S-REITs - Week 26 - 2024

( YTD: -20.00% | 5D: -3.03%)

25 June -  Qualified Notice On Non-Applicability Of US Withholding Tax Under Section 1446(f) Of United States Internal Revenue Code

Manulife US REIT has provided a Qualified Notice effective 30 June 2024 on its website (https://investor.manulifeusreit.sg/tax.html#notices), indicating that it is not engaged in a US trade or business and that no withholding is required. The Qualified Notice will be valid for a 92-day period and a new Qualified Notice will be issued quarterly.

For more information, please click here

28 June - Update On Appointments

Regulatory approvals have been obtained for both Mr John Anthony Casasante and Mr Mushtaque Muhammad Ali for their respective appointments, and the appointments will take effect from 30 June 2024.

Chief Executive Officer & Chief Investment Officer: Mr John Anthony Casasante

Chief Financial Officer: Mr Mushtaque Muhammad Ali

For more information, please click here

( YTD: -7.69% | 5D: +1.69%)

25 June - Announcement on Completion of Divestment and Note Subscription

Completion of:

(1) divestment of property known as intellicentre campus located at 17-23 Talavera road, Macquarie Park, new south wales 2113, Australia; and

(2) subscription into Australia data centre note issued by an entity holding data centres

To read the full details click here

( YTD: -11.63% | 5D: -4.20% )

Digital Continues to Share Buy-back this week

For further information, please click here

( YTD: -17.65% | 5D: +16.67% )
Halt Dividend since 20 Mar 2023

25 June - Update On Aggregate Leverage Ratio

• The Manager estimates that the aggregate leverage ratio of LMIR Trust is approximately between 45.0% to 45.2%.
  
  
• It will exceeds the applicable aggregate leverage limit of 45.0% for LMIR Trust as set out in Appendix 6 of the Code on Collective Investment Schemes (the “Property Funds Appendix”) compared to the aggregate leverage ratio of 43.7% as at 31 March 2024 as disclosed by the Manager on 26 April 2024.

Refer to link for full details, please click here

27 June - Amendment To The Term Loan Facility Up To IDR 2,500,000,000,000

Refer to link for full details, please click here

27 June - Commencement Of Tender Offer By LMIRT Capital Pte. Ltd. In Connection With The Outstanding 7.500% Senior Notes Due 2026

• the USD 200,000,000 7.500% Senior Notes Due 2026 (the “2026 Notes”) issued by the Company on 9 February 2021 pursuant to an indenture dated 9 February 2021 (as amended and supplemented by the first supplemental indenture dated 28 December 2023, the “Indenture”)
  
  
• the USD 17,630,000 7.500% Senior Notes Due 2026 (the “Exchange Notes”) issued by the Company on 28 May 2024 pursuant to the Indenture
  
  
• the USD 16,200,000 7.500% Senior Notes Due 2026 (the “Tap Notes” and, together with the 2026 Notes and the Exchange Notes, the “Notes”) issued by the Company on 12 June 2024 pursuant to the Indenture.

Refer to link for full details, please click here

( YTD: -18.52% | 5D: -2.94% )
Proposed Internalization is in progress since 17 Aug 2023

25 June - Issue Of S$100 Million 4.15 Per Cent Sustainability-Linked Guaranteed Bonds Due 2029

HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Sabana Industrial REIT) (the “Issuer”) has today issued S$100,000,000 in aggregate principal amount of 4.15 per cent. Sustainability-Linked Guaranteed Bonds due 2029 (the “Bonds”), unconditionally and irrevocably guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (the “Guarantor”).

Refer to link for full details, please click here

( YTD: -10.22% | 5D: +0.60% )

26 June - Issue of A$175,000,000 Floating Rate Green Notes due 2027

Refer to link for full details, please click here

( YTD: -30.86% | 5D: -11.11% )

24 June - Update Regarding Berlin Campus

• the Manager plans to proceed with the proposed repositioning of the Property under “Project RE:O” after DRV vacates the premises
  
  
• Under the Manager’s current plans, it is proposed to convert the Property into a functional mixed-used urban precinct
  
  
• The precinct would be designed to offer maximum flexibility in terms of use types to cater to a range of tenant requirements
  
  
• Current potential uses of the repositioned space could include office space, hospitality space, retail, conference facilities and health/wellness

Refer to link for full details, please click here

( YTD: -3.85% | 5D: -0.79% )

27 June - FY2024 Key Highlights

• Financial Performance
  • Gross Revenue +5.9% YoY
  • Net Property Income +6.9% YoY
  • Distributions to Unitholders +3.8% YoY
• Balance Sheet
  • Gearing 32.6%
  • Debt on Fixed Rates 75%
  • Interest Cover Ratio 4.1x
• Asset Management
  • Occupancy 97.8%
  • Rental Reversion +24.3%
  • Weighted Average Lease Expiry 5.1 years
• Sustainability Highlights
  • Achieved 17% Carbon Reduction from FY2020 baseline
  • Completed Installation Phase 1 Rooftop Solar Panels at 6 properties
  • Executed agreement to install EV Fast Charging Station at 4 of our properties in Singapore

Refer to link for full details, please click here

( YTD: -5.75% | 5D: +0.00% )

27 June - Appoints new CFO

• • Ms Annie Khung Shyang Lee, has been appointed as Chief Financial Officer (“CFO”) of the Manager
    
    
  • Ms Khung will officially commence her duties as CFO, with effect from 9 August 2024, succeeding Ms Audrey Tan, who is stepping down and will complete her tenure on 8 August 2024.

Refer to link for full details, please click here