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Industrial REITs Comparison - Part 1 @ 23 March 2025

$Mapletree Ind Tr(ME8U.SI)$ $Keppel DC Reit(AJBU.SI)$ $CapLand Ascendas REIT(A17U.SI)$ $Frasers L&C Tr(BUOU.SI)$ Below is a comparison using the latest data from comparison tables on S-REITs Comparison page. The most favorable figures are marked in blue and given a +1 score, while the least favorable are in red with a -1 score. The highest score in each category determines the winner. Note that this is a simple comparison without weightage assigned to each figure.  Image Generated by AIEASE Fundamental Overview, Related Parties Shareholding &
Industrial REITs Comparison - Part 1 @ 23 March 2025

Logistics Focused REITs Comparison @ 20 March 2025

$AIMS APAC Reit(O5RU.SI)$ $Mapletree Log Tr(M44U.SI)$ $Daiwa Hse Log Tr(DHLU.SI)$ $ESR-REIT(J91U.SI)$ $EC World Reit(BWCU.SI)$ Below is a comparison using the latest data from comparison tables on S-REITs Comparison page. The most favorable figures are marked in blue and given a +1 score, while the least favorable are in red with a -1 score. The highest score in each category determines the winner. Note that this is a simple comparison without weightage assigned to each figure.  Image Generated by AI
Logistics Focused REITs Comparison @ 20 March 2025

Data Centre Focused REITs Comparison @ 16 March 2025

$Keppel DC Reit(AJBU.SI)$ $Mapletree Ind Tr(ME8U.SI)$ $DigiCore Reit USD(DCRU.SI)$ Below is a comparison using the latest data from comparison tables on S-REITs Comparison page. The most favorable figures are marked in blue and given a +1 score, while the least favorable are in red with a -1 score. The highest score in each category determines the winner. Note that this is a simple comparison without weightage assigned to each figure.  Image Generated by AIEASE Fundamental Overview, Related Parties Shareholding & Lease Profile: Debt Profile, Diversification Profile & Key F
Data Centre Focused REITs Comparison @ 16 March 2025

China Retail Focused REITs Comparison @ 13 March 2025

$BHG Retail Reit(BMGU.SI)$ $Sasseur Reit(CRPU.SI)$ $CapLand China T(AU8U.SI)$ Below is a comparison using the latest data from comparison tables on SREITs Data page. The most favorable figures are marked in blue and given a +1 score, while the least favorable are in red with a -1 score. The highest score in each category determines the winner. Note that this is a simple comparison without weightage assigned to each figure.  Image Generated by AIEASE Fundamental Overview, Related Parties Shareholding & Lease Profile: Debt Profile, Diversification Profile & Key Financial Metrics:
China Retail Focused REITs Comparison @ 13 March 2025

Daiwa House Logistics Trust's 2H FY24 Result Review

$Daiwa Hse Log Tr(DHLU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue and NPI improved YoY, primarily driven by contributions from DPL Ibaraki Yuki and D Project Tan Duc 2, acquired in 2024. However, the weakening JPY against SGD partially offset these gains. Meanwhile, distributable income and DPU declined YoY due to lower realized foreign exchange gains and higher finance expenses. Rental Reversion DHLT achieved a weighted average rent reversion of approximately 5% for FY24. Acquisition In July 2024, DHLT completed the acquisition of D Project Tan Duc 2 in Vietnam, marking its first property outside Japan. Related Parties Shareholding REIT Sponsor's Shareholding: Less Favorable REIT Manager's Shareh
Daiwa House Logistics Trust's 2H FY24 Result Review

Stoneweg European REIT's 2H FY24 Result Review

$Cromwell Reit SGD(CWCU.SI)$ $Stoneweg Reit EUR(CWBU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Despite a slight YoY decline in gross revenue, NPI remained stable. However, income available for distribution and DPU saw a significant drop, primarily due to lower interest income and higher tax expenses. Rental Reversion Rental reversion for 2H 2024 and FY 2024 came in at 1.3% and 2.8%, respectively. Asset Enhancement Initiative and Development Two AEIs/developments are committed for Nove Mesto One Industrial Park 1 and Durham, focusing on space expansion and solar panel installation. Additionally, two projects are in the planning stage for Haagse Poort and Parc des Do
Stoneweg European REIT's 2H FY24 Result Review

IREIT Global's 2H FY24 Result Review

$IREIT Global SGD(UD1U.SI)$ $IREIT Global EUR(8U7U.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue improved year-over-year, primarily due to contributions from the B&M Portfolio in France, acquired in September 2023, and higher income from the Decathlon Portfolio and Berlin Campus. However, net property income (NPI) declined due to higher property operating expenses. Despite this, income to be distributed and DPU remained stable after straight-line rent adjustments. Rental Escalation IREIT recorded a 5.8% rental escalation in FY2024. Related Parties Shareholding REIT Sponsor's Shareholding: Favorable REIT Manager's Shareholding: Less Favorable Directors
IREIT Global's 2H FY24 Result Review

