The Business Times
REIT WATCH

S-Reits confirm schedule for latest results and updates

EMELIA TAN
Published Sun, Oct 23, 2022 · 02:04 PM

SOME 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit : SK6U 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s : M1GU 0% Q3 FY22 business update. 

As rising interest rates and inflationary pressures continue to be drivers for the sector, investors will be keeping a close eye on the sector’s operational resiliency and balance sheet strengths. 

SPH Reit reported higher distribution per unit of 5.52 Singapore cents for the 12 months ended Aug 31, 2022, up 2.2 per cent from the previous year. The Reit reported 1.7 per cent increase in gross revenue and 3.5 per cent increase in net property income, alongside improvement in rental reversions with a -2.8 per cent portfolio rental reversion rate compared to -8.4 per cent a year ago. With continued emphasis on capital discipline, SPH Reit sees ample debt headroom with a gearing ratio of 30 per cent and a weighted average term to maturity of 2.5 years.

Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17. Excluding its Tuas Avenue facility that is currently undergoing asset enhancement, total occupancy would have been 92.2 per cent. The Reit has signed 83,588 sq ft of new leases with tenants primarily from the logistics & supply chain and media & publishing trade sectors. It also renewed 71,266 sq ft of leases with a positive rental reversion of 10.2 per cent, recording 10 positive quarterly reversions over the past 11 quarters. On capital management, aggregate leverage was 33.7 per cent with average borrowing maturity at three years. Looking ahead, the Reit will continue to pursue green initiatives across its portfolio as it looks to improve the assets’ operational efficiency over the medium-term. 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.

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