S-REITs - Week 43 - 2024

( YTD: -2.15% | 5D: -3.19%)

 22 Oct - Keppel REIT Key Business and Operational Updates for the Third Quarter of 2024

• 9M 2024 property income and net property income (NPI) increased by 12.3% and 10.8% year-on-year respectively, stemming from strong operational performance, as well as contributions from 2 Blue Street and 255 George Street
  
  
• Recorded robust rental reversion of 10.2% and an increase in portfolio committed occupancy to 97.6%
  
  
• Portfolio weighted average lease expiry (WALE) and top 10 tenants’ WALE remained long at 4.6 years[1] and 8.2 years[1] respectively

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( YTD: +3.54% | 5D: -4.76%)

22 Oct - Acquisition Of Eleven Nursing Homes In France

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( YTD: -6.98% | 5D: +4.35%)

21 - 24 Oct - Continues daily Share Buy-back

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23 Oct - 3Q24 Business & Operational Update

• Over the last 90 days, Digital Core REIT renewed lease agreements encompassing more than one-third of our annualised rent and nearly doubling the portfolio WALE from 2.8 years at 30 June to just over five years by mid-October.
  
  
• Doubled weighted-average debt maturity, from 2.4 years to 4.9 years, with the successful recast of our credit facilities.
  
  
• 30-basis point reduction in weighted average cost of debt, while maintaining a healthy level of fixed rate debt, with 87% hedged against variable rate exposure
  
  
• Acquired an additional stake of between 0.2%-40.0% in the Frankfurt facility
  
  
• Continued to invest in existing portfolio at a discount, repurchasing 7.6 million units in the third quarter at a 12% discount to NAV, demonstrating prioritisation of value creation over AUM growth

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( YTD: -29.33% | 5D: -1.89%)

23 Oct - Keppel Pacific Oak US REIT Key Business and Operational Updates for the Third Quarter 2024

• Income Available for Distribution for 3Q 2024 was down 8.8% year- on-year to US$11.9m mainly due to:
  
  • Lower NPI mainly from higher one-off income in 3Q 2023 as well as higher property expenses in 3Q 2024
  • Higher financing cost as a result of higher interest rate
    
    
• Financial Position
  •  In July 2024, KORE successfully secured early refinancing or extension options for most of its loans expiring in 2024 and 2025
  • In Oct 2024, KORE entered into a new US$45m uncommitted revolving credit facility
  • KORE continues to engage with prospective lenders and consider early refinancing where practicable to manage its debt profile.
    
    
• Leasing Performance
  • 721,392 sf Leased spaces for 9M 2024, equivalent to 15.0% of portfolio NLA. 186,461 sf of space leased in 3Q 2024, equivalent to 3.9% of portfolio NLA. Portfolio WALE of 3.9 years by CRI.
  • 2.6% Built-in average annual rental escalation across the portfolio
  • 2.4% In-place rents are 2.4% below asking rents
  • (1.2%) Negative rental reversion for 9M 2024, mainly affected by renewals at Bellevue Technology Center, Maitland Promenade I & II and Westmoor Center. Rental reversion for 3Q 2024 was negative 3.5%

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( YTD: -7.07% | 5D: -3.66%)

22 Oct - CapitaLand Ascott Trust To Divest Somerset Olympic Tower Tianjin As Part Of Strategy To Recycle Capital And Reconstitute Portfolio To Enhance Returns To Stapled Securityholders

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( YTD: -0.44% | 5D: -2.17%)

25 Oct - Fraser Centrepoint Trust 2H/FY24

• 2H24 distribution per Unit (“DPU”) of 6.020 cents brings total DPU for FY24 to 12.042 cents
  
  
• Robust operating performance with retail portfolio committed occupancy at 99.7%; average rental reversion at +7.7%; as well as higher shopper traffic and tenants’ sales
  
  
• Higher appraised valuation of retail portfolio with no change in valuation capitalisation rates
  
  
• Achieved 5-Star rating in 2024 GRESB Assessment for the fourth consecutive year

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( YTD: -9.24% | 5D: -2.14%)

25 Oct - 3Q 2024 Business Updates

• Aggregate Leverage: 38.9% vs 37.9% on 30 June 2024
• Cost of Debt: 3.7% vs 3.7% on 30 June 2024
• Portfolio Occupancy: 92.1% vs 93.1% on 30 June 2024
• Portfolio Rental Reversion: +14.4%
• Investment Management: Post 3Q 2024, announced the divestment of a logistics property in Singapore for S$112.8m

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( YTD: +3.51% | 5D: -6.35%)

23 Oct - OUE REIT 3Q 2024 Business Updates

• Singapore office portfolio recorded positive rental reversion of 10.8% while committed occupancy remained high at 95.4% in 3Q 2024
  
  
• Crowne Plaza Changi Airport’s RevPAR achieved a robust 30.3% YoY growth
  
  
• Completed first 7-year investment grade green notes issuance at 3.90%
  
  
• Well-spread debt maturity profile with only 6.7% of the total debt due in 2025

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( YTD: +0% | 5D: -3.91%)

24 Oct - Suntec REIT 3Q 2024 Business Updates

• Distribution per unit (“DPU”) from operations to unitholders was 1.58 cents or 0.9% lower year-on-year.
  
  
• With the absence of capital distribution in 3Q 24, DPU declined 11.9% year-on-year.
  
  
• Suntec REIT has attained the highest GRESB 5 Star rating for the fifth consecutive year since its inaugural participation in 2020.
  
  
• Singapore MICE market is expected to grow at a 9% CAGR2 (from 2023 to 2030), bolstered by the growth in MICE activities. Higher year-on-year dividend contribution from Suntec Convention is expected
  
  
• Tenant sales growth is likely to be positive with rent reversion remaining strong. Revenue from Suntec City Mall is expected to be robust, supported by higher occupancy, rent and marcoms revenue.

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( YTD: -14.65% | 5D: -6.94%)

24 Oct - Mapletree Pan Asia Commercial 3Q 2024 Business Updates

• Singapore recorded higher comparable gross revenue and NPI, led by VivoCity despite AEI impact
  
  
• Overseas contributions further impacted by persistently strong SGD
  
  
• Reduced borrowings post-divestment buffered against elevated interest rates
  
  
• Strengthened balance sheet, reducing aggregate leverage ratio to below 40%
  
  
• Portfolio resilience sustained by healthy committed occupancy and positive rental reversion
  
  
• VivoCity Basement 2 major revitalisation progressing well; mall remains on track for steady long-term performance
  
  
• Festival Walk recorded quarter-on-quarter rebound in shopper traffic and tenant sales
  
  
• Singapore accounts for more than 50% of portfolio, remains cornerstone of stability amid diverging market currents

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