General S-REITs Discussion Thread

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DevilPlate

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starbugs said:
Not an sreit, but HK's Link Reit is surprisingly doing a massive rights issue. The pan Asia reits ETFs such as CFA may see a wobble next Monday.

https://www.scmp.com/business/artic...ue-it-looks-pay-debts-acquire-new-investments
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Good info. However only 10% of CFA etf which may result 1-2% drop for CFA?

No concrete plans! Wow

The rights issue proposes one unit for every five existing share held at a subscription price of HK$44.20, a 26 per cent discount to the theoretical ex-rights price of HK$59.70 per unit and a 29.6 per cent discount to the closing price of Link Reit’s shares of HK$62.80 on Thursday. Trading of its shares were halted today pending the announcement.
 
pattanispirit

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FLCT CEO Wallace to step down, successor to be appointed​


Robert Stuart Claude Wallace, CEO of the manager of Frasers Logistics & Commercial Trust, has resigned for "family reasons".

In a filing with the Singapore Exchange, FLCT says that Wallace has decided to return to Australia to be with his family.

Wallace, who was appointed to this role back in June 2016, will remain as CEO until May 31 2023.

He was the executive general manager of investment property at Frasers Property Australia, formerly Australand Property Group, which he joined in August 2007.

FLCT's chairman Ho Hon Cheong says Wallace was "invaluable" in leading the merger between Frasers Logistics & Industrial Trust with Frasers Commercial Trust with the enlarged REIT renamed Frasers Logistics & Commercial Trust.

"The progress at FLCT since then has been nothing short of incredible, and the team will continue to carry it forward. We are happy for Rob to be back home with his family and wish him all the best for his next chapter," says Ho.

Under Wallace’s watch, FLCT’s portfolio value saw a fourfold growth from an initial $1.6 billion to over $6.6 billion.

FLCT has a relatively low gearing among S-REITs with leverage at 27.9% as at Dec 31 2022.

“It has been an amazing journey being part of the Frasers Property Group," says Wallace.

"I am extremely proud of our accomplishments and what we have built together. After a lot of reflection, I’ve decided to return to Australia to be with my family.

"I’m confident I’m making this move with FLCT well positioned for continued success,” he adds.

FLCT says the appointment of a new CEO will be announced in due course.

FLCT shares closed Feb 13 at $1.31, down 0.76%.

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DevilPlate

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US Tbonds and our SGS yields been creeping up.

Maybe Sreits possible to revisit Oct lows (or near) again.
 
Shion

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S-Reits increase exposure to data centre assets​


https://www.businesstimes.com.sg/companies-markets/s-reits-increase-exposure-data-centre-assets
ACCORDING to the latest 2023 Global Data Centre Market Comparison report by Cushman & Wakefield, post-pandemic activity in the data centre space continued from 2021 through to 2022, despite headwinds in the overall economy.

There was a substantial move towards emerging markets, with hyperscale tenants and colocation providers evaluating and announcing new projects worldwide.

Recently, CapitaLand Investment also announced the establishment of a China data centre development fund, which has committed to invest in two hyperscale data centre development projects in Greater Beijing.

Upon completion of these projects, it will add approximately S$1 billion to CLI’s funds under management.

Currently, CapitaLand has a portfolio of 26 data centres in Asia and Europe with total assets under management (AUM) of S$6 billion on completed basis.

Among its five listed S-Reits & property trusts, two have exposure to the data centre space.

CapitaLand Ascendas Reit’s portfolio today consists of 17 data centre properties across Singapore and Europe, making up 8 per cent of its AUM.

This compares with three data centres which made up 4 per cent of its AUM back in 2020.

In its latest FY2022 results, CLAR noted that 8.9 per cent of its new international tenant demand by gross rental income came from IT and data centre sectors.

CapitaLand India Trust announced in the fourth quarter ended Dec 31, 2022, that it has plans to develop two more data centres in Hyderabad and Chennai in addition to Mumbai and Bangalore.

This brings CLINT’s data centre exposure to four prime India markets.

Aside from CLAR and CLINT, there are three other S-Reits which have significant exposure to the data centre segment. These are Mapletree Industrial Trust as well as Digital Core Reit and Keppel DC Reit.

The latter two are pure-play data centre Reits.

The data centre segment of Mapletree Industrial Trust’s (MIT) portfolio has increased significantly over the past few years.

Its data centre exposure increased from 41.2 per cent of AUM back in March 2021, to 53.5 per cent as at Dec 31, 2022.

Keppel DC Reit (KDCReit) has a portfolio of 23 data centres as at Dec 31, 2022, with AUM of S$3.7 billion.

It has access to a pipeline potential data centre assets for acquisitions, worth approximately S$2 billion.

These are assets under development and management through its sponsor Keppel Telecommunications & Transportation and Keppel Corporation's private data centre funds.

Digital Core Reit (DCReit), in its first full-year result release since IPO, announced 3.8 per cent higher NPI of US$69.3 million compared to its IPO forecast.

In 2022, DCReit expanded into a new market through the acquisition of a 25 per cent interest in a freehold facility in Frankfurt. SGX RESEARCH

The writer is a research analyst at SGX. For more research and information on Singapore’s Reit sector, visit sgx.com/research-education/sectors for the monthly S-Reits & Property Trusts Chartbook.

