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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

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

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

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

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

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

STI Index constituents
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
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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
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