- Results from the 20 S-REITs under our coverage were mostly in line with forecasts. The hospitality sub-sector registered the strongest NPI growth averaging 26% y-o-y. We saw resiliency from Singapore with positive rental reversions across retail, office and industrial properties despite external uncertainties.
- - Read this at SGinvestors.io -
- Frasers Centrepoint Trust,
- Far East Hospitality Trust,
- Keppel REIT,
- Lendlease REIT and
- - Read this at SGinvestors.io -
Hospitality sub-sector saw the strongest recovery
- The hospitality sub-sector saw the strongest recovery, benefitting from recovery and reopening in a seasonally stronger 3Q23. In Singapore, the average length of stay increased 0.28 days to 3.55 days, which is 9% above pre-pandemic levels.
- CapitaLand Ascott Trust (SGX:HMN) reported 17% y-o-y growth in RevPAR globally, while CDL Hospitality Trusts (SGX:J85) and Far East Hospitality Trust (SGX:Q5T) registered growth in RevPAR of 20% and 44% y-o-y respectively for assets in Singapore in 3Q23.
- CapitaLand Ascott Trust’s gross profit grew 13% y-o-y, while CDL Hospitality Trusts and Far East Hospitality Trust saw NPI growth of 23% and 42% y-o-y respectively.
- Far East Hospitality Trust has committed to utilising additional incentive fee of S$18m from the divestment of Central Square to cushion the negative impact from higher interest rates.
- See
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH C UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-11-20
Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT SectorCheck Out Also The Summary Of:
S-REIT Share Price Performance
S-REIT Target Prices & Ratings
