S-REITs - Week 31 - 2024

( YTD: -10.10% | 5D: -1.11%)

29 July - Pricing of SGD150,000,000 4.60 Per Cent Subordinated Perpetual Securities

• Announce that DBS Trustee Limited (in its capacity as trustee of CapitaLand Ascott REIT) (the "Issuer"), has today priced S$150,000,000 in principal amount of 4.60 per cent.
  
  
• Subordinated Perpetual Securities (the "Perpetual Securities") under its S$2,000,000,000 Multicurrency Debt Issuance Programme established in September 2009 and last updated in July 2024 (the "Programme").

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( YTD: -10.08% | 5D: +2.65%)

29th July to 2nd Aug - Continues to do Share-Buy-Back this week

Continues to do Share-Buy-Back this week

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( YTD: +11.76% | 5D: -5.00%)
Halt Dividend since 20 Mar 2023

31 July - Fitch Upgrades Lippo Malls Indonesia Retail Trust's Rating To 'CCC+'

29 July - LMIR Trust maintains stable operational recovery for 2Q 2024

• The Singapore Dollar (“SGD”), the topline performance registered a marginal YoY slide, largely attributable to a 4.4% depreciation in IDR against SGD
  
  
• In IDR terms, rental revenue grew 2.6% to Rp322.2 billion in 2Q 2024 compared to Rp314.0 billion in the same quarter a year ago (“2Q 2023”) and gross revenue edged up 1.7% to Rp573.4 billion in 2Q 2024 from Rp563.7 billion in 2Q 2023
  
  
• Net property income (“NPI”) slipped 2.7% to Rp349.9 billion from Rp359.4 billion in 2Q 2023, on lower net reversal for impairment loss on trade receivables compared to 2Q 2023.
  
  
• Rental revenue and gross revenue dipped 4.3% and 5.1% to S$27.0 million and S$48.1 million respectively in 2Q 2024, while NPI declined 9.2% to S$29.4 million.

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( YTD: -25.27% | 5D: +2.21%)

30 July - CLCT posts 1H 2024 net property income of RMB631.3 million

• NPI decreased 4.9% year-on-year (y-o-y) mainly due to lower contributions from the logistics park and business park portfolio, mitigated by CLCT’s stronger retail performance
  
  
• CLCT’s DPU for 1H 2024 was 3.01 Singapore cents, a 0.3% increase compared to its DPU for 2H 2023 due to higher income contribution from its retail portfolio and lower net financing cost.
  
  
• For 1H 2024, the strength of the Singapore Dollar (SGD) against Renminbi (RMB) continued to impact foreign currency translation

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( YTD: -5.38% | 5D: +0.57%)

30 July - Unaudited Results of Keppel REIT for the Half Year Ended 30 June 2024

• Achieved strong rental reversion of 9.3% and higher portfolio committed occupancy of 97.0%
  
  
• Portfolio weighted average lease expiry (WALE) and top 10 tenants’ WALE remained long at 4.6 years and 8.3 years respectively
  
  
• Supported by robust operational performance as well as contributions from 2 Blue Street and the newly acquired 255 George Street, 1H 2024 property income and net property income (NPI) increased by 8.9% and 7.7% year-on-year respectively
  
  
• Aggregate leverage at 41.3% and all-in interest rate of 3.31% p.a. with 65% of borrowings on fixed rates
  
  
• To further step up on its sustainability efforts, Keppel REIT established a Green Financing Framework which was assigned a Sustainability Quality Score of SQS2 (Very good) by Moody’s Investors Service
  

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( YTD: -48.00% | 5D: +2.09%)

31 July - Unaudited Results of Keppel Pacific Oak US REIT for Half Year ended 30 June 2024

• Leased 534,931 sf or 11.1% of portfolio net lettable area (NLA) of office space in 1H 2024
  
  
• Portfolio committed occupancy remained healthy at 90.7% as at 30 June 2024 against 90.3% as at 31 December 2023
  
  
• Aggregate leverage at 42.7% as at 30 June 2024 against 43.2% as at 31 December 2023
  
  
• As part of KORE’s Recapitalisation Plan goals, the REIT successfully refinanced/ extended loan facilities that were originally due in 4Q 2024 and 3Q 2025, amounting to a total of US$170.0 million on 19 July 2024 and 29 July 2024.

