Singapore REITs 4Q24 Round-Up - UOB Kay Hian 2025-03-06: Staying On Task, Majority Met Expectations.

• For the 21 S-REITs under our coverage,
  • 4 performed above our expectation, i.e. CapitaLand Integrated Commercial Trust, CapitaLand Ascott Trust, Digital Core REIT and Keppel DC REIT;
  • - Read this at SGinvestors.io -
  • - Read this at SGinvestors.io -

Retail REITs: Demonstrates resiliency.

• Frasers Centrepoint Trust (SGX:J69U) maintained a high retail portfolio occupancy of 99.5% in 1QFY25. It has embarked on an asset enhancement initiative for Hougang Mall to expand F&B and retail options in prime retail areas at B1, L1 and L3, which are already 50% pre-committed.
• Lendlease REIT (SGX:JYEU) achieved a positive rental reversion of 10.7% in 1HFY25 (313@Somerset: high single digit, Jem: low teens). It secured two new tenants − an international school and a co-working operator − to bring occupancy at Building 3 of Sky Complex to 31%.
• CapitaLand Integrated Commercial Trust (SGX:C38U) achieved a positive rental reversion of 8.8% for its retail portfolio in 2024. Occupancy at its newly-acquired ION Orchard improved 2ppt to 98%. Its portfolio valuation increased 1.4% on a same-store basis and it recognised a revaluation gain of S$153m.

Office REITs: Maintains continued positive rental reversion.

• Read more at SGinvestors.io.

Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-03-06 SGinvestors.io

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