Bevy of Singapore REITs report financial results amid COVID-19 difficulties

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Ascendas REIT, Suntec REIT, Elite Commercial REIT, CapitaLand Commercial Trust (CCT) and OUE Commercial Trust reported their respective financial results on 23 July.

Data from these results have been updated into the Singapore REITs table.

OUE Commercial REIT reported net property income (NPI) of SGD50.4 million (USD36 million) for its 2Q 2020, an increase of 23.7% year-on-year.

The increases are mainly due to contributions from Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport upon completion of the merger with OUE Hospitality Trust.
Ascendas REIT reported a DPU decline of 10.8% year-on-year to 7.270 cents.

The decline is due an enlarged number of applicable units given the rights issue in December 2019, and one-off distribution of rollover adjustments from prior years amounting to SGD7.8 million in 1H 2019.

Excluding the one-off distribution of rollover adjustments, DPU would have declined by 8% year-on-year, said the REIT.

Meanwhile, CCT’s DPU was 1.69 cents, 23.2% lower year-on-year but 2.4% higher than 1Q 2020 DPU of 1.65 cents.

Suntec REIT reported that its distributable income from operations of SGD103.1 million for 1H 2020 was 12.2% lower year-on-year.

COVID-19 had significantly affected both the convention and retail businesses, said the REIT.

“The rent assistance granted to tenants at Suntec City Mall and the weakened Australian dollar contributed to the decline in distributable income from operations", Suntec REIT added.

Meanwhile, Elite Commercial REIT’s actual revenue of GBP9.3 million (USD11 million) exceeded the revenue forecast by 0.3% during its maiden reporting period.

Overall, the REIT recorded a 7.0% greater than forecasted profit after tax as a result of higher revenue, savings in operating expenses, finance costs and lower than forecasted tax expenses, its manager added.

This resulted in a higher distributable income of GBP6.5 million for the reporting period, outpacing its forecast by 1.3%.

Consequently, the REIT recorded a DPU of 1.95 pence, which was 1.0% higher than the forecasted DPU of 1.93 pence.

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