---
title: S-REITs - Week 32 - 2024
description: Stay updated on the latest REIT developments with the weekly recap of Manulife US REIT, Landlease Global Commercial REIT, and more. Dive into key financial insights and performance updates.
---

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[S-REIT Weekly Recap](https://reitsavvy.com/insights/tag/s-reit-weekly-recap), [2024](https://reitsavvy.com/insights/tag/2024)

# S-REITs - Week 32 - 2024

[By- REITsavvy Team,](https://reitsavvy.com/insights/author/reitsavvy-team)

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Let's have a quick dive into this week REITs update from Manulife US REIT, Landlease Global Commercial REIT, Dgital CORE REIT, Elite UK REIT, EC World REIT, Sasseur REIT, Paragon REIT, IREIT Global

**S-REITs Recap - Week 32**

**5 Aug - 11 Aug 2024**

| **Manulife US REIT** |
| --- |
| **( 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](https://investor.manulifeusreit.sg/newsroom/20240805_065510_BTOU_1ZCZTPSX8F44VPSD.2.pdf) |

| **Landlease Global Commercial REIT** |
| --- |
| **( 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](https://www.lendleaseglobalcommercialreit.com/siteassets/investor-centre/newsroom/announcements/2024/2H-fy2024.pdf) |

| **Digital CORE REIT** |
| --- |
| **( 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](https://www.digitalcorereit.com/newsroom/company-announcements/default.aspx) |

| **Elite UK REIT** |
| --- |
| **( 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](https://investor.elitecreit.com/newsroom/Elite_UK_REIT-1H_2024_Press_Release.pdf) |

| **EC World REIT** |
| --- |
| **( 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](https://ecwreit.listedcompany.com/newsroom/20240807_182918_BWCU_VZDGV5AGRSRV26EX.2.pdf) |

| **Sasseur REIT** |
| --- |
| **( YTD: -2.19% \| 5D: -0.74%)** |
| 8 Aug - 1H 2024 **1H 201214****1H 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](https://investor.sasseurreit.com/newsroom/Sasseur_REIT-Press_Release_1H_2024.pdf) |

| **Paragon REIT** |
| --- |
| **( 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](https://paragonreit.listedcompany.com/newsroom/20240805_223815_SK6U_4PDUVLNCFYSBBTD9.2.pdf) |

| **iREIT Global** |
| --- |
| **( 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](https://investor.ireitglobal.com/newsroom/IREIT_1H2024_Results_Press_Release.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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