27 S-REITs have confirmed the release of their financial results
27 out of 41 Singapore real estate investment trusts and property trusts (S-REITs) have confirmed the release of their financial results or business updates for the respective periods ended Mar 31, 2024. Of those, 19 will report business updates and eight will report financial results.
Name | Release Date | Release Time | For Period | Type |
Sabana REIT | 15-Apr | After Mkt | Q1 | Business Update |
Keppel Pacific Oak US REIT | 17-Apr | Before Mkt | Q1 | Business Update |
CapitaLand Integrated Commercial Trust | 19-Apr | Before Mkt | Q1 | Business Update |
Keppel DC REIT | 19-Apr | Before Mkt | Q1 | Business Update |
CapitaLand Ascendas REIT | 22-Apr | After Mkt | Q1 | Business Update |
Keppel REIT | 23-Apr | Before Mkt | Q1 | Business Update |
CapitaLand Ascott Trust | 24-Apr | Before Mkt | Q1 | Business Update |
CapitaLand China Trust | 24-Apr | Before Mkt | Q1 | Business Update |
CapitaLand India Trust* | 24-Apr | After Mkt | Q1 | Business Update |
Digital Core REIT | 24-Apr | After Mkt | Q1 | Business Update |
First REIT | 24-Apr | Before MKt | Q1 | Business Update |
Mapletree Pan Asia Commercial Trust | 24-Apr | Before Mkt | Q4 & FY | Financial Results |
OUE REIT | 24-Apr | After Mkt | Q1 | Business Update |
Frasers Centrepoint Trust | 25-Apr | Before Mkt | 1H | Financial Results |
Mapletree Industrial Trust | 25-Apr | After Mkt | Q4 & FY | Financial Results |
Suntec REIT | 25-Apr | Before Mkt | Q1 | Business Update |
Lippo Malls Indonesia Retail Trust | 26-Apr | After Mkt | Q1 | Financial Results |
STARHILL GLOBAL REIT | 29-Apr | After Mkt | Q1 | Business Update |
Cromwell European REIT | 30-Apr | NA | Q1 | Financial Results |
Far East Hospitality Trust | 30-Apr | Before Mkt | Q1 | Business Update |
Parkway Life REIT | 30-Apr | After Mkt | Q1 | Business Update |
Elite Commercial REIT | 3-May | Before Mkt | Q1 | Business Update |
ARA US HOSPITALITY TRUST | 3-May | After Mkt | Q1 | Business Update |
Lendlease Global Commercial REIT | 6-May | After Mkt | Q3 | Business Update |
AIMS APAC REIT | 7-May | Before Mkt | 2H & FY | Financial Results |
Frasers Logistics & Commercial Trust | 7-May | Before Mkt | 1H | Financial Results |
Frasers Hospitality Trust | 9-May | Before Mkt | 1H | Financial Results |
1.Sabana Industrial REIT
$Sabana Reit(M1GU.SI)$ kicked off the current financial reporting season for S-REITs with the release of its first-quarter business updates last week. The REIT's portfolio occupancy fell to 83% in the first quarter ended Mar 31, 2024, from 91.2% in Q4, 2023.
Its rental reversion rose to 23.7% in Q1 from 6.2% the previous quarter, maintaining its positive quarterly rental reversion streak since 2021, with new and renewed leases totalling 139,426 square feet (sq ft) – an increase from the 42,651 sq ft noted in the previous period.
The REIT was also awarded its first Building and Construction Authority (BCA) Green Mark Super Low Energy certificate based on the Green Mark Criteria for Green Mark 2021.
2.Keppel Pacific Oak US REIT
$KepPacOakReitUSD(CMOU.SI)$ reported a 0.8% year-on-year decline in net property income (NPI) in the first quarter ended Mar 31, 2024 to US$21 million, from US$21.2 million in Q1 2023.
It also had an 8.8% year-on-year decline in income available for distribution for Q1 2024 to US$11.9 million from Q1 2023’s US$13.1 million. This was mainly due to higher financing cost as a result of higher interest rates. Its gross revenue was flat year on year at US$37.1 million.
Keeping an eye on the Fed
S-REITs continue to draw investors’ attention, especially with high anticipation over when the US Federal Reserve will start cutting its rates. After the Fed – in its March meeting – projected that it will cut rates by 75 basis points this year, expectations have since fallen.
This is especially as the US economy showed elevated inflation persisting above the central bank’s target, along with an increase in manufacturing output as well as ongoing geopolitical tensions in the Middle East.
For Q1 2024, institutional investors net sold S$548 million worth of S-REITs while retail investors continued to net buy the sector at S$486 million.
https://www.sgx.com/research-education/market-updates/20240421-reit-watch-earnings-season-kicks-27-s-reits-confirm
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