S-REITs - Week 46 - 2024

( YTD: -13.95% | 5D: -1.77%)

 11 Nov - 1Q FY2025 Business Update

• Key Portfolio Metrics
  • Portfolio Committed Occupancy: 89.5%
  • WALE: 7.4 years (by NLA)
  • Tenant Sales: -5.7% YoY
  • Tenant Retention: 90% (by NLA)
  • Retail Rental Reversion: 11.4%
  • Office Rental Uplift: 1.2%

Capital Management

• Gearing Ratio: 40.7% vs 40.9% as at 30 June 2024
• WADM: 2.3 years vs 2.5 years as at 30 June 2024
• Weighted average cost of debt: 3.74% p.a. vs 3.58% p.a as at 30 June 2024
• Interest Coverage Ratio: 2.9 times vs 3.2 times as at 30 June 2024

For more information, please click here

( YTD: -3.88% | 5D: +0.51%)

12 Nov - Divestment of 21 Collyer Quay

• After taking into account the Divestment related expenses (including the divestment fee of approximately S$3.4 million payable to the Manager) and certain completion adjustments, the net proceeds from the Divestment would be approximately S$681.7 million.
  
  
• This will provide CICT with greater financial flexibility to repay debt, to finance any capital expenditure, asset enhancement works and investments and/or to finance general corporate and working capital requirements.
  
  
• Based on the annualised net property income for the period ended 30 September 2024 and the Consideration, the exit yield is below 3.5%

For further information, please click here

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Halt Trading since 31 March 2023

12 Nov - 3QFY2024 Results

Key Highlights

• Gross revenue and NPI were down by 7.1% and 7.8% y-o-y respectively, mainly due to discontinuation of China Tobacco leases in relation to Hengde Logistics Phase I, lower rental income from Chongxian Port Logistics and expiry of MLA in Aug 2024 for Fuzhou E- Commerce, mitigated partly by organic rental escalations and higher late fee income
  
  
• Finance costs of the quarter were 22.3% higher y-o-y mainly due to higher interest rate for offshore facilities in the quarter and additional finance cost incurred for the settlement of short-term advance from an onshore SBLC issuer
  
  
• Calculated 3QFY2024 DPU of 0.401 cents was 56.2% lower y-o-y mainly due to lower revenue and higher finance cost
  
  
• Occupancy of 84.1% as at 30 September 2024
  
  
• All-in running interest rate for 3QFY2024 of 9.5% p.a.
  
  
• Weighted average debt maturity of 0.92 years

For further information, please click here

( YTD: -17.19% | 5D: -1.85%)

 12 - 13 Nov - Daily Share Buy-Back

For further information, please click here

( YTD: -6.98% | 5D: +3.45%)

 11 Nov - Toronto DC Leasing

The management has reached a three year agreement with a next-generation AI computing developer to occupy the entire remaining capacity within its Toronto facility.

The agreement will commence in the first quarter of 2025 and is expected to generate approximately US$4.7 million of annualised rent (or approximately US$4.2 million at Digital Core REIT’s 90% share).

Upon commencement, the Toronto facility occupancy will increase from 66% to 100% and overall portfolio occupancy will improve by approximately 300 basis points.

For further information, please click here

11 - 14 Nov - Continues daily Share Buy-back

For further information, please click here

( YTD: -29.82% | 5D: -6.71%)

14 Nov - 3Q2024 Business & Operational Updates

• Lease signings more than doubled QoQ in 3Q2024, increasing from 97.3k sf in 2Q2024 to 209.8k sf in 3Q2024, continuing the trend since start of the year.
  
  
• Excluding the asset which was undergoing asset enhancement as of 30 September 2024, portfolio leased occupancy remained stable at 83% and six assets have leased occupancies above 90%. Occupancy increased for four assets in 3Q2024, including Waterfront at Washingtonian (Suburban Maryland, D.C), Park Tower, (Sacramento), Tower 909 (Dallas), and 101 South Hanley (St Louis). Backfilling efforts are expected to progressively translate into improvement in leased occupancy, and higher cashflows for the REIT.
  
  

Quick Overview

•  Aggregate Leverage: 47.8% (Property Fund Appendix)
• Weighted Average Term-to-Maturity: 3.0 years
• Interest Coverage: 2.5x
• All-in Weighted Average Interest Rate: 4.5%
• Fixed Debt/Hedged: 63%
• Income Available for Distribution: Decreased -42.2% (3Q2024: US$8,503,000 vs 3Q2023: US$14,722,000)

For further information, please click here

( YTD: -29.63% | 5D: +0%)

12 Nov - 3Q2024 Business Updates

Key Highlights

• Portfolio Occupancy: 89.6% vs 89.8% as at 30 Jun 2024
• WALE: 4.6 years vs 4.9 years as at 30 Jun 2024
• Aggregate Leverage: 37.7% vs 37.2% as at 30 Jun 2024
• Weighted Average Interest Rate: 1.9% vs 1.9% as at 30 Jun 2024
• Valuation: €855.6m vs €855.6m as at 30 Jun 2024
• New Lease Weighted Average Unexpired Lease Term: 3.4 years vs 3.6 years as at 30 Jun 2024
• Interest Coverage Ratio: 8.1x vs 7.0x as at 31 Dec 2023

For further information, please click here

( YTD: -15.18% | 5D: -1.53%)

15 Nov - Developing Its First Green-Certified Logistics Distribution Property In The United States For S$94.8 Million

• The acquisition of a parcel of land at 178 & 179 Quality Drive in the city of Summerville, a submarket of Charleston, South Carolina, in the United States.
  
  
• The land will be developed into a new logistics property to be known as Summerville Logistics Center at an estimated total investment cost of approximately S$94.8 million1 (US$70.5 million)

For further information, please click here