S-REITs - Week 45 - 2024

( YTD: +21.25% | 5D: -13.39%)

 6 Nov - Operational Updates For The Third Quarter FY2024

• The recent sale of Capitol in Sacramento, California, for US$117 million, along with existing cash has enabled it to fully repay US$130.7 million of outstanding loans maturing in 2025 while lowering its gearing from 58.2% to 54.3.
  
  
• It aims to cut borrowings by approximately US$200 million next year.
  
  
• Two of its remaining nine properties are on the market and the Manager is exploring various opportunities, including transacting with off-market buyers and evaluating alternative transaction structures. 
  
  
• Year-to-date, over 689,000 square feet of leases were signed
  
  
• For the third quarter ended 30 September, the REIT reported occupancy of 77% with 261,000 square feet of leases signed or 5.2% of its portfolio net lettable area.
  
  
• The weighted average term of leases signed in the third quarter remains long at 6.5 years although rent reversion in the quarter was -1.7% excluding leases in Capitol.
  
  
• Six of nine office leases were signed above market rents.
  

Portfolio Updates

• Occupancy: 77.0% vs 2Q 2024: 78.4%
• Portfolio WALE: 5.1 years vs 2Q 2024: 4.7 years
• Lease Executed: ~261k sq ft

Financial

• Aggregate Leverage: 58.2% vs 2Q 2024: 56.3%
• Interest Coverage Ratio: 2.0x vs 2Q 2024: 2.2x
• Fixed Rate Loans: 59.0% vs 2Q 2024: 80.2%
  

Sustainability

• GRESB 2024 Assessment: 5 Star, score of 90 vs 2023: 5 Star, score of 89
• Singapore Governance and Transparency Index 2024: 11th out of 43 REITs and Business Trusts

For more information, please click here

( YTD: -4.37% | 5D: -2.96%)

5 Nov - 3Q 2024 Business Update

• Financials and Capital Management
  • Net Property Income: S$872.1 +5.4% YoY
    
  • Total Borrowings on Fixed Interest Rate: 76%
  • Average Cost of Debt: 3.6% +0.1 ppts QoQ
    
  • Interest Coverage: 3.0x
  • Aggregate Leverage: 39.4%

• Operating Performance
  • Portfolio Committed Occupancy: 96.4% -0.4ppts QoQ
    
  • Portfolio WALE: 3.5 Years
  • YTD Sept 2024 Rent Reversion
    • Retail Portfolio: +9.2%
    • Office Portfolio: +11.7%
      

For further information, please click here

( YTD: +14.08% | 5D: -1.22%)

5 Nov - 3Q 2024 Business Update

• Portfolio occupancy of 93.9% with 9M 2024 +4.3% rent reversion and long WALE at 4.7 years
  
  
• Fitch Ratings revised CEREIT’s Outlook to Positive, ‘affirmed BBB-’ Issuer Default Rating (IDR)
  
  
• €472 million new debt facilities recently agreed, WADE will be extended to 2.7 years, taking CEREIT’s available undrawn lines to €665 million to cover 2025 expiries

Key Highlights

• Portfolio Occupancy Rate: ~94%
• NPI growth: +7.0% vs 3Q 2024
• Portfolio Rental Reversion: +2.3% vs 3Q 2024
• Net Gearing : 39.7%
• Weighted Average Lease Expiry: 4.7 years
• GRESB: 83 points; 4 stars maintained

For further information, please click here

( YTD: -13.04% | 5D: -6.54%)

6 Nov - FY2024 Results Presentation

• Key Highlights
  
  • Average portfolio rental reversions of +12.8% (incoming rent vs. outgoing rent basis) and +23.6% (average rent vs. average rent basis) achieved for FY2024
    
    
  • Completed ~421,000 sqm of leasing in FY2024, contributing to a high overall portfolio occupancy of 94.5% with a WALE of 4.2 years as at 30 September 2024
    
    
  • Aggregate Leverage: 33.0%
  • Interest coverage ratio: 5.0x
  • Occupancy Rate: 94.5%
  • WALE: 4.2 years
  • Overall Portfolio Rental Reversions: +23.6%
  • Cost of Borrowings: 2.8% on a trailing 12 months basis vs 3.1% on a trailing 3-months basis
  • GRESB Perforamance: Globak Kisted Sector Leader 2024

For further information, please click here

( YTD: -0.73% | 5D: -2.86%)

 8 Nov - Business And Operational Updates - 3Q 2024

Portfolio

• Total Outlet Sales: -14.0% YoY
• Occupancy Rate: 98.0%
• WALE (NLA): 2.2years as at 30 Sept 2024

