S-REITs - Week 18 - 2024

( 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

( 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

( 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

( 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

( 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

( 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