( YTD: +11.47% | 5D: +0.00%)

22 Apr - Business Update For The First Quarter Of The Financial Year Ending 31 December 2025

• Higher Gross Revenue for 1Q 2024 - S$39.0 million (+7.3%)
  • Arising from the contribution of one nursing home acquired in Japan and eleven nursing homes acquired in France in 2H 2024, partially offset by the depreciation of the Japanese Yen
    
    
• DI and DPU Growth Y-o-Y (DPU +1.3%)
  • Higher distributable income attributed to acquisitions in 2024 and Singapore hospitals on step-up lease arrangement
  • Arising from an enlarged unit base, resultant DPU for 1Q 2025 grew by 1.3%
    
    
• Strong Balance Sheet & Capital Structure
  • All-in debt cost: 1.50%
  • Gearing: 36.1%
  • Interest Cover: 9.3x
    
    
• Divestment of Malaysia Portfolio
  •  Divestment of the entire Malaysia Portfolio1 at RM20.09 million (S$6.09 million) which translates to an estimated gain (before tax) of S$0.10 million. This is a related party transaction
  • The divestment price is at 4.6% above the average of the 2 independent valuations of RM19.2 million as at 31 December 2024
    
    
• On-going Management of PLife REIT’s Financial Risk
  • Principal FX risk mitigated as JPY acquisitions are fully funded by JPY loans and synthetic JPY loan (natural hedge)
  • Similarly, the principal FX risk for the France portfolio was mitigated by swapping the SGD proceeds raised to fund the transaction via the Equity Fund Rising exercise into EUR via EUR/SGD cross currency swap
  • Income FX risks were mitigated with JPY and EUR net income hedges put in place till 1Q 2029 and 1Q 2030 respectively
  • As at 31 March 2025, about 90% of interest rate exposure is hedged

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21 Apr - Divestment Of Strata Units And Lots In Malaysia

• Parkway Life Malaysia Sdn. Bhd. (the "Vendor"), has today entered into a sale and purchase agreement (the "SPA") with Pantai Medical Centre Sdn. Bhd. (the "Purchaser") for the divestment of strata units and lots at MOB Specialist Clinics in Kuala Lumpur, Malaysia (the "Property") for a total sale consideration of RM20.09 million (approximately S$6.09 million1) 

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( YTD: -17.65% | 5D: +2.44%)

22 Apr - 1Q2025 Interim Business Update

Gross Revenue: S$110.5 million (+24.2% y-o-y)
NPI: S$82.5 million (+31.3% y-o-y)
Distribution Income: S$44.2 million (+7.0% y-o-y)
NAV per Unit: 26.9 cents

Portfolio Rental Reversion: +8.6% (1Q2024: +10.8%)
Occupancy Rate: 91.6% (1Q2024: 91.7%)
New Economy Exposure: 70.3% (1Q2024: 62.8%)

Gearing: 41.9% as at 31 Mar 2025
Cost of Debt: 3.65% (31 Dec 2024: 3.84%)
WADE: 2.8 years (31 Dec 2024: 2.8 years)
Interest Rate Exposure Hedged: 81.7% on fixed rates
ICR: 2.4x

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( YTD: -8.20% | 5D: +3.70%)

25 Apr - Completed Acquisition of A Hotel Property And A Kabushiki Kaisha In Japan

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( YTD: -2.87% | 5D: +3.68%)

23 Apr - Key Business and Operational Updates for the First Quarter of 2025

 Key Highlights

• Supported by strong operational performance and contribution from 255 George Street, 1Q 2025 net property income (NPI) and share of results of associates increased 13.3% and 11.0% year-on-year respectively
  
  
• Portfolio occupancy remained high at 96.0% with robust rental reversion of 10.6%
  
  
• Long portfolio weighted average lease expiry (WALE) and top 10 tenants’ WALE of 4.7 years[1] and 8.7 years[1] respectively
  
  
• Ocean Financial Centre achieved the Building and Construction Authority (BCA) Green Mark Platinum Super Low Energy certification in April 2025

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( YTD: +0.83% | 5D: +1.67%)

25 Apr -4Q and FY24/25 Financial Results

• VivoCity’s continued strength drove Singapore’s growth in gross revenue and NPI despite ongoing AEI
  
  
• Overseas contributions further moderated by persistent SGD strength
  
  
• Secured S$200 million seven-year green notes at competitive 3.104% p.a. interest rate
  
