---
title: S-REITs - Week 31 - 2024
description: Stay updated on the latest REITs news with the REITsavvy Team's weekly recap, covering key updates from various REITs including CapitaLand Ascott Trust, Digital CORE Reit, and more in week 31 of 2024.
---

[Guiding You On REITs](https://reitsavvy.com/insights)

# [S-REITs - Week 31 - 2024](https://reitsavvy.com/insights/s-reits-week31-2024)

 Written by [REITsavvy Team](https://reitsavvy.com/insights/author/reitsavvy-team) | Aug 4, 2024 2:00:00 AM

Let's have a quick dive into this week REITs update from CapitaLand Ascott Trust, Digital CORE Reit, Lippo Malls Indonesia Retail Trust, CapitaLand China Trust, Keppel REIT, KeppelPacific Oak US REIT, ESR-LOGOS REIT, CapitaLand Ascendas REIT, Parkway LIfe REIT,  Fraser Logistic & Commercial Trust REIT, Starhill Global REIT, Far East Hospitality Trust, Mapletree Pan Asia Commercial Trust, Aims APAC REIT

**S-REITs Recap - Week 31**

**29 Jul - 4 Aug 2024**

| **CapitaLand Ascott Trust** |
| --- |
| **( 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"). For more information, please click [here](https://investor.capitalandascotttrust.com/newsroom/20240729_210321_HMN_N9MCW4NAJJUI0WDX.1.pdf) |

| **Digital CORE REIT** |
| --- |
| **( 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 For further information, please click [here](https://www.digitalcorereit.com/newsroom/company-announcements/default.aspx) |

| **Lippo Malls Indonesia Retail Trust** |
| --- |
| **( 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+' For more information, please click [here](https://lmir.listedcompany.com/newsroom/20240731_174114_D5IU_4G4QT0FJYFHW29RI.1.pdf) 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. For more information, please click [here](https://lmir.listedcompany.com/newsroom/20240729_183239_D5IU_ZVHPRZQJFMGVMS50.3.pdf) |

| **CapitaLand China Trust** |
| --- |
| **( 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 For more information, please click [here](https://investor.clct.com.sg/newsroom/20240730_072844_AU8U_X2PCQ1DO8K03KZCL.3.pdf) |

| **Keppel REIT** |
| --- |
| **( 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 For more information, please click [here](https://wpcms.kepcorp.com/wm/cms-site/kcl/file/media/media-releases-sgx/2024/jul/29-jul-kreit/mrel-kreit-1h-2024-financial-highlights.pdf) |

| **Keppel Pacific Oak US REIT** |
| --- |
| **( 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. For more information, please click [here](https://wpcms.kepcorp.com/wm/cms-site/kcl/file/kore-1h-2024/mrel-kore-1h-2024-financial-highlights.pdf) |

| **ESR-Logos REIT** |
| --- |
| **( 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 For more information, please click [here](https://esr-logosreit.listedcompany.com/newsroom/20240731_063604_J91U_B6T30NHYOA6TJBTN.2.pdf) |

| **CapitaLand Ascendas REIT** |
| --- |
| **( 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 For more information, please click [here](https://investor.capitaland-ascendasreit.com/newsroom/20240730_171706_A17U_MMTHSXU56KKU74QM.1.pdf) |

| **ParkwayLife REIT** |
| --- |
| **( 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 For more information, please click [here](https://plifereit.listedcompany.com/newsroom/PLife_-_Press_Release300724.pdf) |

| **Fraser Logistics & Commercial Trust** |
| --- |
| **( 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% For more information, please click [here](https://flct.frasersproperty.com/newsroom/20240731_181256_BUOU_5A1CIBWKQXG4XSSM.1.pdf) |

| **Starhill Global REIT** |
| --- |
| **( 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 For more information, please click [here](https://starhillglobalreit.listedcompany.com/newsroom/SGREIT_Media_Release_2H_FY2324_Final.pdf) |

| **Far East Hospitality Trust** |
| --- |
| **( 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 For more information, please click [here](https://feht.listedcompany.com/newsroom/20240730_061346_Q5T_E1D2GUF5P78I8AZH.2.pdf) |

| **Mapletree Pan Asia Commercial Trust** |
| --- |
| **( 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 For more information, please click [here](https://www.mapletreepact.com/~/media/MPACT/Newsroom/Announcements/2024/20240730_MPACT%201Q%20FY2425%20Results%20Presentation.pdf) |

| **Aims APAC REIT** |
| --- |
| **( 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 For more information, please click [here](https://investor.aimsapacreit.com/newsroom/20240731_071719_O5RU_N1HCQ92IQ2RG7GNH.1.pdf) |

| **STI Index constituents** |
| --- |
| **REITs in STI** |
| 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 |
|   |
| **REITs in STI Reserve List** |
| Keppel DC REIT |
| Keppel REIT |
| Suntec REIT |

| **REITracker Highlights** |  |
| --- | --- |
| **REIT Name** | **Status** |
| Keppel Pacific Oak US REIT | Halt Dividend since 14 Feb 2024 |
| Manulife US REIT | Halt Dividend since 14 Aug 2023 |
| Sabana REIT | Proposed Internalization is in progress since 17 Aug 2023 |
| 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 |

| **Exclusive REITsavvy Newsletter** |
| --- |

 

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