---
title: S-REITs - Week 18 - 2024
description: Stay updated on the latest S-REIT updates with insights on key players like Mapletree Logistic Trust and ParkwayLife REIT. Dive into the financial performance and strategic moves of these REITs in Week 18 of 2024.
---

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[S-REIT Weekly Recap](https://reitsavvy.com/insights/tag/s-reit-weekly-recap), [2024](https://reitsavvy.com/insights/tag/2024)

# S-REITs - Week 18 - 2024

[By- REITsavvy Team,](https://reitsavvy.com/insights/author/reitsavvy-team)

![Weekly_Banner](https://reitsavvy.com/hs-fs/hubfs/Others/Generic/Weekly_Banner.png?width=762&height=278&name=Weekly_Banner.png)

Let's have a quick dive into this week REITs update from Mapletree Logistic Trust, Cromwell European REIT, ParkwayLife REITElite Commercial REIT, Starhill Global REIT, Far East Hospitality Trust

**S-REITs Recap - Week 18**

**29 Apr - 5 May 2024**

| **Mapletree Logistics Trust** |
| --- |
| **( YTD: -22.41% \| 5D: -0.74%)** |
| 4Q FY23/24 Financial Results - Stable operating performance with 96.0% occupancy and 2.9% positive rental reversions - High interest costs and weak regional currencies continued to impact MLT’s financial performance - Resilient portfolio valuation underpinned by healthy operating fundamentals, but tempered by currency translation loss - Accelerated portfolio rejuvenation with over S$1.1 billion in acquisitions of modern assets and over S$200 million in divestments announced and/or completed in FY23/24 - Continue to drive sustainability with 39% of portfolio being green certified and total installed solar capacity reaching 59.8 MWp, the largest among S-REITs reported to-date For more update information, please click [here](https://www.mapletreelogisticstrust.com/~/media/MLT/Newsroom/Press%20Releases/2024/Apr/20240429-MLT_PR_4QFY2324_final.pdf) |

| **Cromwell European REIT** |
| --- |
| **( YTD: +4.23% \| 5D: +0.68% )** |
| 1Q 2024 Business Update - Like-for-like NPI up 5.0%, with 93.4% occupancy - Strong +9.2% 1Q 2024 portfolio rent reversion with long WALE at 4.8 years - NAV €2.08/unit and 39.7% net gearing with no debt maturing in the next two years For further information, please click [here](https://investor.cromwelleuropeanreit.com.sg/newsroom/20240430_120738_CWCU_KBIU1E7MH5G5Y9U9.2.pdf) |

| **ParkwayLife REIT** |
| --- |
| **( YTD: -4.36% \| 5D: +0.29% )** |
| 1Q 2024 Business Update - Gross Revenue for 1Q 2024 declined by 2.7% mainly due to depreciation of JPY, partly offset by contribution from the properties acquired in 2023 - As the REIT has hedged the net income from Japan, the drop in revenue will be compensated by the FX gains from the settlement of the forward contracts - Higher distributable income from Singapore hospitals and some Japanese nursing homes with step-up lease arrangements - No long-term debt refinancing needs till March 2025 - Principal FX risk mitigated as JPY acquisitions are fully funded by JPY loans (natural hedge) - Income FX risk mitigated with JPY net income hedges in place till 1Q 2029 - About 91% of interest rate exposure is hedged For further information, please click [here](https://plifereit.listedcompany.com/newsroom/20240430_193449_C2PU_DJ4C5NRQGU94Z2BL.1.pdf) |

| **Elite Commercial REIT** |
| --- |
| **( YTD: -14.29% \| 5D: +2.13% )** |
| 1Q 2024 Business Update - High portfolio occupancy of 92.3% as at 31 March 2024, with rent collected in advance for the period of three months to 30 June 2024 - Secured five-year lease renewal for Phoenix House, Bradford - Identified value creation opportunities within the portfolio, including the potential conversion of assets into student housing and data centre - Revenue growth of 0.8% to £9.2 million compared to a year ago (“1Q 2023”) - Net gearing ratio4 stood at 41.5% and Elite REIT has a debt headroom of £55.0 million5 as at 31 March 2024, which includes the proceeds from the successful £28 million preferential offering - DPU down 21% in Q1 2024 For futher information, please click [here](https://investor.elitecreit.com/newsroom/Elite_REIT_1Q_2024_Business_Updates_-_Press_Release_.pdf) |

| **Starhill Global REIT** |
| --- |
| **( YTD: -10.48% \| 5D: +0% )** |
| 3Q FY 2023/24 Business Updates - Gross Revenue S$47.6 million - **increased** y-o-y by 0.7% - NPI S$37.7 million - **decreased** by 0.9% y-o-y - Committed Portfolio Occupancy 98% as at 31 Mar 2024 - WALE at 7.8 years by NLA - Gearing at 37.2% as at 31 Mar 2024 For further information, please click [here](https://starhillglobalreit.listedcompany.com/newsroom/20240429_194046_P40U_QO2MKCQTTA611ODJ.1.pdf) |

| **Far East Hospitality Trust** |
| --- |
| **( YTD: -9.02% \| 5D: -2.42% )** |
| 1Q 2024 - Business Updates - Gross revenue for 1Q 2024 increased 7.5% year-on-year to S$27.1 million as the Hotels and Commercial Premises segments continued to grow strongly. As a result, Net Property Income grew 6.0% year-on-year to S$25.1 million. - Occupancy declined 1.5 pp year-on-year to 80.4% as some of the portfolio’s hotels continued to ramp-up after exiting the Government contracts in March, October and December 2023. - Properties that exited the Government contracts had greater flexibility in securing higher ADRs, resulting in an 8.8% increase to S$179. Consequently, RevPAR grew 6.7% year-on-year to S$144. - Average occupancy of the SRs decreased 3.7pp year-on-year to 83.3% due to the expiration of a few long-stay contracts during the earlier part of the quarter. - The SRs have since secured new contracts which have boosted occupancy to a level comparable to the previous year. - ADR remained resilient with a growth of 2.9% to S$265. Overall, RevPAU was 1.5% lower at S$221. For further information, please click [here](https://feht.listedcompany.com/newsroom/20240430_174823_Q5T_2X2BXEO7ZFC6J9GQ.1.pdf) |

| **STI Index constituents** |
| --- |
| **REITs in STI** |
| Frasers Centrepoint Trust 18 Mar 2024 |
| CapitaLand Ascendas REIT |
| CapitaLand Integrated Commercial Trust  |
| Frasers Logistics & Commercial Trust |
| Mapletree Industrial Trust |
| Mapletree Logistics Trust |
| Mapletree Pan Asia Commercial Trust |
|   |
| **REITs in STI Reserve List** |
| Keppel DC REIT |
| Keppel REIT |
| Suntec REIT |

| **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 |
| Sabana REIT | Proposed Internalization is in progress since 17 Aug 2023 |
| Lippo Malls Indonesia Retail Trust | Halt Dividend since 20 Mar 2023 |
| EC World REIT | Halt Trading since 31 March 2023 |
| Eagle Hospitality Trust | Halt Trading since 24 March 2020 |

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

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