  
• Full-year portfolio rental uplift led by VivoCity
  
  
• Stable portfolio valuation as Singapore’s gains offset adjustments in overseas assets
  
  
• VivoCity: Tenant sales exceeded S$1 billion for third consecutive year despite increased downtime; Basement 2 retail expansion progressing on schedule
  
  
• Festival Walk: Shopper traffic and tenant sales continued to outperform market
  
  
• Strategic focus remains on preserving occupancy while pursuing targeted opportunities amid heightened macro uncertainties

Quick Summary

• For 4Q FY24/25, gross revenue and net property income (“NPI”) were S$222.9 million and S$169.5 million, lower by 6.8% and 7.4% year-on-year (“yoy”), respectively. This largely reflects the absence of Mapletree Anson’s contribution following its divestment on 31 July 2024 and lower overseas contributions. However, contribution to NPI (excluding Mapletree Anson) from MPACT’s core Singapore market rose 1.4% yoy for the quarter. This was spearheaded by VivoCity, which delivered 6.5% yoy growth in NPI despite disruption from the ongoing Basement 2 asset enhancement initiative (“AEI”).
  
  
• Operating expenses improved 4.9% yoy during the quarter, largely due to the Mapletree Anson divestment and lower utility rates. Judicious debt management following the divestment also resulted in a 9.4% yoy savings in net finance costs. These helped to cushion the impact of overseas market headwinds, resulting in a Distribution per Unit (“DPU”) of 1.95 Singapore cents for 4Q FY24/25.
  
  
• For the full year ended 31 March 2025, MPACT reported gross revenue and NPI of S$908.8 million and S$683.5 million, respectively, lower by 5.1% and 6.1% yoy. Singapore’s 1.0% and 1.1% higher gross revenue and NPI on a comparable basis, 3 as well as lower property operating expenses and net finance costs, provided partial offset to the overseas and forex headwinds. Consequently, FY24/25 DPU amounted to 8.02 Singapore cents.

Operational Performance

• During the financial year, MPACT renewed and re-let more than 2.0 million square feet of lettable area. Of this, approximately 1.5 million square feet were from leases with expiries in FY24/25, achieving a 3.6% rental uplift on an aggregate basis. This was led by the Singapore portfolio, which recorded notable rental uplifts ranging from 2.2% at Mapletree Business City to 16.8% at VivoCity.
  
  
• Despite ongoing market pressures, the portfolio achieved 89.6% committed occupancy as at 31 March 2025. Notably, successful backfilling efforts at mTower led to its committed occupancy climbing for the third consecutive year to 99.3%. The portfolio’s weighted average lease expiry (“WALE”) was 2.2 years as at 31 March 2025, with 2.2 years for the retail segment and 2.3 years for the office/business park segment. Our leasing strategies will continue to focus on retaining tenants.
  
  
• MPACT’s retail assets demonstrated strong adaptability. At VivoCity, the phased revitalisation of Basement 2 is advancing well, with Phase 1 nearly complete and the majority of food kiosks now fully operational. The Phase 2 expansion is progressing as planned and will introduce a vibrant mix of new and returning tenants, further enriching VivoCity’s offerings. Slated for completion by end-2025, the entire enhancement initiative is projected to deliver over 10% return on investment. 4 The mall has maintained near-full committed occupancy throughout the year.
  
  
• In Hong Kong, Festival Walk continued to achieve high commitment levels and above-market performance in shopper traffic and tenant sales. These results stemmed from proactive asset management and intensified marketing efforts. While Hong Kong’s retail landscape faces shifts in consumption patterns, including currency-driven outbound travel and cross-border spending by Hong Kong residents, Festival Walk’s collaborative marketing campaigns with tenants and retail partners have created impactful events and high-profile celebrity appearances that successfully drove footfall. The ongoing recalibration towards experiential retail and lifestyle concepts that appeal to local consumers will continue to strengthen Festival Walk’s position as the premier retail destination in Kowloon Tong for the long term.

Capital Management

• The deployment of Mapletree Anson’s divestment proceeds to reduce debt lowered full-year net finance costs by 3.1% yoy despite elevated interest rates, while improving the aggregate leverage ratio from 40.5% from a year ago to 37.7% as at 31 March 2025.
  
