,000,000 4.05 Per Cent. Fixed Rate Notes Due 2030

For further information, please click here

27 Feb - Update On 2 Fishery Port Road

• Asia Ocean Pacific (S) Pte Ltd (“AOP”) was a former tenant of the Property. On 26 February 2025, AOP served an originating claim in relation to an incident which took place on 30 July 2023 in the Property.
  
  
• AOP claims to have suffered loss as a result of the incident and is seeking approximately S$27.4 million in damages (the “Claim”).
  
  
• The Manager disputes liability and legal counsel has been engaged to advise on this matter. In addition, the Manager does not consider it probable that there will be any significant outflow of resources arising from the Claim.
  
  
• The Manager does not expect the Claim to have a material impact on the financial position and earnings of ESR-REIT.

For further information, please click here

27 Feb - Entry Into Sgd20 Million Letters Of Credit / Demand Guarantee Facility

For further information, please click here

27 Feb - Issue Of S$100,000,000 4.05% Fixed Rate Notes Due 2030

For further information, please click here

( YTD: -8.77% | 5D: +0%)

26 Feb - FY 2024 Results

IREIT delivers a stable set of FY 2024 results with 1.6% growth in distribution per unit to €1.90 cents

• FY 2024 gross revenue rose by 16.3% year-on-year mainly due to full-year contribution from B&M Portfolio and higher rents from Decathlon Portfolio and Berlin Campus
• Income to be distributed increased by 1.5% year-on-year to €25.6 million and distribution per unit increased by 1.6% to €1.90 cents
• Manager is proposing to embark on a repositioning project to convert Berlin Campus into a mixed-use, multi-let asset and have secured two major hospitality leases ahead of the repositioning

Quick Summary

• Gross revenue for FY 2024 rose by 16.3% year-on-year to €75.6 million
  
  
• NPI increased by 7.2% over the same period to €53.5 million.
  
  
• Income to be distributed to Unitholders for FY 2024 increased by 1.5% year- on-year to €25.6 million, supported by the absence of rent-free in FY2024 that was granted to tenants in FY 2023, higher interest income, lower administrative costs and other trust expenses, though partially offset by retention of dilapidation cost totalling €10.3 million for the repositioning of Berlin Campus. As a result, FY 2024 distribution per Unit (“DPU”) stood at €1.90 cents, up by a similar increase of 1.6% year-on-year.
  
  
• The Manager has managed to secure several new leases at its portfolio assets amounting to approximately 49,450 sqm with well-established tenants during 2024. This includes the conclusion of two 20- year hospitality leases totalling approximately 18,980 sqm of hospitality space at Berlin Campus, four long-term leases for approximately 5,350 sqm of office space at Darmstadt Campus, and two major leases for 6,110 sqm of office space at Münster Campus located in Germany. In Spain, a total of seven lettings were also agreed for a total area of approximately 19,100 sqm. Underpinned by these positive leasing outcomes, IREIT’s portfolio weighted average lease expiry (“WALE”) stood healthy at 5.9 years as at 31 December 2024 from 5.8 years a quarter ago. 
  
  
• The lease expiry of IREIT’s largest tenant, Deutsche Rentenversicherung Bund, at Berlin Campus on 31 December 2024, the Manager sees a strategic opportunity to undertake a comprehensive renovation and repositioning of the asset. This initiative aims to convert Berlin Campus from a single-let property into a dynamic, mixed-use, multi-let asset. The total projected capital expenditure ranges from approximately €165 million to €180 million(4) , including approximately €82.0 million in relation to the two hospitality leases that have been previously announced.

For further information, please click here

( YTD: +0.86% | 5D: +0%)

28 Feb - FY 2024 Results

Daiwa House Logistics Trust recorded DPU of 4.79 cents for FY2024

• Underlying performance of the portfolio remained healthy
• Landmark transaction in FY2024 with the acquisition of property in Vietnam, DHLT’s first outside of Japan
• All properties unencumbered as borrowings in Japan onshore restructured

Quick Summary

• Leases that expired during FY2024, approximately 90% of the space was renewed or filled
  
  
• The result of the healthy renewal and leasing activities, portfolio occupancy rate remained high at 97.6%
  
  
• WALE of the portfolio remained relatively long at 6.6 years, as at 31 December 2024.
  
  
• During FY2024, DHLT leveraged on the pipeline of properties of its Sponsor, Daiwa House Industry Co., Ltd., and continued its steady growth with the addition of two properties. DPL Ibaraki Yuki (acquired in March 2024) is a freehold logistics property located in Greater Tokyo, while D Project Tan Duc 2 (acquired in July 2024) is a cold storage facility that is located in Long An Province, Vietnam, which is near Ho Chi Minh City.
  
  
• Portfolio valuation was relatively stable at S$835.9 million as at 31 December 2024, an increase of 0.5% year-on-year

For further information, please click here

( YTD: -2.48% | 5D: +1.72%)

28 Feb - Moody's Assigns Baa1 rating to Mapletree Pan Asia Commercial Trust's Proposed Medium Term Notes

For further information, please click here

On 11 February 2025, Paragon REIT received a privatization offer from Times Properties, a wholly owned subsidiary of Cuscaden Peak Investments, at a 10.1% premium to the counter's last transacted price......

Read more - click here