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( YTD: -14.06% | 5D: +0.00%)

31 July - 1H FY2024 Financial Results

• 1H2024 Gross Revenue and NPI dipped 8.1% and 9.2% respectively due to divestment of non- core assets in FY2023 and 2Q2024, and decommissioning of 2 Fishery Port Road
  
  
• On same-store basis1 , Gross Revenue and NPI grew 1.6% and 0.5% respectively
  
  
• Strong 11.2% positive rental reversion driven by New Economy assets in Logistics and High-Specs Industrial sectors, with stable occupancy
  
  
• Newly completed AEI at 7002 Ang Mo Kio Avenue 5 achieved c.87% occupancy
  
  
• Low gearing of 36.5% provides significant debt headroom for growth strategy, with 75.0% of borrowings on fixed interest rates
  
  
• No refinancing risk – all FY2024 expiring debt has been refinanced in April 2024 with E-LOG’s first sustainability linked loan facility 
  
  
• TOP obtained for built-to-suit Redevelopment at 21B Senoko Loop with 15-year master lease with built-in annual rental escalations
  
  
• 1H2024 DPU at 1.122 cents, a decrease of 18.6%, mainly due to the divestment of non-core assets, decommissioning of 2 Fishery Port Road and enlarged unit base from the equity fund raising in 1H2023 with proceeds pending deployment
  
  
• Announced proposed acquisitions of +1.8% DPU accretive New Economy assets in Japan and Singapore for total acquisitions outlay of c.S$772.6 million, continuing E-LOG’s portfolio Rejuvenation and capital Recycling strategies

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( YTD: -8.25% | 5D: +4.51%)

30 July - 1H FY2024 Financial Results

• 1H 2024 net property income grew 3.9% year-on-year to S$528.4 million, underpinned by contributions from acquisitions and newly completed properties in FY2023
  
  
• Stable portfolio occupancy of 93.1% and high positive average rental reversion of 13.4% for leases renewed in 1H 2024
  
  
• Healthy aggregate leverage of 37.8% and stable cost of debt of 3.7% for 1H 2024

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( YTD: -1.63% | 5D: +0.84%)

26 July - PLife REIT Strengthens Japan Portfolio With Acquisition Of A Newly-Built Nursing Home Property In Osaka

• Yield-accretive acquisition of a new and quality nursing home
  
  
• Fortifying strategic partnership with K.K. FDS, an established real estate developer, in a second collaboration
  
  
• Deepening working relationship with K.K. BISCUSS, an existing partner and credible nursing and care service provider

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( YTD: -10.43% | 5D: +4.57%)

31 July - 3QFY24 Business Update

• Positive Portfolio Rental Reversions for space leased across the portfolio in 3QFY24
  > Incoming vs Outgoing: +14.8%
  > Average vs Average: +25.1%
  
  
• Aggregate Leverage: 33.2%
  
  
• Interest Coverage: 5.7x
  
  
• Improved Portfolio Occupancy: 95%

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( YTD: -5.71% | 5D: +1.02%)

29 July - 2H FY2023/24 Results

• Portfolio revenue and NPI y-o-y growth of 1.1% and 0.8% in FY23/24 respectively on the back of stable operating performance, with committed portfolio occupancy of 97.7% as at 30 June 2024
  
  
• Asset enhancement works for Wisma Atria basement and Myer Centre Adelaide façade completed successfully in 2H FY23/24

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( YTD: -5.26% | 5D: +0.80%)

30 July - Half Yearly Results

• Gross revenue rises by 3.4% year-on-year (“YoY”) as all segments of the portfolio continue to grow
  
  
• RevPAR of Hotels and RevPAU of Serviced Residences improve by 6.4% and 1.0% respectively YoY
  
  
• Distribution per Stapled Security (“DPS”) increases 2.1% YoY to 1.96 cents

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( YTD: -17.20% | 5D: +1.56%)

30 July - 1Q FY24/25 Financial Results

• Sustained financial performance driven by Singapore’s strong operations and increased contributions
  
  
• Singapore’s higher income fully offset foreign exchange impact and overseas market volatilities
  
  
• Portfolio fundamentals underpinned by healthy committed occupancy and positive rental reversion
  
  
• VivoCity Basement 2 undergoing major revitalisation in phases
  
  
• Proposed divestment of non-core asset delivers DPU accretion, strengthens capital structure and enhances financial flexibility
  
  
• Singapore remains cornerstone of MPACT, comprising more than 50% of portfolio post- divestment

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( YTD: +0.00% | 5D: +0.78%)

31 July - 1Q FY2025 Business Update

• Net Property Income grew by 6.6% YoY to S$34.4 million, driven by sustained double-digit rental reversions of 12.8% for the quarter
  
  
• High portfolio occupancy maintained at 97.3% with long portfolio WALE of 5.2 years
  
  
• Signed 10-year lease with Accuron Technologies Limited, a global precision engineering and technology group, as anchor tenant for upcoming asset enhancement initiative (“AEI”) at 15 Tai Seng Drive
  
  
• Prudent gearing of 33.1% provides AA REIT with financial flexibility and headroom to execute planned AEIs and pursue new acquisition opportunities

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