  
• By systematically swapping HKD loans into CNH over the past two years, the Manager has substantially reduced the higher-cost HKD component of MPACT’s debt from 30% to 23% last financial year, and further to 18% as at 31 March 2025. Correspondingly, the more favourably- priced CNH component was raised from 0.3% to 7%, and now to 10%, creating better alignment with the AUM composition and matching of currency cashflows while capturing interest rate advantage.
  
  
• In March 2025, S$200.0 million of seven-year fixed rate senior green notes were issued under the Euro Medium Term Securities Programme. Priced at 3.104% p.a., this issuance secured a competitive rate for an extended period, boosting balance sheet stability. The average term to maturity of debt was extended from 3.0 years a year ago to 3.3 years by the end of FY24/25, and MPACT’s debt profile remained well-spread with no more than 23% of debt expiring in any single financial year. As at 31 March 2025, the weighted average all-in cost of debt was 3.51% p.a. and the interest coverage ratio was approximately 2.8 times on a 12-month trailing basis.
  
  
• To shield against interest rate and foreign exchange volatilities, 79.9% of the total gross debt of S$6.1 billion was either fixed-rate debts or hedged through interest rate swaps, while approximately 90% of MPACT’s distributable income (based on rolling four quarters) was either generated in or hedged into Singapore dollar as at 31 March 2025. With approximately S$1.2 billion of cash and undrawn committed facilities, MPACT has ample financial liquidity for working capital needs and financial obligations.
  
  
• MPACT’s portfolio valuation totalled S$16.0 billion5 as at 31 March 2025. Excluding the effect of the Mapletree Anson divestment, the portfolio valuation rose 2.2% from the previous set of valuations6 as the valuation uplift from the Singapore properties more than offset declines in overseas properties. Singapore’s growth was led by VivoCity’s better performance and tighter capitalisation rates applied by independent valuers to VivoCity and the business park segment. The overseas property valuations recorded lower valuations largely stemming from revised market expectations in Greater China. For Japan, the yoy valuation decline was largely due to the three properties located in the Makuhari submarket of Chiba and has been captured in the 30 September 2024 interim valuation. Consequently, net asset value per Unit was 1.7% higher yoy at S$1.78.

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( YTD: -1.71% | 5D: +1.77%)

24 Apr - 1Q 2025 Business Updates

• Suntec REIT reports improved distributable income of $45.9 million for the period from 1 January to 31 March 2025 (“1Q 25”), 4.3% higher than the quarter ended 31 March 2024 (“1Q 24”). Distribution per unit (“DPU”) to unitholders was 1.563 cents or 3.4% higher year-on-year.
  
  
• All properties, except for 55 Currie Street, Adelaide, registered stronger operating performance. Distributable income improved due to the better performance, as well as lower financing costs.
  
  
• Suntec REIT also completed $730 million refinancing due in 2025 and 2026, which would result in interest savings of approximately $1.8 million per annum.
  
  
• The interest rate easing cycle is expected to be gradual for major economies1 . Refinancing of debt due in 2025 is expected to be completed in first half of 2025. All-in financing cost is expected to remain elevated at approximately 4.0% based on current interest rates.

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( YTD: -3.51% | 5D: -1.79%)

24 Apr - Business Update for 1st Quarter 2025

• Proactive capital management in 2024 successfully reduced the weighted average cost of debt to 4.2% p.a. as of 31 March 2025 from 4.7% p.a. as of 31 December 2024
  
  
• Financing costs decreased significantly by 11.3% YoY to S$22.6 million in 1Q 2025 versus S$25.5 million in 1Q 2024
  
  
• Revenue for 1Q 2025 was S$66.0 million, 11.9% lower YoY, mainly attributed to the divestment of Lippo Plaza in Shanghai, and lower contributions from the hospitality segment amid a weaker trading environment compared to the previous year
  
  
• On a like-for-like basis( 1 ), revenue and NPI moderately declined by 3.9% and 4.1% YoY respectively in 1Q 2025, supported by the resilient performance of the Singapore portfolio
  
  
• Commercial segment revenue and NPI increased by 2.2% YoY for 1Q 2025 on a like-for-like basis, underpinned by prime-located high-quality assets
  
  
• Office portfolio achieved a high committed occupancy of 96.3% as of 31 March 2025 and positive rental reversions of 9.9% in 1Q 2025
  
  
• Mandarin Gallery enjoyed near full committed occupancy at 99.5% with positive rental reversion of 4.9% recorded in 1Q 2025
  
  
• Overall hospitality segment RevPAR for 1Q 2025 moderated to S$248, following exceptional performance in the same period last year

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( YTD: -8.14% | 5D: +0.50%)

23 Apr - Mapletree Industrial Trust Divests Georgia Data Centre for US$11.8 million

• Entered into a Purchase and Sale Agreement for the proposed divestment (the “Proposed Divestment”) of 2775 Northwoods Parkway, Norcross, Georgia (the “Property”) located in the United States of America (the “United States”) to a non-interested third-party purchaser at a proposed sale price of US$11.8 million (the “Sale Price”).
  