Source: SGX Research S-Reits & Property Trusts Chartbook.

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Shion

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Retail S-Reits’ metrics surpass pre-Covid; poised to benefit from tourism boost​


https://www.businesstimes.com.sg/co...urpass-pre-covid-poised-benefit-tourism-boost
INTERNATIONAL tourist arrivals to Singapore rose to a new high in January since the start of the pandemic, with over 930,000 visitors. The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022. Tourism receipts are also expected to grow from around S$14 billion in 2022 to as high as S$21 billion this year.

This may bode well for domestic consumer, leisure and hospitality-related sectors. Listed in Singapore are seven S-Reits which have significant exposure to Singapore-based retail properties.

CapitaLand Integrated Commercial Trust : C38U 0% (CICT) for full year FY2022 reported 25 per cent and 22.5 per cent year-on-year (yoy) growths in shopper traffic and tenant sales respectively.

Downtown malls saw higher growth, with over 30 per cent increases in both shopper traffic and tenant sales. CICT noted that operating metrics in its retail portfolio surpassed pre-pandemic figures on the back of healthy market demand. Retail portfolio occupancy improved to 98.3 per cent as at Dec 31, 2022 (vs 96.8 per cent as at Sep 30, 2022) and positive rent reversion was recorded.

Mapletree Pan Asia Commercial Trust : N2IU +0.58%’s VivoCity Mall reported that its Q3FY22/23 sales continued to exceed pre-pandemic levels with shopper traffic and tenant sales growing 50.5 per cent and 38.5 per cent yoy respectively. VivoCity recorded positive rent reversion at 7.9 per cent.

Suntec Reit : T82U -0.71% reported 27.3 per cent and 38.8 per cent yoy growth in gross revenue and net property income respectively for its retail portfolio in H2FY22. Growth was driven by higher occupancy, rent and marcomms revenue at its Suntec City Mall. Overall retail portfolio committed occupancy improved to 98.1 per cent as at Dec 31, 2022 and the Reit recorded positive rent reversion at 4.4 per cent in FY2022.

Frasers Centrepoint Trust : J69U +0.45% reported that shopper traffic and tenant sales in Q1FY23 remained robust and grew 38.3 per cent and 13.4 per cent yoy respectively. Retail portfolio committed occupancy improved to 98.4 per cent as at Dec 31, 2022 on healthy leasing demand.

Paragon Reit : SK6U -0.52%’s Paragon Mall saw sales recover to above pre-Covid levels as tenant sales for the January to December 2022 period increased 45 per cent yoy. Footfall was at around 80 per cent of pre-Covid levels. The Clementi Mall remained resilient as tenant sales increased 12 per cent across the same period, with footfall gradually trending upwards post relaxation of pandemic restrictions.

Lendlease Global Commercial Reit : JYEU 0%’s retail portfolio maintained a portfolio occupancy rate of 99.5 per cent as at Dec 31, 2022, with positive rent reversion of around 2 per cent. The Reit noted that tenant sales and visitation surpassed pre-Covid levels and increased five times and 2.8 times yoy respectively in H1FY23.

Starhill Global Reit : P40U -0.9%’s Wisma Atria saw tenant sales and shopper traffic improve in H1FY22/23 yoy by 32.6 per cent and 30 per cent respectively. Overall portfolio occupancy rate of the Reit was at 97.1 per cent as at Dec 31, 2022.

In February, S-Reits posted 2 per cent declines in total returns (based on the iEdge S-Reit Index). Retail investors net bought the sector totalling S$89 million in net inflows, while institutional investors net sold the sector at S$42 million in net outflows. SGX RESEARCH

The writer is a research analyst at SGX. For more research and information on Singapore’s Reit sector, visit sgx.com/research-education/sectors for the monthly S-Reits & Property Trusts Chartbook.

Source: SGX Research S-Reits & Property Trusts Chartbook.

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TehSi99

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Most who bought during 2020 to 2021 are still in red. Now just going back to the same territory.
 
revhappy

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sPacEmAn_sPiFf said:
how low are u expecting? Monday's lows are not far from October's lows
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It is not panic selling. Inflation is still high and FED has not indicated that they will pause or cut rates. So FED will have to keep rates high or increase until inflation comes down. We still dont have any fear in the markets like during covid. Wait for fear to hit. People should be genuinely scared and sick in the stomach about owning equities. That is when you have a proper low. It could take middle of this year or even later. We will surely have a recession now and massive job losses. Markets are not pricing any of this.
 
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revhappy said:
It is not panic selling. Inflation is still high and FED has not indicated that they will pause or cut rates. So FED will have to keep rates high or increase until inflation comes down. We still dont have any fear in the markets like during covid. Wait for fear to hit. People should be genuinely scared and sick in the stomach about owning equities. That is when you have a proper low. It could take middle of this year or even later. We will surely have a recession now and massive job losses. Markets are not pricing any of this.
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U suddenly become so pessimistic after SVB saga

Are u selling some positions now as dry powder?
 
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