Fundamental data from the various disclosures are also updated into the Singapore REITs table.

REIT NPI (SGD million) YOY growth (%) In a nutshell Primary source
Sasseur REIT (1Q 2024) (EMA) 32.6 -1.4 Fall in EMA rental income largely due to a stronger SGD against the RMB.
United Hampshire US REIT (1Q 2024) (USD) 12.7 -1.3 Absence of revenue from Big Pine Center that was divested in August 2023 and higher interest costs resulted in lower NPI despite rise in revenue.
Frasers Hospitality Trust (1H 2024) 44.7 -1.3 Lower NPI despite higher revenue due to elevated property taxes in Singapore alongside increased labour and utilities costs.
AIMS APAC REIT (FY2024) 131.0 +6.9 Higher rent growth across its portfolio contributed to higher revenue and NPI, though DPU slipped given a larger unit base.
Elite Commercial REIT (1Q 2024) (GBP) 8.3 -3.7 Absence of income from vacant assets and vacancy holding costs have contributed to the slide in NPI.
Parkway Life REIT (1Q 2024) 34.3 -2.7 The retreat in revenue and NPI has been attributed to stronger SGD against a weakening JPY. Also mentioned is the higher financing cost.
Cromwell European REIT (1Q 2024) 32.7 -2.7 Decrease in revenue and NPI due to absence of income from divested assets and higher financing costs.
Mapletree Logistics Trust (4Q 23/24) 155.3 -2.6 Absence of revenue from divested assets while higher property expenses and financing costs resulted in lower NPI and distributions.
Starhill Global REIT (3Q 23/24) 37.7 -0.9 Slight dip in NPI despite rise in revenue due to stronger SGD against other currencies and higher operating expenses during the quarter.
Lippo Malls Indonesia Retail Trust (1Q 2024) 29.89 -3.1 Fall in revenue and NPI mainly due to stronger SGD against a weakening IDR and higher financing costs.
Mapletree Industrial Trust (FY 23/24) 521.0 +0.6 Slight rise in NPI due to contributions from newly acquired Kallang Way asset and Osaka data centre.
Frasers Centrepoint Trust (1H 2024) 124.61 -8.4 Fall in revenue and NPI due to the divestment of Changi City Point and absence of income from Tampines 1 given AEI works.
OUE REIT (1Q 2024) 60.5 +6.9 Positive rental reversions for Singapore office and retail assets, and higher RevPAR for its hospitality properties led to higher revenue for the period.
First REIT (1Q 2024) 25.3 -2.1 Net income for the period was impacted by elevated interest rates and a higher SGD when compared to the IDR.
CapitaLand China Trust (1Q 2024) 60.1 -11.8 Net income for the quarter was impacted by lower contributions from logistics parks and a higher SGD when compared to the RMB.
CapitaLand Integrated Commercial Trust (1Q 2024) 293.7 +6.3 Higher growth in gross rental income coupled with lower operating expenses contributed to the rise in NPI.
Keppel DC REIT (1Q 2024) 71.0 +11.2 Higher gross revenue in 1Q 2024 mainly due to settlement sum received in relation to the dispute with DXC and positive reversions and escalations

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.