SGX Market Updates

REIT Watch - Earnings Season Kicks Off as 27 S-REITs Confirm Schedule

Publish date: Mon, 22 Apr 2024, 05:40 PM
NameRelease DateRelease TimeFor PeriodType
Sabana REIT15-AprAfter MktQ1Business Update
Keppel Pacific Oak US REIT17-AprBefore MktQ1Business Update
CapitaLand Integrated Commercial Trust19-AprBefore MktQ1Business Update
Keppel DC REIT19-AprBefore MktQ1Business Update
CapitaLand Ascendas REIT22-AprAfter MktQ1Business Update
Keppel REIT23-AprBefore MktQ1Business Update
CapitaLand Ascott Trust24-AprBefore MktQ1Business Update
CapitaLand China Trust24-AprBefore MktQ1Business Update
CapitaLand India Trust*24-AprAfter MktQ1Business Update
Digital Core REIT24-AprAfter MktQ1Business Update
First REIT24-AprBefore MKtQ1Business Update
Mapletree Pan Asia Commercial Trust24-AprBefore MktQ4 & FYFinancial Results
OUE REIT24-AprAfter MktQ1Business Update
Frasers Centrepoint Trust25-AprBefore Mkt1HFinancial Results
Mapletree Industrial Trust25-AprAfter MktQ4 & FYFinancial Results
Suntec REIT25-AprBefore MktQ1Business Update
Lippo Malls Indonesia Retail Trust26-AprAfter MktQ1Financial Results
Starhill Global REIT29-AprAfter MktQ1Business Update
Cromwell European REIT30-AprNAQ1Financial Results
Far East Hospitality Trust30-AprBefore MktQ1Business Update
Parkway Life REIT30-AprAfter MktQ1Business Update
Elite Commercial REIT3-MayBefore MktQ1Business Update
ARA US Hospitality Trust3-MayAfter MktQ1Business Update
Lendlease Global Commercial REIT6-MayAfter MktQ3Business Update
AIMS APAC REIT7-MayBefore Mkt2H & FYFinancial Results
Frasers Logistics & Commercial Trust7-MayBefore Mkt1HFinancial Results
Frasers Hospitality Trust9-MayBefore Mkt1HFinancial Results

 Source: Company announcements as at 19 April, 2024;
*Note: CapitaLand India Trust is a property trust.

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.

Sabana Industrial REIT (Sabana REIT) 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 per cent in the first quarter ended Mar 31, 2024, from 91.2 per cent in Q4, 2023.

Its rental reversion rose to 23.7 per cent in Q1 from 6.2 per cent 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. “With the progress of our sustainability journey, we are well positioned to capitalise on alternative solar energy as we expect potential energy price volatility in view of the Middle East conflict,” Donald Han, CEO of Sabana REIT's manager, said in the update.

Keppel Pacific Oak US REIT reported a 0.8 per cent 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 per cent 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.

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.

Source: SGX Research S-REITs & Property Trusts Chartbook.

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

Enjoying this read?

  • Subscribe now to the SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.
  • Stay up-to-date with our SGX Invest Telegram channel. 
Related Stocks
Be the first to like this. Showing 0 of 0 comments

Post a Comment