32 S-Reits release schedule for this reporting season

AS we move into this reporting season, 32 S-Reits and property trusts have released dates of their financial results or business updates for their respective periods ended Mar 31, 2023.

Of the 32 trusts, four have already released business updates for Q1 2023 – Keppel Reit , Keppel DC Reit, Keppel Pacific Oak US Reit , and Sabana Industrial Reit .

Keppel Reit reported Q1 2023 net property income was 1.3 per cent higher year on year (yoy) due to higher rentals achieved on leases committed in 2022 and higher portfolio occupancy of 96.3 per cent (versus 95.1 per cent for the same period last year).

Its aggregate leverage maintained at 38.7 per cent, and 75 per cent of its borrowings are on fixed rates.

Keppel DC Reit highlighted that distributable income and distribution per unit increased by 4.1 per cent and 3.0 per cent yoy respectively, mainly due to contributions from acquisitions in Guangdong, China and asset enhancement initiatives, renewals, and income escalations.

More than half of its portfolio has built-in income and rental escalations based on the Consumer Price Index or similar indexation.

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It has a gearing ratio of 36.8 per cent and 73 per cent of its loans are fixed, with the bulk of its debt expiring from 2026 and beyond.

Keppel Pacific Oak US Reit reported a decline in adjusted distributable income by 12.5 per cent yoy in Q1 2023, due to divestments of assets in H2 2022 and higher financing cost.

Its aggregate leverage is at 38.7 per cent and has no long-term refinancing requirements until Q4 2024.

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Its portfolio continues to have a focus on technology and innovation and has 2.4 per cent built-in average annual rental escalation across the portfolio.

Sabana Industrial Reit announced that its portfolio occupancy in Q1 2023 has climbed to 92.6 per cent, the highest since Q1 2021, driven by new leases and demand for warehouse and logistics properties from third-party logistics service providers. The Reit achieved 13.6 per cent positive rental reversion, sustaining the positive quarterly rental reversion track record since Q1 2021. SGX RESEARCH

The writer is a research analyst at SGX.

For more research and information on Singapore’s Reit sector, visit sgx.com/research-education/sectors for the monthly S-Reits & Property Trusts Chartbook.

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