Daniel Lee
- Aug 30
- 17 min read

Singapore REITs Business Updates For 1st Half 2024

Here are the REITS that have reported their earnings or business updates for the first half of 2024.

General Findings:

Strengthening of SGD and higher borrowing cost continues to put pressure on DPU across all of the REITs
Singapore retail properties exhibited strong performances with continued high occupancy and positive rental reversion
Singapore office properties exhibited mixed performances depending on the location and grade of properties but overall, they remained largely resilient and unchanged in both occupancy and rental reversion
Singapore industrial and business park properties occupancy remained stable with decent rental reversions that are expected to continue into FY 2024 at the back of a recovery in Singapore’s manufacturing and finance industry
Australia's logistic and industrial property occupancy remained resilient with decent double-digit reversions that are expected to continue
China's logistic and industrial sector is facing strong headwinds that resulted in lower overall occupancy rate and negative rental reversions that are expected to persist in the near term
China's retail sector has been doing very well which bolstered tenants’ sales which translated into higher occupancy rates and rental reversion
The global hospitality industry is slowing down with occupancy rate falling. Performance remained strong at the back of the higher Average Daily Rate which outweighed the slight dip in occupancy rate.
European logistic sector demand remains resilient due to the continued trend of friend-shoring and a shift of supply chains closer to home.
United States Office Sector remained stable at depressed levels. Valuations have stopped falling while the occupancy rate is slowly recovering.

You can skip to the respective type REITs that you are interested in or Ctrl + F your way to the desired reit:

Healthcare REIT
Hospitality REIT
Retail REIT
Office & Commercial REIT
Industrial REIT

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Healthcare REITs

Parkway Life REIT

Announced their 1H 2024 business update of which:

What is positive:

Natural hedge has negated the top-line FX impact and preserved bottom-line growth as DPU increased by 3.5%

What is negative:

Gross revenue declined by 2.7% mainly due to the depreciation of JPY, partially offset by the contribution from properties acquired in 2024
Finance costs increased slightly due to funding of capital expenditure for new acquisitions and higher interest cost which is partially offset by a weaker yen.

Any changes in stance: No adjustment nor changes in fundamental view.

First REIT

Announced their 1H 2024 business update of which:

What is positive:

In local currency terms, Rental and Other Income increased 4.4% Y-O-Y for properties in Indonesia, and 2.0% Y-O-Y for nursing homes in Singapore, while nursing homes in Japan remained stable

No refinancing requirements until May 2026

What is negative:

In SGD terms, both Gross Rental Income (-3.7%) and Net Rental Income (-4.1%) experienced a decline due to FX losses
1H 2024 DPU of 1.20 Singapore cents is lower Y-O-Y due to currency translation impact
The gearing ratio increased from 38.7% to 39.5% on the back of lower asset valuation

Any changes in stance: Adjusted forecasted FY2024 DPU growth from -3% to -4%. Updated the calculated intrinsic value calculation. No other changes in the fundamental view.

Hospitality REITs

ARA US Hospitality Trust

No updates for this quarter

CapitaLand Ascott Trust

Announced their 1H 2024 business update of which:

What is positive:

1H 2024 revenue and gross profit increased 11% and 12% y-o-y respectively on stronger performance and contribution from new properties, partially offset by divestments and foreign exchange impact
On a same-store basis, excluding acquisitions and divestments between 1H 2023 and 1H 2024, gross profit was 3% higher y-o-y due to stronger operating performance
In the past year, CLAS announced divestments of S$408.1 million across 10 mature assets at an average exit yield of 3.8%, unlocking about $44.6 million in gains. Part of the proceeds have been used to pare down the debt.

What is negative:

Higher FX losses and borrowing costs resulted in a decrease in DPU of around 1% after adjusting for non-periodic items

Any changes in stance: No adjustment nor changes in fundamental view.

CDL Hospitality Trust

Announced their 1H 2024 business update of which:

What is positive:

Revenue increased by 6.8% while NPI increased by 5.9% year-on-year. Improvement was recorded in almost all the portfolio markets, except the UK market which was flat and the New Zealand market which was down yoy.

What is negative:

Around 52.2% of their debt is due for refinancing between 2024 and 2025 which is expected to add pressure to the borrowing cost

Any changes in stance: No adjustment nor changes in fundamental view.

