--- title: S-REITs - Week 42 - 2024 description: "Weekly S-REIT updates: CapitaLand Ascendas divests property, Sasseur REIT achieves record sales, Frasers Logistics acquires prime property, and more key market insights." --- [Guiding You On REITs](https://reitsavvy.com/insights) # [S-REITs - Week 42 - 2024](https://reitsavvy.com/insights/s-reits-week42-2024) Written by [REITsavvy Team](https://reitsavvy.com/insights/author/reitsavvy-team) | Oct 20, 2024 2:00:00 AM Let's have a quick dive into this week REITs update from CapitaLand Ascendas REIT, Sasseur REIT, Digital Core REIT, Frasers Logistics and Commercials Trust, ParkwayLife REIT, Keppel DC REIT **S-REITs Recap - Week 42** **14 Oct - 20 Oct 2024** | **CapitaLand Ascendas REIT** | | --- | | **( YTD: -7.26% \| 5D: +0.72%)** | | 11 Oct - CapitaLand Ascendas REIT to divest 21 Jalan Buroh in Singapore at a premium to valuation The sale consideration of S$112.8 million is to GDS IDC Services Pte. Ltd. The Sale Consideration represents a premium to the original purchase price of S$58.4 million at which CLAR acquired the Property for in June 2006, and a premium to the average of two independent market valuations of the Property which is S$67.5 million1 as at 1 July 2024.  For more information, please click [here](https://investor.capitaland-ascendasreit.com/newsroom/20241011_182351_A17U_3Q0OAS2FMIO2X0WX.1.pdf) | | ** Sasseur REIT** | | --- | | **( YTD: +4.38% \| 5D: +1.42%)** | | 14 Oct - Sasseur REIT Achieves Record RMB 276.1 Million Sales Across All Four Outlets During China's 7-Day Golden Week Holidays - Sasseur REIT record-breaking aggregate sales of RMB 276.1 million1 across its four outlets in China during the 7-day Golden Week holidays from 1 to 7 October 2024. - This marks a significant increase in portfolio outlet sales of nearly 28% year-on-year (“YoY”) and an impressive surge of close to 55% compared to pre-pandemic levels in 2019. - Chongqing (Liangjiang) Outlet maintained its leadership position in the portfolio with a remarkable RMB 145.3 million in sales, representing a YoY jump nearing 45%. For further information, please click [here](https://investor.sasseurreit.com/newsroom/20241014_072607_CRPU_CQNRTJ1E7NT09E57.1.pdf) | | **Digital Core REIT** | | --- | | **( YTD: -10.85% \| 5D: -3.36%)** | | 14-18 Sept - Continues daily Share Buy-back For further information, please click [here](https://www.digitalcorereit.com/newsroom/company-announcements/default.aspx) | | **Frasers Logistics & Commercial Trust** | | --- | | **( YTD: -1.74% \| 5D: +0%)** | | 17 Oct - Frasers Logistics & Commercial Trust Makes Maiden Acquisition of a Prime Logistics Property in Singapore - Acquisition of a prime logistics property near the Tuas Mega Port, for S$140.3 million - Aligned with strategy to expand its Logistics and Industrial (“L&I”) portfolio weightage For further information, please click [here](https://flct.frasersproperty.com/newsroom/FLCT_-_Press_Release171024.pdf) | | **ParkwayLife REIT** | | --- | | **( YTD: +8.72% \| 5D: -1.48%)** | | 16 Oct - Business Update For The Third Quarter Of The Financial Year Ending 31 December 2024 - **Gross Revenue for YTD 3Q 2024** - Declined by 2.2% mainly due to depreciation of JPY, partly offset by contribution from the properties acquired in 2023 and 2024  - **DPU Growth Y-o-Y** -  As the REIT has hedged the net income from Japan, the drop in revenue will be compensated by the FX gains from the settlement of the forward contracts - Higher distributable income from Singapore hospitals and some Japanese nursing homes with step-up lease arrangements - DPU for YTD 2024 (3Q DPU to be distributed as part of 2H 2024 distribution) - **Balance Sheet and Capital Structure** - **Low all-in debt cost:** 1.36% - **Gearing:** 37.5% - **Interest Cover:** 10.2x - **Strengthens Japan Portfolio with Acquisition of a Newly-built Nursing Home Property in August 2024 ** -  Acquisition of a new and quality nursing home at JPY2,446.2 million (S$20.7 million)1 in Osaka at approximately 9.1% below valuation - Fortify strategic partnership with K.K. FDS, an established real estate developer, in a second collaboration and deepening working relationship with an existing credible tenant, K.K. BISCUSS - **Secured Long-Term Committed Loans for Pre-emptive Refinancing of Near-Term Debts** - Successfully put in place two 7-year JPY loans to refinance the maturing loans due in 2025 and term out the short-term loan drawn down for acquisition, by 4Q 2024 - Post refinancing, no long-term debt refinancing needs till September 2026 - Overall weighted average debt term will extend from 3.0 years2 to 3.8 years upon drawdown of the new loan facilities - **On-going Management of PLife REIT’s Financial Risks** - Principal FX risk mitigated as JPY acquisitions are fully funded by JPY loans (natural hedge) - Income FX risk mitigated with JPY net income hedges in place till 1Q 2029 - Executed several interest rate swaps in 3Q 2024 (including forward-starting swaps) to extend maturing hedges for another 4 to 7 years - As at 30 September 2024, about 87% of interest rate exposure is hedged For further information, please click [here](https://plifereit.listedcompany.com/newsroom/20241016_174119_C2PU_C2PYEOF26NDZYV19.1.pdf) | | **Keppel DC REIT** | | --- | | **( YTD: +15.38% \| 5D: +0.45%)** | | 18 Oct - Keppel DC REIT Key Business and Operational Updates for the Third Quarter of 2024 - **3Q 2024 vs 3Q 2023 - Higher DPU mainly due to** - (i) rent increase from strong reversions and escalations - (ii) partial distribution of the DXC settlement sum received earlier in 1H 2024 and - (iii) contributions from Tokyo DC 1, partially offset by loss allowances for the Guangdong DCs, higher finance costs and depreciation of foreign currencies against SGD - **Financials** - 3Q 2024 DPU1: 2.501 cents, a 6.1% increase q-o-q - Continued strong reversion of >40% in 3Q - Completed acquisition of Tokyo Data Centre 1 on 31 July 2024 - **Portfolio Update** - Occupancy: 97.6% - WALE: 6.3 years by lettable area - **Capital managemen**t - Average cost of debt: 3.3% - Leverage: 39.7% For further information, please click [here](https://wpcms.kepcorp.com/wm/cms-site/kcl/file/kdcreit-3q-2024/mrel-kdcreit-3q-2024-operational-updates.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** | | --- |   [View full post](https://reitsavvy.com/insights/s-reits-week42-2024) ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "REITsavvy Team" }, "dateModified" : "2024-10-20T02:00:00.418Z", "datePublished" : "2024-10-20T02:00:00Z", "headline" : "S-REITs - Week 42 - 2024", "image" : { "@type" : "ImageObject", "height" : 60, "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png", "width" : 60 }, "mainEntityOfPage" : "https://reitsavvy.com/insights/s-reits-week42-2024", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 60, "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png", "width" : 60 }, "name" : "Insights | Learn with REITsavvy" } } ```