United Hampshire US REIT's 2H FY24 Result Review

$UtdHampshReitUSD(ODBU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue remained stable, but NPI declined slightly due to higher property expenses. Combined with rising finance costs, distributable income and DPU saw a YoY decline. Divestment On 14 August 2024, UHREIT divested Lowe’s and Sam’s Club within Hudson Valley Plaza at a premium above purchase price and book value. On 16 January 2025, UHREIT completed another divestment of Albany - Supermarket at valuation but above the purchase price. Related Parties Shareholding REIT Sponsor's Shareholding: Less Favorable REIT Manager's Shareholding: Less Favorable Directors of REIT Manager's Shareholding: Favorable Lease Profile Occupancy: Moderate Highest A
United Hampshire US REIT's 2H FY24 Result Review

Sasseur REIT's 2H FY24 Result Review

$Sasseur Reit(CRPU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight In SGD terms, EMA rental income remained stable YoY. However, distributable income increased due to lower finance and tax expenses despite a reduction in management fees payable in units. DPU remained similar due to higher retention. Sales For FY24, portfolio sales declined by 3.9% YoY, impacted by cautious consumer spending, shifts in demand for international brands, and external factors such as extreme weather. However, sales rebounded by 4.8% YoY in 4Q, driven by strong October Golden Week sales and year-end promotions. Asset Enhancement Initiatives AEIs for the Kunming and Hefei outlets were completed. Additionally, an energy-efficient air-condit
Sasseur REIT's 2H FY24 Result Review

Digital Core REIT's 2H FY24 Result Review

$DigiCore Reit USD(DCRU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue, NPI, and distributable income to unitholders saw significant YoY improvement, mainly due to the absence of straight-line rent write-offs from a customer bankruptcy in 2H 2023, increased colocation income from the two Los Angeles properties, and contributions from the newly acquired properties in 2024. However, the loss of income from the divestment of 2401 and 2403 Walsh Avenue partially offset these gains. Despite an enlarged unitholder base, DPU improved slightly. Rental Reversion Rental reversion for FY24 was 4.3%, reflecting positive lease renewals. Acquisition In December 2024, Digital Core REIT completed the acquisition of a
Digital Core REIT's 2H FY24 Result Review

Far East Hospitality Trust's 2H FY24 Result Review

$Far East HTrust(Q5T.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue and NPI remained stable YoY. However, income available for distribution saw a significant decline, primarily due to higher finance expenses, lower management fees being paid in units, and a substantially lower retention release compared to 2H 2023. Despite this, the impact on distribution to stapled security holders and DPS was mitigated by a higher distribution from divestment proceeds of VRCQ. Revenue per Available Room For FY24, RevPAU for hotels improved by 5.7%, reflecting stronger demand, while serviced residences saw a 1.6% decline.   Related Parties Shareholding REIT Sponsor's Shareholding: Favorable REIT Manager's Shareho
Far East Hospitality Trust's 2H FY24 Result Review

First REIT's 2H FY24 Result Review

$First Reit(AW9U.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight First REIT reported a YoY decline in gross revenue, NPI, distributable amount, and DPU, primarily due to the depreciation of the Indonesian Rupiah and Japanese Yen against SGD. This was partially offset by higher rental income from Singapore properties. The distributable amount and DPU declined at a lower rate, mainly due to adjustments related to rental straight-lining. Related Parties Shareholding REIT Sponsor's Shareholding: Favorable REIT Manager's Shareholding: Favorable Directors of REIT Manager's Shareholding: Favorable Lease Profile Committed Occupancy: Favorable Income Received in SGD/Major Currencies: Less Favorable Highest Annual Lease Expir
First REIT's 2H FY24 Result Review

CapitaLand Ascendas REIT's 2H FY24 Result Review

$CapLand Ascendas REIT(A17U.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight CapitaLand Ascendas REIT (CLAR) reported a slight decline in gross revenue, primarily due to multiple divestments in 2024 and the decommissioning of Welwyn Garden City (UK) in June 2024 and 5 Toh Guan Road East (Singapore) in November 2023. However, this was partially offset by contributions from the newly completed MQX4 development and the convert-to-suit project at 6055 Lusk Boulevard (US) in 4Q 2024. Despite the revenue decline, net property income (NPI) improved slightly due to lower operating expenses. Coupled with lower interest expenses, both distributable income and DPU saw an improvement. Rental Reversion CLAR achieved strong rental
CapitaLand Ascendas REIT's 2H FY24 Result Review

