S-REITs - Week 20 - 2024

( YTD: -21.26% | 5D: +0%)

Completion of the proposed acquisition of the Malaysia property as an interested person transaction

• The acquisition of the Malaysia Property from Symphony Warehouse Sdn. Bhd., the vendor of the Malaysia Property, by Semangkuk Berhad, a bankruptcy-remote special purpose vehicle incorporated in Malaysia (the “Malaysia SPV”), for a purchase consideration of MYR558.8 million (or approximately S$157.9 million)1 has been completed today.
  
  
• For the Malaysia Acquisition, Malaysia SPV issued MYR300m Senior ABS MTNs and MYR268.5m Junior ABS MTNs, subscribed by investors.

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Halt Trading since 31 March 2023

Reported lower operation performance in 1Q FY2024

• 100% of novation process for Chongxian Port Logistics, Fuheng Warehouse and 98% for Fuzhou E-Commerce have been completed
  
  
• Aggregate leverage is at 57.2% as at 1QFY2024
  
  
• No distribution for 1QFY2024 due to insufficient funds
  
  
• Trading of Units continues to be suspended until the financial situation improves

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( YTD: -2.19% | 5D: -2.90% )

Business and Operational Updates For the First Quarter ended 31 March 2024

• Total Outlet Sales: RMB$1,258.7m (-2.6% yoy)
• Portfolio Occupancy: 97.9%
• Portfolio WALE: 2.0 years by NLA as at 31 Mar 2024
• Gearing: 25.2%
• Interest Coverage Ratio: 4.5x (vs 31 Dec 2023: 4.3x)
• Distribution Changes: from Quarterly to Half-yearly

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( YTD: -44.95% | 5D: +8.11% )

Divestment of One Town Center In Boca Raton, Florida

• Aggregate Leverage to Decrease from 48.4% to 45.8%
  
  
• Reinvest in Asset Rejuvenation and Optimise Leasing Efforts
  
  
• Divest One Town Center for US$82 million

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