S-REITs - Week 43 - 2023

Announcement by Mapletree Logistics Trust, Fraser Centrepoint Trust, CapitaLand Integrated Commercial Trust, ESR-LOGOS REIT, EC World REIT, Manulife US REIT, Mapletree Industrial Trust, Digital CORE REIT, and CapitaLand China Trust.

S-REITs Week 43

23 Oct - 29 Oct 2023

2Q FY23/24 - Financial Results

In 2Q FY23/24, the DPU increased by 0.9% to 2.268 cents, supported by a robust portfolio and gains from acquisitions and divestments.

Rejuvenation efforts involved over S$150 million in divestments and S$900 million in modern asset acquisitions.

Sustainability achievements in 1H FY23/24 include a 33% green-certified portfolio, a 36% growth in solar capacity to 49.5 MWp, and a 4-star GRESB rating in 2023.

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FY23 Results

The 2H23 DPU is 6.020 cents, in total there is 12.150 cents for FY23.

Improved gross revenue and NPI were driven by higher rental and atrium income.

The portfolio showed robust performance with higher occupancies, better rental terms, and consistent tenant sales growth. The valuation remained stable, and progress was made on the sustainability and ESG journey.

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3Q 2023 Business Updates

In the year-to-date, as of September 2023, there has been strong financial growth, with gross revenue increasing by 9.8% YoY and net property income growing by 6.8% YoY.

In the third quarter of 2023, gross revenue continued to rise, up 4.6% YoY, with net property income increasing by 0.6% YoY.

The positive trend is supported by higher committed occupancy, favorable rent agreements for new leases and renewals, increased tenant sales and foot traffic, hedged utilities rates, and ongoing progress in property development.

The committed occupancy has surpassed 85%, even including units under advanced negotiations.

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3Q2023 Interim Update

In the third quarter, ESR-Logos REIT experienced significant growth, with net property income soaring by 19.4% to SG$206.1 million, while revenue increased by 19.2% year-on-year to SG$290.7 million, as indicated in a recent filing.

The REIT's portfolio demonstrated a positive rental reversion of 13.5%, with an average lease term of 3.4 years as of September 30.

Additionally, the trust maintained a solid occupancy rate of 90.3% by the end of the third quarter.

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Update On The Proposed Divestment

The Manager wants to inform Unitholders that due to insufficient financing, the Sponsor and Purchasers cannot complete the Proposed Divestment by the Long-Stop Date, as communicated by the Sponsor and Purchasers to the Vendor.

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Appointment Announcement

Manulife US Real Estate Management Pte. Ltd. appointed Mr. Marc Lawrence Feliciano as Chairman, effective October 26, 2023, succeeding Mr. Stephen James Blewitt, the Interim Chairman.

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MIT announced that the distribution to Unitholders for the Second Quarter Financial Year 2023/2024 from 1 July 2023 to 30 September 2023 (“2QFY23/24”) rose 3.5% year-on-year to S$94.1 million.

Distribution per Unit (“DPU”) for 2QFY23/24 declined 1.2% year-on-year to 3.32 cents.

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3Q 2023 Business and Operational Update

For the nine months ending September 30, Digital Core REIT reported distributable income of $31.5 million, marking an 8.5% decrease from the previous year.

Net property income decreased by 3.7% to ~S$51.9 million, while revenue dropped 1.2% to $79.7 million.

The portfolio maintained a 97% occupancy rate with a weighted average lease term of 3.6 years.

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3Q 2023 Business Updates

In 3Q 2022, gross revenue decreased by 1.9%, primarily due to the closure of CapitaMall Qibao and rent provisions at CapitaMall Shuangjing. Net property income in RMB increased by 1.2%, driven by retail recovery, with an overall retail portfolio NPI growth of 4.7%. Excluding CapitaMall Qibao and CapitaMall Shuangjing, retail NPI would have grown by 13.4% YoY.

However, when converting to SGD, the NPI showed an -8.5% decline, mainly due to a 10.5% depreciation of RMB against SGD.

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3Q 2023 Business Updates

In 3Q 2023, Far East Hospitality Trust saw significant growth, with a 42.5% YoY increase in gross revenue to S$30.2 million, driven by a 56.3% revenue rise in the Hotel segment to S$23.3 million.

This boosted Net Property Income by 42.4% YoY to S$28.1 million and Income Available for Distribution by 51.0% YoY to S$22.9 million.

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