Parkway Life REIT's 2H FY24 Result Review

$ParkwayLife Reit(C2PU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Parkway Life REIT (PLife REIT) reported a slight decline in gross revenue and NPI year-on-year, primarily due to the depreciation of the Japanese Yen. However, this was partially offset by revenue contributions from newly acquired nursing home properties in Japan (October 2023 and August 2024) and 11 nursing homes in France (acquired in December 2024). While the amount available for distribution improved slightly, DPU declined marginally due to an enlarged unitholder base following an equity fundraising exercise. Acquisition On December 20, 2024, PLife REIT completed the acquisition of 11 freehold nursing homes in France. These properties, spread
Parkway Life REIT's 2H FY24 Result Review

Keppel Pacific Oak US REIT's 2H FY24 Result Review

$KepPacOakReitUSD(CMOU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue for 2H 2024 declined YoY, mainly due to lower non-cash rental income, higher vacancies, and reduced one-off termination fees, partially offset by higher recoveries income. Increased property expenses from maintenance, management fees, and leasing costs led to a 14.1% drop in NPI (7.9% lower after adjusting for non-cash items). Coupled with higher finance costs, income available for distribution also declined. Rental Reversion Rental reversion for 4Q 2024 was positive at 1.7%, while FY2024 recorded a negative rental reversion of 0.5%. Related Parties Shareholding REIT Sponsor's Shareholding: Less Favorable REIT Manager's Shareholding
Keppel Pacific Oak US REIT's 2H FY24 Result Review

CapitaLand Integrated Commercial Trust's 2H FY24 Result Review

$CapLand IntCom T(C38U.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Both gross revenue and net property income (NPI) showed slight year-on-year (YoY) improvements, driven by stronger income across the portfolio. This was achieved despite the absence of income from Gallileo due to AEI and the divestment of 21 Collyer Quay in November 2024 partially offset these gains. The amount available for distribution and distributable income saw a more significant increase, primarily due to the contribution from the 50% interest in ION Orchard (acquired in October 2024) and lower retention. However, DPU remained the same due to the enlarged unitholder base following the equity fundraising. Shopper Traffic and Tenant Sales For
CapitaLand Integrated Commercial Trust's 2H FY24 Result Review

CapitaLand Ascott Trust's 2H FY24 Result Review

$CapLand Ascott T(HMN.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight CapitaLand Ascott Trust (CLAS) reported a YoY increase in revenue and gross profit, driven by higher income from existing properties and contributions from newly acquired assets. However, total distribution and DPS declined due to higher finance costs, lower realized exchange gains, and increased tax expenses. Excluding non-periodic exchange gains, core distribution and core DPS saw an improvement. Revenue per Available Unit In 4Q 2024, RevPAU improved YoY, reaching 113% of pre-COVID levels. Similarly, 2H RevPAR showed positive growth, indicating strong demand recovery across CLAS’s portfolio. Acquisition In December 2024, CLAS acquired lyf Funan S
CapitaLand Ascott Trust's 2H FY24 Result Review

Mapletree Pan Asia Commercial Trust's 3Q FY24/25 Result Review

$Mapletree PanAsia Com Tr(N2IU.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight MPACT reported declines in gross revenue, NPI, and DPU YoY, primarily due to the divestment of Mapletree Anson in July 2024, weaker overseas contributions, and adverse currency impacts from a stronger SGD against JPY, HKD, and RMB. Rental Reversion Portfolio rental reversion for the year-to-date stands at 4.6%, driven solely by positive rental reversions in Singapore properties. All other regions in the portfolio experienced negative reversions, highlighting the resilience of the domestic market compared to overseas challenges. Shopper Traffic & Tenant Sales Shopper traffic rose 0.4% YoY, though tenant sales dipped 2.8% due to on
Mapletree Pan Asia Commercial Trust's 3Q FY24/25 Result Review

Mapletree Industrial Trust's 3Q FY24/25 Result Review

$Mapletree Ind Tr(ME8U.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue and NPI have improved YoY mainly due to higher contributions from the Osaka Data Centre, newly acquired property in Japan and better performance across the portfolio. Distribution declared by joint ventures has declined significantly YoY due to higher borrowing costs. Overall, the amount available for distribution and DPU have improved slightly YoY amid the similar distribution from divestment gain. Rental Reversion The weighted average rental reversion stands at 9.8%, reflecting strong leasing momentum across the portfolio. Acquisition On 29 October, MIT completed the acquisition of a second property in Japan, further expanding its
Mapletree Industrial Trust's 3Q FY24/25 Result Review

Mapletree Logistics Trust's 3Q FY24/25 Result Review

$Mapletree Log Tr(M44U.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue and NPI showed a slight  YoY decline, primarily driven by lower contributions from China and the weakening of foreign currencies against the SGD. The amount distributable to unitholders and DPU declined due to a combination of higher borrowing costs, reduced distributions from divestment gains, and increased tax expenses. Rental Reversion The overall portfolio rental reversion stood at 3.4%, which is a positive sign. However, China continued to experience negative rental reversions. Notably, Australia saw a significant double-digit rental reversion Divestment In November, 3 properties were divested while 6 are pending dive
Mapletree Logistics Trust's 3Q FY24/25 Result Review

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