At the time of the latest reporting period for 3Q 2023, the majority of Singapore-listed REITs have reported lower distribution figures on a year-on-year basis.
As per what transpired in 1H 2023, these REITs are reeling from higher financing costs, which are a direct result of the rising interest rate environment.
Fundamental data from the various disclosures are also updated into the Singapore REITs table.
| REIT | Distributions (millions)NPI/revenue (for business updates) | YoY % growth | In a nutshell | Results presentation |
|---|---|---|---|---|
| Keppel DC REIT (3Q 2023) | SGD43.9 | -6.5 | Lower distributable income due to higher finance costs and less favourable FOREX hedges |  |
| Keppel REIT (9M 2023) | SGD148.6 | -10.1 | Actual distributable income saved by anniversary distribution of SGD15 million. Overall decline due to higher borrowing costs and utility charges. | |
| Keppel Pacific Oak US REIT (3Q 2023) | USD13.1 | -10.7 | Higher finance costs have been cited as the major contributor to the fall in distributions. | |
| Suntec REIT (3Q 2023) | SGD52.0 | -13.3 | Higher finance costs and a weaker AUD against the SGD contributed to the plunge in distributable income. | |
| Mapletree Logistics Trust (2Q FY23/24) | SGD112.5 | 4.2 | Higher distributable income due to higher contribution from properties in Singapore and Hong Kong, and contribution from new acquisitions. | |
| Far East Hospitality Trust (3Q 2023) | SGD22.867 | 51 | Higher distributable income due to significant rise in revenue from the return of visitors into Singapore. | |
| Frasers Centrepoint Trust (FY2023) | SGD207.75 | -0.2 | Lower distributions due to lower income from Tampines 1 due to AEI, and higher utilities, maintenance and staff costs. | |
| Mapletree Industrial Trust (2Q FY23/24) | SGD94.1 | 3.5 | Includes compensation from compulsory acquisition and net divestment gains, amplified by higher contribution from Singapore assets. | |
| CapitaLand Integrated Commercial Trust (3Q 2023) | SGD275 (NPI) | 0.6 | 4.6% rise in gross revenue was offset by rise in operating expenses, despite higher actual occupancy and shopper traffic. | |
| Digital Core REIT (9M 2023) | USD31.5 | -8.5 | Increase in utility costs and impact from the bankruptcy of a major tenant Cyxtera has affected the REIT's distributions. | |
| Mapletree Pan Asia Commercial Trust (2Q FY23/24) | SGD118 | 2.9 | Higher revenue across all markets except China, but offset by higher utility expenses and finance costs. | |
| CapitaLand China Trust (3Q 2023) | SGD64.3 (NPI) | -8.4 | Revenue impeded by closure of CapitaMall Qibao and rent provisions made at CapitaMall Shuangjing, made worse by the 10.5% on-year decline in RMB versus SGD. | |
| CDL Hospitality Trusts (3Q 2023) | SGD39 | 23.3 | Continued recovery in international travel has led to a broad improvement in operational results, despite rising finance costs. | |
| Starhill Global REIT (1Q 23/24) | SGD37.4 | 0.4 | Loss of income from Japan divestment and forex weakness was partly offset by higher contribution from Singapore assets. | |
| OUE Commercial REIT (3Q 2023) | SGD62.7 | 29.8 | Healthy office rent reversions, increased retail sales and a recovery in tourist arrivals contributed to the jump in NPI. | |
| Paragon REIT (3Q 2023) | SGD2.5 (Revenue) | 1.2 | Recovery in tourist arrivals plus higher tenant sales contributed to higher revenue for the period. | |
| First REIT (9M 2023) | SGD38.4 | -1.2 | Higher finance costs and the depreciation of foreign currencies against the SGD contributed to the fall in distributions. | |
| Parkway Life REIT (3Q 2023) | SGD66.5 | 2.8 | New income from five new assets and higher contribution from Singapore properties contributed to the increase in distributable income. | |
| Frasers Logistics & Commercial Trust (FY2023) | SGD262.3 | -6.9 | Divestment of Cross Street Exchange, lower occupancy at Farnborough and Maxis business parks and 357 Collins Street and unfavourable forex rates contributed to the fall in distributions for the year. | |
| AIMS APAC REIT (1H 2024) | SGD36.1 | 7.1 | Higher rents collected from logistics, warehouse and industrial assets, but offset by unfavourable AUD vs SGD. | |
| Manulife US REIT (3Q 2023) | NIL | NA | Leasing is gaining momentum in 3Q 2023 with positive rental reversions achieved. However, gearing remains elevated and the REIT will soon disclose a sponsor-supported rescue package. | |
| Prime US REIT (3Q 2023) | USD14.7 | -23.4 | Higher finance expenses coupled with absence of lease termination income contributed to the double-digit dip in distributable income. | |
| Frasers Hospitality Trust (2H 2023) | SGD25.2 | 26.6 | Continued recovery in global tourism and growing MICE events contributed to the growth in distributions. | |
| Elite Commercial REIT (9M 2023) | GBP13.6 | -25.1 | Enlarged equity base, dilapidation settlement on vacant assets and increased borrowing costs contributed to the fall in distributable income. | |
| United Hampshire US REIT (3Q 2023) | USD7.1 | -5.2 | Manager electing to receive 100% of its base fee in cash instead of units contributed to the nominal fall in distributable income. | |
| Lippo Malls Indonesia Retail Trust (3Q 2023) | NIL | NA | The REIT has declared no distributions for the quarter. | |
| Sasseur REIT (3Q 2023) | SGD30.3 (EMA Rental Income) | -1.5 | Fall was mainly due to the depreciation of the RMB against the SGD. 3Q 2022 also had a one-off non-recurring tax refund. | |
| ARA US Hospitality Trust (9M 2023) | USD35.2 million (NPI) | 7 | Recovery in US lodging market and healthy US economy contributed to the increase in revenue and NPI. | |
Source: Result disclosures from respective REITs