AFTER garnering S$1.2 billion in net retail inflows in 2020, Singapore Reits (S-Reits) continued to see retail interest in early 2021. 10 S-Reits with the largest net retail inflows in 2021 YTD totalled S$88.1 million and are listed in the table. Five of the 10 trusts reported quarterly earnings or business updates for the quarter ended Dec 31, 2020.

Earnings highlights & business updates

Mapletree Logistics Trust reported 15 per cent and 14.9 per cent growth in gross revenue and net property income (NPI) respectively in Q3 FY20/21 mainly from existing properties and accretive acquisitions completed. Distributable amount to unitholders rose 10.2 per cent and distribution per unit (DPU) increased 1.0 per cent to 2.065 cents. The Reit Manager noted that overall leading demand for warehouse space has been relatively resilient to-date and will continue to keep its focus on proactive asset management and maintaining stable occupancies.

Mapletree NAC Trust in its Q3 FY20/21 business update reported 2.3 per cent lower NPI for YTD FY20/21 due to the novel coronavirus pandemic. The decline was buffered by contributions from two Japan office properties acquired in February 2020.

Despite a lower year-on-year performance in FY20/21 expected by the Reit manager, it has maintained a portfolio occupancy of above 96 per cent as of Dec 31, 2020 and continues to diversify through accretive acquisitions.

SPH Reit in its Q1 FY21 business update noted 10.8 per cent higher gross revenue, largely attributed to the acquisition of Westfield Marion in Australia and tenant sales recovering to near pre-Covid-19 levels.

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Its DPU of 1.20 cents represents a 13 per cent year-on-year decline, but a 122 per cent increase quarter on quarter, from the release of FY20 income deferred under Covid-19 relief measures. The Reit manager notes that footfall and tenant sales across its Singapore malls recovered during the year-end festive period.

ESR-Reit's Q4 core DPU increased 5.9 per cent quarter on quarter to 0.741 cents, showing signs of stabilisation and bringing its FY20 core DPU to 2.8 cents or 20.7 per cent lower year on year due to Covid-19. Given that operations and cashflow have stabilised, DPU retained in Q1 will be fully distributed, taking the Q4 DPU to 0.84 cent. The Reit manager expects industrial market rents and prices to remain soft in the near future and its key focus is to enhance operational stability and organic growth to remain relevant to industrialists space needs.

Ascott Trust for FY20 reported 28 per cent lower revenue and 41 per cent lower gross profit due to asset divestments and challenges from Covid-19. Despite this, the trust noted a quarter-on-quarter increase in average portfolio occupancy driven by domestic demand and long stays in China and Vietnam.

Distribution per stapled security for FY20 is 3.03 cents, with the release of S$5 million retained in H1 2020 and top-up of $45 million. The trust is pivoting towards longer-stay accommodation and also made its first foray into the student housing market in the United States. SGX RESEARCH

• 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, data as at Jan 28, 2021.