S-REITs - Week 45 & 46 - 2023

Divests Two Hotels In Australia For AUD109.0 Million

CapitaLand Ascott Trust (CLAS) is divesting two mature hotels in Sydney, Australia to an unrelated third party for a total of AUD109.0 million. It is located outside of the city centre, the two properties are Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Paramatta.

The two properties will be divested at about 5% above book value and net proceeds of the divestment is expected to be AUD98.0 million.

For further information, please click here

Business Updates For 3Q2023

Elite Commercial REIT Recycled gross proceeds amount to £11.4 million and used to reduce gearing. The gearing ratio continues to trend downwards by about 60 basis points.

The divestment yield £3.4 million at about 12.2% above valuation. In addition, there is higher revenue y-o-y attributed to 13.1% inflation-linked rent escalation.

The portfolio occupancy rate is 92.1%.

For further information, please click here

Reports Calculated DPU of 0.916 cents for 3QFY2023

It was calculated that the DPU dropped by 32.8% and annualized yield increased to 12.98%1 after 10% retention of the total distributable income for 3Q 2023.

The Weakening of RMB against SGD coupled with increase in finance costs resulted in lower distributable income on y-o-y basis

For further information, please click here

Quick 1Q FY2024 Business Update

Key Highlights from the update
> Portfolio Committed Occupancy 99.9%
> WALE of 8.0 years (by NLA)
> Retail Rental Reversion 16.3%
> Tenant Sales increased  4.6%
> Tenant Retention at 78.2% (by NLA)

Capital Management
> Gearing Ratio at 40.6%
> WACD 2.94% p.a
> Interest Coverage Ratio at 3.9 times
> Fixed Rate Borrowings at 61%

For further information, please click here

( YTD: -30.00% )
Ceased dividend payout since March 2023

3Q 2023 Results

Lippo Mall's key highlights include a year-on-year decline in topline revenue, attributed to a 5.8% depreciation of the Indonesian Rupiah (IDR) to Singapore Dollar (SGD) and reduced rental revenue.

This reduction is primarily due to a lower rental contribution of S$0.7 million from Lippo Plaza Jogja, resulting from the expiration of master leases in December 2022.

In IDR terms, the decreased rental contribution from Lippo Plaza Jogja amounted to Rp7,621.0 million. Excluding this contribution, rental revenue would have shown a slight year-on-year increase.

Additionally, there was growth in gross revenue in IDR, driven by higher service charge and utilities recovery as tenants resumed full operations in a more relaxed operating environment.

For further information, please click here

Business And Operational Updates - 3Q 2023

Quick Key Highlights (3Q 2023)

REIT Portfolio
> Outlet Sales increased 15.80% YoY 
> Occupancy Rate at 97.9%
> WALE at 2.4% (by NLA)

Financials
> EMA Rental Income (SGD) down 1.5% YoY
> DPU decreased by 17.7%

Capital Management
> Gearing Ratio at 25.4%
> Interest Coverage Ratio at 4.0x

For further information, please click here

3Q 2023 Business Updates

Quick Portfolio Overview
> Owned 6 Properties
> Commited Occupancy Rate at 95.2%
> WALE of 5.4 years (by NLA)

Capital Management
> Gearing Ratio of 39.4%
> Average Cost of Debt at 5.5%

For further information, please click here

Proposed Divestment Activities

1 x Singapore Property
> Located at 10 TUAS AVENUE 13
> It is expected to be completed by the third quarter of FY23/24.
> It is not expected to have a material impact on MLT’s net asset value and net property income for FY23/24

For further information, please click here

2 x Malaysia Property
> Flexhub and Padi in Malaysia at a total sale price of MYR151.2 million
> It is expected to be completed in the first half of FY24/25, subject to satisfaction of the relevant conditions precedent.
> It is not expected to have a material impact on MLT’s net asset value and net property income for FY24/25. Following the divestments, MLT’s portfolio will consist of 185 properties

For further information, please click here

3Q 2023 Business Updates

Quick Overview (3Q 2023)

Financial Highlight
> YTD 2023 DPU decreased -4.1% compared to YTD 2022
> NAV decreased 2.2% compared to 2Q 2023

Capital Management
> Gearing Ratio decreased 1.1% to 37.4% compared to 31 Dec 2022
> No debt expiry till 4Q 2025
> 91% of debt is hedged/fixed for >2 years

Asset Management Highlights
> Portfolio Occupancy decrease by 0.2% compared to 2Q 2023
> Portfolio Rent Reversion increased 7% compared to 2Q 2023

For further information, please click here

3Q2023 Key Business & Operational Updates

Quick Portfolio Overview
> Owned 14 Properties
> Commited Occupancy Rate at 85%
> WALE of 3.8 years (by NLA)

Capital Management
> Gearing Ratio of 43.7%
> Average Cost of Debt at 4.0%
> Interest Coverage ratio at 3.2x
> 78% debt fixed or hedged rates

For further information, please click here

3Q 2023 Operational Updates

Quick Overview
> 9M 2023 Gross Revenue and Net Property Income increased 11.7% and 12.2% y-o-y respectively
> Committed occupancy for Grocery & Necessity Properties remains high at 97.2%
> Strong tenant retention rate of 92% since IPO
> Long WALE of 7.2 years, majority of leases are triple net with built-in rental escalations
> Construction of Academy Sports Building in Port St. Lucie has been completed ahead of schedule, with store opening anticipated by end of November 2023
> Minimal near-term refinancing requirements with 93.4%2 of debt maturing in November 2026 or later

For further information, please click here

Listen to Kenny's Previous Podcast on Money FM 89.3 on 8 Nov 2023.

Upcoming session will be on 5th Dec 2023 | 10 am.