Far East Hospitality Trust

Announced their 1H 2024 business update of which:

What is positive:

Gross Revenue for 1H 2024 increased by 3.4% year-on-year with growth from all segments
DPU grew 2.1% due to higher NPI and distribution from divestments to cushion the impact of higher interest rate
No refinancing requirement in 2024

What is negative:

Any changes in stance: No adjustment nor changes in fundamental view.

Frasers Hospitality Trust

Announced their Q3 2024 business update of which:

What is positive:

No more refinancing requirements in FY 2024

What is negative:

The market has softened in 3Q but continued to remain resilient
Cost of borrowing increased to 3.5% from 3.4%

Any changes in stance: No adjustment nor changes in fundamental view.

Retail REITs

BHG Retail REIT

Announced their 1H 2024 business update of which:

What is positive:

In RMB terms, gross revenue and net property income grew 4.2% and 3.5% year on year in 1H 2024

What is negative:

DPU decreased from 0.35cents to 0.25cents y.o.y largely due to FX losses and absence of other income

80% of borrowings are denominated in SGD

Any changes in stance: No adjustment nor changes in fundamental view.

CapitaLand China Trust

Announced their 1H 2024 business update of which:

What is positive:

DPU improved slightly as compared to 2H 2023 at the back of a well capital management that resulted in interest rate savings

What is negative:

Gross revenue (-2.3% yoy) and Net Property Income (4.9%) decreased at the back of weaker logistic park performances

For 1H 2024, the strength of the Singapore Dollar (SGD) against Renminbi (RMB) continued to impact foreign currency translation

Any changes in stance: No adjustment nor changes in fundamental view.

Frasers Centrepoint Trust

Announced their 3Q 2024 business update of which:

What is positive:

Tampines 1 AEI is on track to be completed by September and the projected ROI outperforms 8% with 100% committed occupancy.
The portfolio’s committed occupancy grew to 99.7%
Retail rents continued to recover with Suburban prime retail rents increasing by 0.3% qoq and 2.6% yoy

What is negative:

Any changes in stance: No adjustment nor changes in fundamental view.

Lendlease Global Commercial REIT

Announced their FY 2024 business update of which:

What is positive:

Gross revenue and net property income (“NPI”) increased 3.2% and 1.3% YoY respectively (excluding Supplementary Rent recognized in advance for Sky Complex’s lease restructuring)
Portfolio valuation increased 0.9% YoY mainly supported by the Singapore portfolio.

What is negative:

DPU decreased by 17.7% at the back of higher operating and finance cost
Weighted average cost of debt in FY2024 was 3.58% per annum2 compared to 2.69% per annum2 in FY2023
The occupancy rate continues to remain below 90% as building 3 of Sky complex is still undergoing repositioning to secure multi-tenancy at market rents

Any changes in stance: I’ll be updating the intrinsic value calculation and financial model once the annual report is out.

Lippo Malls Indonesia Retail Trust

Announced their 1H 2024 business update of which:

What is positive:

Low refinancing requirement over 2024 and 2025.

What is negative:

In local currency terms, NPI decreased by 2.7% yoy on lower net reversal for impairment loss on trade receivable. On SGD term, NPI decreased by 9.2% yoy.
The occupancy rate remains below 80% as the shopping landscape remains highly competitive with the rapid growth of online shopping and newer malls in certain regions.

Any changes in stance: No adjustment nor changes in fundamental view.

Sasseur REIT

Announced their 1H 2024 business update of which:

What is positive:

Portfolio occupancy remains high at above 97%
Weighted average annual debt cost trending downward to 5.3% from 5.6% previously

What is negative:

DPU fell by 5.1% on the back of high foreign exchange losses and also the initial transition of paying management fees in cash (20%) instead of fully in units
EMA Rental Income for 1H 2024 dipped slightly by 0.4% YoY to S$62.3 million, due to the currency translation effect

Any changes in stance: No adjustment nor changes in fundamental view.

Paragon REIT

Announced their 1H 2024 business update of which:

What is positive:

Divested Rail Mall at a premium. Proceeds will be used for debt repayment and future AEI/Acquisitions
Gross revenue (3%) and NPI (4.5%) increased y.o.y at the back of higher rental reversion rate (19.1%)
In July 2024, the Manager completed the refinancing of a S$115.0 million loan tranche and announced its intention to redeem 100 per cent of the principal amount of S$300.0 million 4.10% subordinated perpetual securities on the redemption date of 30 August 2024.

