S-REITs - Week 19 - 2024

( YTD: -11.30% | 5D: +2.00%)

1HFY24 Highlights

• Resilient Logistics & Industrial (“L&I”) operating performance with another quarter of 100% occupancy
  
  
• Healthy average portfolio rental reversions of +10.0% (incoming rent vs. outgoing rent basis) and +18.3% (average rent vs. average rent basis) for 1HFY24
  
  
• L&I portfolio strengthened with acquisitions in Germany and development completion in the UK, bringing total portfolio value to S$6.8 billion
  
  
• Healthy capital position with aggregate leverage at 32.7% and debt headroom of S$851 million1 available for acquisitions
  
  
• In progress to advancing our ESG achievements with the continued solar panel installations across our properties

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( YTD: -13.95% | 5D: +3.74% )

3Q FY2024 Business Update

• Portfolio Committed Occupancy: 88.8%
  • Retail Portfolio Committed Occupancy: 99.4%
  • Office Portfolio Committed Occupancy: 81.2%
    
    
• Retail Rental Reversion: 15.3%
  
  
• WALE: 7.8 years (by NLA)
  
  
• Tenant Retention: 86.2% (by NLA)
  
  
• Office Rental Uplift: 1.5%

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( YTD: -4.52% | 5D: +0% )

1Q FY2024 Key highlights

• Gross Revenue: S$73.8m (+3% yoy)
• Portfolio Occupancy: 98.1%
• Portfolio WALE: 2.9 years by GRI | 5.0 years by NLA
• Gearing: 29.9%
• Fixed Debt: 85%
• Average cost of debt: 4.57%
• Weighted average term to maturity: 1.9 years

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( YTD: +0% | 5D: +4.00% )

Full Year Results

• Net Property Income for FY2024 up by 6.9% to S$131.0 million, underpinned by strong rental reversion of 24.3% (FY2023: 18.5%)
  
  
• Maintained high portfolio occupancy of 97.8% (FY2023: 98.0%)
  
  
• Portfolio WALE extended from 4.4 years to 5.1 years year-on-year, following signing of new and renewal master and major leases over FY2024
  
  
• Signed 15-year master lease with a global storage and information management company and in advanced negotiation to secure a global precision engineering and technology group as anchor tenant for long term lease for two AEI projects
  
  
• Prudent gearing of 32.6% with no financing requirements until 3Q FY2025
  
  
• Robust balance sheet provides significant headroom for further organic growth and potential acquisitions

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( YTD: -10.69% | 5D: +1.74% )

1Q FY 2024 Business Updates

• Underlying performance of portfolio remained healthy as net property income in JPY terms improved by 4.6% y-o-y
  
  
• Steady operational performance and realised gain from hedges resulted in stable distributable income
  
  
• Aggregate leverage crept up with additional borrowings for acquisition, remaining healthy at 37.3%
  

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( YTD: -49.08% | 5D: -0.89% )

1Q2024 Key Business & Operational Updates

• Comparing 1Q 2024 to 1Q 2023
  • Gross Revenue down 7.6%
  • Net Property Income down 11.7%
  • Income Available for Distribution down 19.5%

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( YTD: -16.83% | 5D: -1.18% )

1Q2024 Key Business

• 1Q 2024 Gross Revenue increased 2.3% y-o-y supported by new leases and rental escalations from existing leases
  
  
• WALE increased to 7.9 years1 , up from 7.1 years as a result of strong leasing momentum and tenant retention rate of 92% since IPO
  
  
• Grocery & Necessity Properties achieve high committed occupancy of 95.7%
  
  
• Robust leasing momentum continues into 1Q 2024 with eight lease renewals spanning over 318,000 sq ft
  
  
• Signed a leading national grocery chain as new anchor tenant in Lynncroft, which will significantly improve footfall and increase occupancy at the property to almost 100%
  
  
• Minimal lease rollover with only 1.1% and 4.3% expiring in 2024 and 2025 respectively
  
  
• No refinancing requirements until November 20263

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