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S-Reits’ Q3 results a preview of the potential horror show at the next earnings season

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Jude Chan

Jude Chan

Published Thu, Nov 17, 2022 · 05:51 AM
    • Frasers Centrepoint Trust was among those hit by higher interest rates, posting a 2.8 per cent decline in distributable income for the second half ended September.
    • Frasers Centrepoint Trust was among those hit by higher interest rates, posting a 2.8 per cent decline in distributable income for the second half ended September. PHOTO: FRASERS PROPERTY

    JUDGING by the latest results announcements for the third quarter, things are going to get a lot worse for Singapore-listed real estate investment trusts (S-Reits) before they get better.

    Higher financing costs due to interest rate hikes led to more than a third – or nine out of 24 of those S-Reits that reported substantial quarterly data – reporting a decline in distributable income to unitholders for the latest period.

    For the offshore real estate investment trusts (Reits) and those with sizeable portions of their portfolios based overseas, this was exacerbated by foreign exchange woes. Several major currencies – including the Australian dollar, British pound, Chinese yuan and Japanese yen – have weakened against the Singapore dollar over the recent quarter.

    S-ReitsHock Lock SiewFinancial results

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