What is negative:

DPU for 1H FY2024 is 4.1% lower than the corresponding period, as a result of management fees being paid fully in cash to reduce the dilution of Unitholders’ returns

Any changes in stance: No adjustment nor changes in fundamental view but target price will have to be reassessed with the transition of payment in management fees from units to cash.

Starhill Global REIT

Announced their FY 2024 business update of which:

What is positive:

Portfolio revenue and NPI y-o-y growth of 1.1% and 0.8% in FY23/24 respectively on the back of stable operating performance, with committed portfolio occupancy of 97.7% as at 30 June 2024

What is negative:

On an annual basis, DPU for FY23/24 decreased 4.5% y-o-y due to weaker foreign currencies, higher net finance costs and taxes, as well as a one-off leasing commission fee about the master lease renewal with Toshin Development Singapore Pte Ltd (Toshin) at Ngee Ann City Property (Retail) during the current period.

Any changes in stance: No adjustment nor changes in fundamental view. I’ll be updating the model again once the annual report is out.

United Hampshire US REIT

Announced their 1H 2024 business update of which:

What is positive:

Gross revenue grew by 2.4%
Grocery & Necessity Properties’ committed occupancy increased to 96.3% with a strong tenant retention rate of 92% with long WALE of 7.7 years
Divestment of Freestanding Lowe’s and Freestanding Sam’s Club properties above valuation within Hudson Valley Plaza, New York. Proceeds will be used to lower aggregate leverage from 41.7% to 39%.

What is negative:

DPU decreased by 6.1% largely as a result of higher finance costs and also the fact that management has elected to collect their fees in 100% cash instead of in units.
Net property income decreased by 1.7% largely due to the absence of divested assets and an increase in property expenses (Repair, maintenance and utilities)

Any changes in stance: No adjustment nor changes in fundamental view.

Office & Commercial REITs

Cromwell European REIT

Announced their 1H 2024 business update of which:

What is positive:

Portfolio Valuation inched up by 0.6%. The team is ahead of the divestment program
Like-for-like NPI is up by 2.3%1, with stable 93.6% portfolio occupancy mainly due to strong positive rent reversion on existing properties
CEREIT has no debt maturing until its €450 million EMTN November 2025 maturity date

What is negative:

Gross revenue (-1.9% yoy) and NPI (-4.4% y.o.y) decreased due to the impact of asset sales and higher interest cost

Any changes in stance: No adjustment nor changes in fundamental view.

CapitaLand Integrated Commercial Trust

Announced their 1H 2024 business update of which:

What is positive:

1H DPU rose by 2.5%
Gross Income (+2.2% yoy) and NPI (+5.4%) grew accordingly due to lower utility expenses and savings from property management reimbursement under the new property management agreement
The Singapore retail and office portfolios achieved positive rent reversions of 9.3% and 15.0% respectively, based on the average rent of signed leases in 1H 2024.

What is negative:

A slight decrease in portfolio occupancy by -0.2%

Any changes in stance: No adjustment nor changes in fundamental view.

Elite UK REIT

Announced their 1H 2024 business update of which:

What is positive:

Completed refinancing for all debts due between 2024 and 2026 with no further refinancing requirements until 2027
Portfolio value as of 30 June 2024 rose by 0.6% on the back of positive leasing activity and rental reversions

What is negative:

Revenue (-0.6% yoy) and NPI (-4.7% yoy) decreased mainly due to a lower asset base

NPI decreased by 19.5% on the back of higher unitholding from preferential offering concluded on 18 Jan 2024 as well as an increase in vacancy holding cost.

Net gearing stood at 41.4%

Any changes in stance: No adjustment nor changes in fundamental view. Following the changes in management strategy further reinforces my view that this counter should be avoided as I believe the management should be focusing on lowering debt instead of exploring acquisition opportunities in an area that is outside of their current expertise.

IREIT Global

Announced their 1H 2024 business update of which:

What is positive:

DPU improved by 3.2% YoY
Net Property Income increased by 22.8% yoy at the back of contributions from B&M Portfolio, Darmstadt Campus, and dilapidation cost paid by the main tenant at Berlin Campus.
Repositioning of the Berlin Campus is ongoing with long-term lease with 2 hospitality operators and an additional lease agreement with a federal government agency for when the current tenant vacates on 31st December 2024

What is negative:

NAV dropped by 2.4% primarily due to fair value losses

Any changes in stance: No adjustment nor changes in fundamental view.

