SGX Market Updates

Author: SGX   |   Latest post: Mon, 27 Mar 2023, 12:37 PM


REIT Watch - S-Reits’ Upcoming 2022 Report Cards

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S-Reits’ upcoming 2022 report cards

Source: Company announcements extracted as of 27 Jan 2023 before market opens. List above is based on trusts that have announced. For more updated earnings schedule, visit www.sgxacademy.com/eco-cal.

Five S-Reits have released their financial results or business updates for the latest reporting period, of which Suntec Reit announced its full year results. Another 26 S-Reits and property trusts have also confirmed the dates of their releases in the coming weeks.

Sabana Industrial Reit, originally scheduled to announce its FY2022 financial results on 26 Jan, has postponed the release as the Reit manager is clarifying certain matters in relation to the voluntary conditional cash partial offer by Volare Group for 10 per cent of the issued units in the Reit.

Paragon Reit, previously named SPH Reit, has changed it financial year end from Aug 31 to Dec 31. In its upcoming financial release, for which it has yet to confirm the release date, the Reit is expected to report a 16-month period from Sep 1, 2021 to Dec 31, 2022.

As the sector continues to face headwinds such as dampening economic expectations, rising interest rates and inflationary pressures, the sector’s operational efficiency and growth prospects (for example occupancy rates, rental reversion and ability to acquire new yield-accretive assets) as well as balance sheet resilience (for example gearing ratio and debt profile) will be placed under scrutiny. 

Suntec Reit reported 24 per cent year-on-year growth in net property income (NPI), which in turn saw distributable income grow 3.4 per cent on a full year basis. Second half FY22 distribution per unit (DPU) dipped 9.7 per cent to 3.674 cents due to higher financing costs. However, full year DPU grew 2.5 per cent to 8.884 cents due to higher NPI contribution and a capital distribution of S$23.0 million. To manage rising rates and weaker currencies, the Reit has increased its fixed interest rate borrowings from 53 per cent at end-FY21 to 66 per cent at end-FY22 and foreign currency income hedge from 45 per cent at end-FY21 to 60 per cent at end-FY22. 

REIT Watch is a weekly column on The Business Times, read the original version

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Related Stocks

Chart Stock Name Last Change Volume 
PARAGONREIT 0.935 +0.01 (1.08%) 116,200 
Sabana Reit 0.43 -0.005 (1.15%) 205,600 
Suntec Reit 1.42 0.00 (0.00%) 645,800 

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