S-REITs - Week 32 - 2024

( YTD: -7.50% | 5D: -6.33%)

5 Aug - Half Yearly Results

• Gross revenue of US$86.7 million for the half year ended 30 June 2024 (“1H 2024”), which was 8.1% lower year-on-year (“YoY”) than the same period last year on a same-store basis
  
  
• Same-store net property income (“NPI”)1 declined by 16.7% YoY to US$42.8 million largely due to lower rental and recoveries income from higher vacancies (+6.7% YoY across the portfolio, largely due to TCW’s expiration on 31 December 2023 (189k sq ft) at Figueroa), as well as higher property operating expenses.
  
  
• Higher finance expenses incurred due to higher interest cost, adjusted income available for distribution (“DI”)2 decreased 27.8% YoY to US$22.9 million
  

For more information, please click here

( YTD: -13.95% | 5D: -9.02%)

5 Aug - Operational Performance in FY2024

• Gross revenue and net property income (“NPI”) increased 7.8% and 7.4% YoY respectively, mainly attributed to the healthy operational performance from Singapore portfolio and the upfront recognition of supplementary rent received from the lease restructuring of Sky Complex (“Supplementary Rent”). On a proforma basis excluding the Supplementary Rent recognised in advance, gross revenue and NPI increased 3.2% and 1.3% YoY respectively.
  
  
• Distributable income in 2H FY2024 was S$42.1 million, translating to a distribution per unit (“DPU”) of 1.77 cents (compared to 2.25 cents per unit in 2H FY2023). The lower DPU was primarily driven by higher borrowing costs and enlarged unit base
  
  
• Higher borrowing costs primarily due to the replacement of EURIBOR interest rate hedged at a higher rate. Weighted average cost of debt in FY2024 was 3.58% per annum2 compared to 2.69% per annum2 in FY2023.
  
  
• Fixed rate hedges increased to approximately 70%3 to manage borrowing costs.
  
  
• Positive retail rental reversion of 14.0%4 achieved with a tenant retention rate of 84.9%.
  
  
• Rental uplift of 1.2% obtained for Building 1 and 2 of Sky Complex in Milan.
  
  
• Portfolio valuation increased 0.9% YoY mainly supported by Singapore portfolio.

For further information, please click here

( YTD: -12.40% | 5D: -1.74%)

5-8 Aug - Continues to do Share-Buy-Back this week

Continues to do Share-Buy-Back this week

For further information, please click here

( YTD: -5.36% | 5D: +6.00%)

7 Aug - Successfully Refinanced All Debt As Sustainability-Linked Loan Facilities With No Refinancing Until 2027

• Successfully completed refinancing for all debts due between 2024 and 2026 with no further refinancing requirements until 2027
  
  
• Portfolio value as at 30 June 2024 rose by 0.6% to £415 million as compared to valuations as at 31 December 2023
  
  
• Positive asset management outcomes with ~30% rental reversion for lease renewal at Dallas Court, Salford2 , negotiations on dilapidation settlements for three assets concluded and offers received for three vacant properties
  
  
• £215 million sustainability-linked loan facilities with interest-savings as Elite UK REIT improves the energy performance of its asset portfolio
  
  
• Distributions per Unit (“DPU”) for 1H 2024 is 1.401 pence

For more information, please click here

( YTD: -% | 5D: +%)
Halt Trading since 31 March 2023

7 Aug - 1H FY2024

• Property valuation of the portfolio dropped 9.5% subsequent to completion of novation process
  
  
• Onshore Facility restructuring completed while Offshore Facility agent issued Pre-enforcement Notice
  
  
• No distribution for 1HFY2024 due to insufficient funds
  
  
• Trading of Units continues to be suspended until the financial situation improves

For more information, please click here

( YTD: -2.19% | 5D: -0.74%)

8 Aug - 1H 2024 1H 2012141H 2024

• Chongqing Liangjiang Outlet’s 1H 2024 sales exceed pre-COVID 1H 2019 level by 4.6%
  
  
• Portfolio occupancy remains high at above 97%
  x
• Robust balance sheet backed by a diversified debt maturity profile and gearing of 25.3%, lowest amongst S-REITs
  
  
• Weighted average annual debt cost trending downward; 5.3% as at 30 June 2024, versus 5.6% at end-2023

For more information, please click here

( YTD: -1.69% | 5D: -0.57%)

5 Aug - Half Yearly Results

• Portfolio rental reversion rate at 19.1%
  
  
• NPI increased 4.5% year-on-year to S$110.8 million
  
  
• DPU of 2.32 cents declared

For more information, please click here

( YTD: -25.93% | 5D: +3.45%)

6 Aug - 1H2024 Results

• 1H2024 net property income increased by 22.8% year-on-year due mainly to contribution from B&M Portfolio, recognition of dilapidation costs paid by the main tenant at Berlin Campus and rental income from Darmstadt Campus
  
  
• Income to be distributed improved by 3.9% year-on-year to €12.9 million and distribution per Unit increased by 3.2% to €0.96 cents
  
  
• Manager plans to proceed with proposed repositioning of Berlin Campus into a multi-let, mixed-use asset in 2025 after the property is vacated

For more information, please click here