S-REITs - Week 17 - 2024

( YTD: -6.20% | 5D: +4.31%)

1Q24 Business & Operational Update

• Closure for a series of agreements to put the bankruptcy of second-largest customer the past which includes the sale of two Silicon Valley properties at book value.
• Raised US$120 million through a successful private placement of 192 million units at US$0.625
• Amended credit agreement to pay down US$140 million of floating rate debt on U.S dollar term loan a 6.4% - while preserving the commitment and providing the ability to draw back down again on the term loan as needed.
• The REIT manager bought back nearly 8 million units at an average price of just US$0.58 with a 14% discount to NAV - demonstrating their prioritization of value creation over AUM growth - and generating 60 basis points of accretion, while adding just 30 basis points to leverage

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( YTD: -12.75% | 5D: +1.56% )

1Q 2024 Business Updates - Key Highlights

• Completed the divestment of three properties in Australia for S$64.2m
• Slight increased in Aggregate Leverage to 38.3% from 37.9%
• Natural Hedge reduced to ~75% from ~81%
• Portfolio Occupancy slightly to 93.3% from 94.2%
• Portfolio Rental Reversion +16.9%

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( YTD: -7.45% | 5D: +2.96% )

1Q 2024 - Business and Operational Updates

• Property income and net property income grew 6.3% and 7.2% year-on-year respectively underpinned by higher rentals, as well as contribution from 2 Blue Street
• Supported by strong demand for prime office space, rental reversion for 1Q 2024 was 10.9%
• Maintained high portfolio committed occupancy of 96.4% and long portfolio weighted average lease expiry (WALE) of 4.6 years[1] with top 10 tenants’ WALE at 8.1 years
• Aggregate leverage at 39.4% and all-in interest rate of 3.18% p.a. with 74% of borrowings on fixed rates
• Keppel REIT to acquire 50% interest in 255 George Street, a freehold Grade A office building located in the highly sought after Core Precinct of Sydney CBD at an attractive yield with DPU accretion

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( YTD: -9.37% | 5D: -4.92% )

Continues to do Share Buy Back this week.

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1Q2024 - Interim Business Update

• Gross Revenue increased 1.3% y-o-y
• Net Property Income decreased 0.2% yo-y
• NAV per Unit decreased to 31.1 cents from 32.0 cents
• Occupancy Rate decreased to 91.7% from 92.1%
• Gearing at 36.3% as at pro forma 31 Mar 2024
• Interest Rate Exposure Hedged reduced to 74.2% on fixed rates compared to 81.6% - 31 Dec 2023 
• Cost of Debt increased to 4.06% from 3.91% - 31 Dec 2023
• No Refinancing Risk in 2024

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( YTD: -27.17% | 5D: -1.47% )

1Q 2024 Business Updates

• Gross Revenue decreased by 1.6%
  • 1Q 2024 gross revenue contribution from 9 malls > 1Q 2023’s contribution from 11 malls
  • Excluding CapitaMall Shuangjing and CapitalMall Qibao’s contribution in 1Q 2023, Retail Gross Revenue would have increased 5.7% YoY
• Net Property Income decreased by 7.7%
  • NPI for top 5 malls increased 9.5% YoY
  • Lower contributions from logistics parks and the absence of one-off property tax refund from business parks

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( YTD: -9.09% | 5D: +3.45% )

1Q 2024 - Business Updates

• Income growth of 36% in 1Q 2024
• RevPAU increased 6% y-o-y
• 100% 1Q 2024 portfolio RevPAU vs 1Q 2019 pro for a RevPAU
• 16% in gross profit from master leases
• 38% n gross profit from MCMGI y-o-y
• >90% occupancy for longer-stay properties

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( YTD: -4.00% | 5D: +2.37% )

1H 2024 Results - Operating Performance

• 1H24 distribution per Unit (DPU) of 6.022 Singapore cents
• 1H24 rental reversion at 7.5% underpinned by healthy leasing traction; all retail malls achieved at least 99.0% in committed occupancy
• 2Q24 tenants’ sales and shopper traffic up 4.3% and 8.1% year-on-year (“y-o-y”) respectively

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( YTD: -40% | 5D: +0% )

1Q 2024 - Operational Performance

• Strategic asset enhancement initiatives over the next two years to optimise spaces, prepare for new tenants and enhance shoppers’ experience
• Prudent capital management continues as the Trust explores available options to achieve a sustainable capital structure

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( YTD: -18.18% | 5D: +3.28% )

4Q 2023/2024 Results

• Led by strong Singapore performance and stable Festival Walk contribution
• Overall rise in NPI more than offset increased finance costs for the quarter
• Positive full-year rental reversion and year-on-year improvement in committed occupancy reflect operational resilience
• Steady portfolio valuation buoyed by Singapore’s uplift with overseas valuations impacted by stronger SGD
• VivoCity’s full-year tenant sales set a new record at nearly S$1.1 billion
• Festival Walk’s resilience supported by strong committed occupancy and continued advancement towards rental stabilisation
• Issued S$200 million 10-year fixed rate senior green notes to boost long-term stability

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( YTD: -5.36% | 5D: +0% )

1Q 2024 Results

• Revenue and net property income increased by 9.5% and 6.9% YoY to S$74.9 million and S$60.5 million, respectively, mainly driven by higher contributions from Hilton Singapore Orchard and the resilient performance of Singapore commercial properties
• Overall hospitality segment RevPAR for 1Q 2024 increased by 23.3% YoY to S$280, underpinned by the robust demand from tourism, business travel and MICE sectors in Singapore
• Committed occupancy of Singapore office properties as of 31 March 2024 remained healthy at 95.1%, with positive rental reversions of 12.6% in 1Q 2024
• Mandarin Gallery occupancy remained high at 97.6% with positive rental reversion of 22.0% recorded in 1Q 2024
• Smoothed out the debt maturity profile by obtaining an unsecured sustainability-linked loan of S$600 million on 23 April 2024 for the early refinancing of existing secured borrowings due in 2025 and for general corporate purposes. Post refinancing, no further refinancing requirements until second half of 2025 where only 25% of the total debt is due

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( YTD: -9.20% | 5D: +3.65% )

1 Apr 2023 to 31 Mar 2024 - Key Highlights

• Performance primarily driven by revenue contributions from Mapletree Hi-Tech Park @ Kallang Way and Osaka Data Centre as well as higher distribution declared by joint venture
  • FY23/24 Net Property Income: S$521.0 million ( 0.6% y-o-y)
  • FY23/24 Distribution to Unitholders: S$378.3 million ( 2.7% y-o-y)
  • FY23/24 DPU: 13.43 cents ( 1.0% y-o-y)
• Resilient operational performance
  • Positive rental revisions across all property segments
  • Higher average rental rates for Singapore Portfolio and North American Portfolio at S$2.22 psf/mth and US$2.51 psf/mth respectively
  • Stable portfolio valuation of S$8,802.2 million ( 0.9% y-o-y)
• Proactive portfolio rebalancing
  • Completed Phase 2 of fit out works for Osaka Data Centre on 9 Feb 2024
  • Completed divestment of the Tanglin Halt Cluster on 27 Mar 2024
•  Capital management update
  • Issued S$50 million 3.751% fixed rate notes due 2027 in Feb 2024
  • Hedged borrowings of 84.6% and weighted average hedge tenor of 3.7 years
  • Healthy aggregate leverage ratio of 38.7%

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