  
• The Property is a single-storey data centre with a net lettable area of about 32,740 square feet (“sq ft”). It is located within the Northwoods Business Center. The Property is sited on freehold land with a land area of about 140,341 sq ft.

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( YTD: -5.56% | 5D: +5.43%)

23 Apr - 1Q 2025 Business Updates

Key Highlights

• Retail revenue (excluding supermarket upgrading2) declined by 2.7%3 YoY, due to lower rents at CapitaMall Xinnan.
  
  
• Business park revenue declined by 9.6%4 YoY largely due to lower occupancy at Singapore-Hangzhou Science Technology Park Phase II and Ascendas Innovation Towers
  
  
• Logistics parks revenue increased by 3.3% YoY due to increase in occupancy at Kunshan Logistics Park
  
  
• Decline in NPI due to drop in gross revenue, partially offset by savings in operating expenses of 5.0% YoY for overall portfolio

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( YTD: -4.39% | 5D: +9.50%)

25 Apr - New management - Head of Finance

• Ms See Ai Lin (施爱年), 35, will be appointed as the Head of Finance of the Manager with effect from 16 June 2025. This appointment is part of the Manager’s ongoing succession planning and talent development initiatives. Ms See will succeed Mr Andy Gwee (魏维勇), who will step down as the Chief Financial Officer on 16 June 2025 to assume a new role in Keppel Ltd.
  
  
• Ms See has almost 15 years of experience in the accounting, finance and auditing industry, and has been with the Manager since 2018, shortly after KORE’s listing. Ms See currently holds the position of Senior Finance Manager. Working closely with Mr Gwee, Ms See is responsible for overseeing KORE’s accounting and financial reporting under Mr Gwee. She also participates regularly in investor relations activities and presentations together with management. Before her appointment to the Manager, Ms See was an Assistant Manager at Keppel REIT Management Pte. Ltd., the Manager for Keppel REIT, where she was responsible for the financial management and reporting functions. From 2011 to 2016, she was an Assistant Audit Manager with PricewaterhouseCoopers LLP, where she was involved in the audit of local listed groups and multinational companies including those in real estate and construction.

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( YTD: -18.10% | 5D: -1.04%)

23 Apr - Business and Operational Update for the First Quarter 2025

• The Digital Core REIT team delivered consistent execution against each of our top priorities during the first quarter. Distributable income was up 10% year-over- year, driven by the combined effects of proactive leasing, accretive investing and prudent financing.
  
  
• Portfolio occupancy improved 100 basis points sequentially, driven primarily by sustained leasing momentum in Los Angeles, along with sequential upticks in Frankfurt as well as Osaka.
  
  
• Shortly before quarter-end, we closed on the acquisition of a 20% interest in a second data centre on the Sponsor’s connected campus in Osaka.
  
  
• Likewise in the last week of the quarter, we established a Medium-Term Note Programme, enabling us to issue fixed or floating rate notes denominated in various currencies as agreed with participating lenders. In early April, we issued our inaugural debt private placement under this programme, putting in place five- year, fixed-rate, Yen-denominated debt to finance the Osaka investment.
  
  
• While the favorable outcome on this financing certainly benefited from fortuitous timing, the day before the tariffs were rolled out, the seamless execution we achieved was the culmination of months of hard work by Dave and the Digital Core REIT finance team.

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( YTD: -11.02% | 5D: -4.24%)

23 Apr - 4Q FY24/25 Financial Results

• Distribution Per Unit (“DPU”) of 1.955 cents for 4Q FY24/25. Gross revenue for the quarter was 0.8% lower year-on-year (“y-o-y”) at S$179.6 million mainly due to lower revenue contribution from China, the absence of contribution from divested properties, and depreciation of various regional currencies against the Singapore Dollar. The decline was partially moderated by stronger performance in Singapore, Australia and Hong Kong SAR, and contribution from recent acquisitions. Accordingly, net property income (“NPI”) fell 1.6% to S$152.8 million.
  
