- For the 21 S-REITs under our coverage, two were above expectations with three below expectations. The hospitality segment registered the strongest NPI growth averaging 9% y-o-y.
- We saw double-digit positive rental reversions for downtown malls, offices and logistics properties.
- - Read this at SGinvestors.io -
Retail: Recovery from downtown malls while suburban malls stay resilient.
- Most downtown malls achieved positive double-digit rental reversion, such as Suntec City Mall (1Q24: +21.7%), Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s VivoCity (FY24: +14.0%) and Lendlease REIT (SGX:JYEU)’s 313@Somerset (3QFY24: +20%) due to a recovery in tourism and back-to-office momentum. Unfortunately, occupancy at Suntec City Mall was maintained at 95.8% in 1Q24 as Suntec REIT (SGX:T82U) struggled to backfill space vacated by Pure Fitness and Pure Yoga.
- - Read this at SGinvestors.io -
- See report:
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-05-21
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