Singapore REITs report mixed bag of earnings amid uncertain operating climate

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Several Singapore REITs have continued to report in their financial results for 1H 2020, amid uncertain operating conditions brought about by the COVID-19 pandemic.

Data from these REIT’s latest financial results have been updated into the Singapore REITs table.

ARA LOGOS Logistics Trust declared a distribution per unit (DPU) of 2.323 cents for its 1H 2020, of which 1.326 cents was for 2Q 2020.

The REIT reported gross revenue and net property income of SGD29 million (USD21 million) and SGD21.9 million, rising 4.3% and 7.0% respectively compared to 2Q 2019.

The REIT has attributed its improved performance to higher revenue generated from the commencement of new leases.

Meanwhile, Ascott Residence Trust (ART) reported a distributable income of SGD32.6 million in 1H 2020 amidst the COVID-19 pandemic.

This was 56% lower compared to 1H 2019.

The distributable income included a SGD5.0 million top-up to mitigate the impact of COVID-19 on distributions and to share past divestment gains with stapled securityholders.

Distribution per stapled security for 1H 2020 is 1.05 cents, a 69% year-on-year decrease compared to 3.43 cents in 1H 2019.

Over at Parkway Life REIT, the amount available for distribution in 2Q 2020 grew by 5.2% year-on-year, while DPU grew 2.5% to 3.36 cents notwithstanding retention of SGD850,000 for COVID-19 related relief measures.

Meanwhile, Mapletree North Asia Commercial Trust (MNACT) continue to face headwinds from uncertain operating conditions due to COVID-19.

The REIT’s gross revenue for 1Q FY20/21 decreased by 10.7% to SGD93.7 million, compared to 1Q FY19/20, while NPI declined by 19.5% to SGD68.5 million.

The decline was mainly attributed to rental reliefs granted to tenants and a lower average retail rental rate at Festival Walk as a result of the COVID-19 situation since early 2020, and a lower average occupancy at Gateway Plaza.

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