Financials

• EMA Rental Income (RMB): -2.0% YoY
• EMA Rental Income (S$): -3.6% YoY

Capital Management

• Aggregate Leverage: 25.5%
• Interest Coverage Ratio: 4.5x
• Average Debt Maturity: 2.1 years 

For further information, please click here

( YTD: -10.08% | 5D: -4.13%)

7 - 8 Nov - Continues daily Share Buy-back

For further information, please click here

( YTD: -3.08% | 5D: -0.79%)

5 Nov - Half Yearly Results

• DPU increased by 0.4% YoY to 4.670 Singapore cents for 1H FY2025, despite larger Unitholders base following the completion of the S$100 million Equity Fund Raising in 1H FY2024
  
  
• Gross Revenue and Net Property Income rose by 7.7% and 5.1% YoY to S$93.5 million and S$67.6 million for 1H FY2025 respectively
  
  
• Continued strong rental reversions of 16.9% for 1H FY2025 and long portfolio WALE of 5.0 years
  
  
• Stable portfolio occupancy at 95.0%. Excluding the impact of Asset Enhancement Initiatives (“AEIs”) and transitory movement of tenants1 , portfolio occupancy based on committed leases would be 96.7%
  
  
• New unsecured Sustainability Linked Loan (“SLL”) of up to S$400 million and A$150 million advances AA REIT’s sustainability commitments and provides headroom for AEIs and potential growth opportunities
  
  
• Portfolio rejuvenation and growth strategies progressing well, supporting continued enhancement of long-term value for Unitholders

Financials

• Revenue: +7.70% YoY
• NPI: +5.1% YoY
• Distribution to Unitholders: +5.0% YoY
• DPU: +0.4% YoY

Asset Management

• Portfolio Occupancy: 95.0%
• WALE: 5.0 years
• Rental Reversion: +16.9%
• Tenant Retention Rate: 78.6%

Capital Management

• Aggregate Leverage: 33.4%
• WADM: 2.8%
• Borrowings on fixed rates: 74%

For further information, please click here

( YTD: -6.93% | 5D: -1.05%)

8 Nov - 3Q 2024 Operational Updates

• Increased committed occupancy to 97.6% 1 for Grocery & Necessity Properties, supported by strong supply-demand leasing dynamics
  
  
• WALE increases to 7.9 years, up from 7.7 years as a result of strong leasing momentum and a high tenant retention rate of 92% since IPO
  
  
• Self-Storage occupancy remains robust at 93.6%
  
  
• 9M 2024 Gross Revenue increased 0.6% y-o-y supported by new leases, rental escalations from existing leases and contribution from the opening of the new Academy Sports store at St. Lucie West
  
  
• No refinancing requirements until November 20263 and no interest rate swap maturing until December 2026

Highlights

• Grocery & Necessity Occupancy Rate: 97.8%
• Self-Storage Occupancy Rate: 97.8%
• WALE: 7.9 years
• Tenant Retention Rate: 92%
• Next Refinancing Requirement: Nov 2026
• Tenants Providing Essential Services: 60%

For further information, please click here

( YTD: -12.98% | 5D: -3.39%)

 8 Nov - BUSINESS UPDATE FOR THIRD QUARTER ENDED 30 SEPTEMBER 2024

• DHLT completed the acquisition of D Project Tan Duc 2, which is DHLT’s first property outside of Japan.
  
  
• The property is situated in a gateway location which connects Ho Chi Minh City with the Mekong Delta region, and the entire property is occupied by a single tenant on a long lease.
  
  
• All leases that expired in 3Q FY2024 were renewed except for one which was partially renewed.
  
  
• A space that was vacated in 2Q FY2024 was also leased in 3Q FY2024 at higher rent. In October 2024, the remaining expiring lease for FY2024 was renewed, concluding the lease renewals for FY2024.
  
  
• In FY2024, the weighted average rent uplift achieved was approximately 5%.
  
  
• In addition, the Manager negotiated for higher rent for two leases which will only expire in 2025 and 2034, respectively
  
  
• Keeping up DHLT’s sustainability efforts, the green certifications for 13 properties in Japan were renewed in October 2024. Following these renewals and the green rating obtained by D Project Kuki S, 96% of the portfolio (by valuation) was green rated.

Highlights

• Portfolio Occupancy: 97.5%
• Aggregate Leverage: 39.2%
• WALE: 6.6 years
• Average Cost of Debt: 1.13%
• Interest Coverage Ratio: 11.2x

For further information, please click here