  
• Higher borrowing costs, which rose 4.0% y-o-y to S$38.7 million, continued to impact MLT’s performance at the distribution level. Taking into account a lower divestment gain of S$7.7 million, as compared to S$12.0 million in 4Q FY23/24, the amount distributable to Unitholders declined 10.3% y-o-y and DPU was 11.6% lower on an enlarged unit base.
  
  
• Similarly, for the full year FY24/25, gross revenue fell 0.9% y-o-y to S$727.0 million, while NPI declined 1.5% to S$625.3 million. Reflecting the impact of higher borrowing costs, which increased by 7.5% or S$11.0 million y-o-y, as well as lower divestment gain of S$27.0 million as compared to S$41.6 million in FY23/24, the amount distributable to Unitholders fell 9.1% to S$406.4 million, and DPU was 10.6% lower at 8.053 cents.

Portfolio Update

• As at 31 March 2025, MLT owned 180 properties with an aggregate portfolio property valuation of S$13.3 billion, an increase of S$0.1 billion or 0.8% year-on-year. The increase was mainly due to acquisitions of three properties in FY24/25, and capital expenditure on existing assets and a property under redevelopment in Singapore. This was partly offset by the divestment of 10 properties during the year, currency translation loss of S$116.0 million and S$62.0 million net fair value loss on investment properties. The net fair value loss was largely attributed to properties in China, South Korea and Singapore, offset by gains from the rest of the markets.
  
  
• During 4Q FY24/25, MLT completed the divestments of three properties in Malaysia and announced another three divestments in Malaysia and Singapore as part of its portfolio rejuvenation strategy. This brings to a total of 14 divestments announced and/or completed in FY24/25 with an aggregate sale value of S$209 million. Executed at an average premium to valuation of 17%, these divestments will provide MLT with the financial flexibility to acquire assets with higher growth potential. Earlier in the year, MLT acquired three modern, Grade A assets in Malaysia and Vietnam, positioning the Trust to capture demand from the growing consumption bases in these dynamic markets.
  
  
• Portfolio occupancy stood at 96.2%, stable against 96.3% last quarter, reflecting higher occupancy rates in Japan and China, as well as full occupancy in Australia and India. The weighted average lease expiry stood at approximately 2.8 years as of 31 March 2025.
  
  
• For 4Q FY24/25, MLT’s portfolio achieved positive rental reversions in all markets except China, ranging from +1.3% in Hong Kong SAR to +15.7% in Japan. Including China’s rental reversion of -9.4%, the weighted average rental reversion for leases renewed during the quarter was +5.1%; excluding China, it would have been +6.9%.

Capital Management Update

• Total debt outstanding decreased by S$7 million quarter-on-quarter to S$5,582 million as at 31 March 2025. This was mainly due to loans repaid during the quarter with divestment proceeds, partially offset by additional loans drawn to fund asset enhancement initiatives.
  
  
• Through proactive capital management efforts, the weighted average borrowing cost for 4Q FY24/25 was maintained at 2.7% per annum. Debt due in FY25/26 amounts to S$374 million or 7% of total debt. Based on the available committed credit facilities of about S$853 million, MLT has more than sufficient facilities to meet its maturing debt obligations in the coming financial year.
  
  
• In February 2025, MLT issued another S$50 million green bond with the proceeds deployed to refinance eligible green properties. Issued under its Green Finance Framework1 , the green bond serves to diversify MLT’s investor base and further integrates sustainability into its financing strategy. Separately, Fitch affirmed MLT’s credit rating at BBB+ with a Stable Outlook on 25 March 2025.

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Money and Me: How are S-REIT's doing amidst the Tariffs Turnaround?

How have S-Reit's fared amist the global market turmoil?

We saw this during COVID — a sharp drop followed by a V-shaped recovery in S-REITs,” says REIT specialist Kenny Loh.

What are investors on the search for yield doing?

As markets step back from the cliff edge following Trump’s tariff pause, are Singapore REITs on the cusp of another rebound — or is volatility here to stay?

Hosted by Michelle Martin with Kenny Loh, this episode explores: How tariffs are impacting S-REITs today.

What investors should know about Stoneweg European REIT’s proposed stapled trust structure.

Key considerations for Paragon REIT’s upcoming privatisation vote.

Where to find yield as T-bill, FD, and SSB rates decline. Core risks and strategies for income investors in 2025. 

Read more - click here for audio link