Keppel Pacific Oak US REIT

Announced their 1H 2024 business update of which:

What is positive:

Portfolio committed occupancy remained healthy at 90.7% as at 30 June 2024
Aggregate leverage at 42.7% as at 30 June 2024 against 43.2% as at 31 December 2023.

What is negative:

Income available for distribution decreased by 8.8% yoy at the back of lower NPI (-4.2%) and higher financial expenses (+17.5%)

Any changes in stance: No adjustment nor changes in fundamental view.

Keppel REIT

Announced their 1H 2024 business update of which:

What is positive:

Property Income (+8.9% yoy) and NPI (+7.7%) increased at the back of strong rental reversion and contributions from new acquisitions.

What is negative:

DPU from operations experienced a decline of 2.1% at the back of higher borrowing cost
Aggregate leverage stood at 41.3% following the acquisition of 225 George Street

Any changes in stance: No adjustment nor changes in fundamental view.

Manulife US REIT

Announced their 1H 2024 business update of which:

What is positive:

Valuation of properties and occupancy rate remained stable

What is negative:

Gross revenue (-12.9%) and NPI (-22.7%) at the back of lower contributions from divested assets, poor performances and negative rent reversions.

Aggregate leverage continued to remain at 56.3% and the interest coverage ratio declined to 2.2 times

Any changes in stance: No adjustment nor changes in fundamental view.

Mapletree Pan Asia Commercial Trust

Announced their 1Q 2025 business update of which:

What is positive:

Gross revenue and NPI remained stable: Driven by strong performance and increased contributions from Singapore which offset weakness in foreign properties
Portfolio optimisation: Strategic divestment of non-core assets (Mapletree Anson) aligns with an ongoing strategy to refine the portfolio. Proceeds will be used to pare down existing debt and for future AEI/acquisitions

What is negative:

DPU decreased by 4.1% at the back of higher finance costs (+9.8%)

Rental reversion is largely negative for foreign properties with Japanese and Korean markets witnessing around 10% negative reversion

Any changes in stance: No adjustment nor changes in fundamental view.

OUE Commercial REIT

Announced their 1H 2024 business update of which:

What is positive:

Revenue (+5.7% yoy) and NPI (+1.6% yoy) at the back of stronger performances across all properties.

What is negative:

DPU decreased by 11.4% at the back of a significant increase in finance cost (+18.5% yoy)
Management fees paid in units have increased from 65% in 1H 2023 to 100% in 1H 2024

Any changes in stance: Adjusted the DPU expectation for FY 2024 and its prevailing intrinsic value calculation.

Prime US REIT

Announced their 1H 2024 business update of which:

What is positive:

Gross revenue (-7.5% yoy) and NPI (14% yoy) due to the depressed market environment and a lower contribution from One Washington Center which has been undergoing AEI since early 2024
Completion of major refinancing exercise with new US$550 million credit facilities that are fully extended maturity in 2027

What is negative:

Income available for distribution decreased by 20.5% at the back of lower top-line contribution and higher finance costs.

Aggregate leverage still stood at a level of 46 to 47% on a proforma basis

Any changes in stance: No adjustment nor changes in fundamental view.

Suntec REIT

Announced their 1H 2024 business update of which:

What is positive:

No refinancing requirement in FY 2024
Operating performances remained resilient and relatively unchanged

What is negative:

DPU decreased by 1.2% yoy (without the contribution of capital distribution in FY23)

The gearing ratio continued to remain at elevated levels of 42.3%

Any changes in stance: No adjustment nor changes in fundamental view.

Industrial REITs

AIMS APAC REIT

Announced their 1Q 2025 business update of which:

What is positive:

Gross revenue rose by 9.7% YoY and Net Property Income increased by 6.6% YoY, driven by higher rental growth, alongside continued strong rental reversions and high tenant retention rates.
Aggregate leverage stood at 33.1% with no debt refinancing required until 3Q FY2025

What is negative:

DPU declined by 1.7% yoy at the back of higher interest rate expenses

Any changes in stance: I’ll be updating my analyst report for FY2024 performances now that the annual report is out in late July. But based on what I’ve seen for 1Q performances, there are not much changes in my previous view.

CapitaLand Ascendas REIT

Announced their 1H 2024 business update of which:

What is positive:

Gross revenue rose by 7.2% YoY and Net Property Income increased by 3.9% YoY driven by acquisition and newly completed properties in FY2023.

What is negative:

DPU declined by 2.5% yoy at the back of higher interest rate expenses (+16.3% yoy) and an enlarged unit base from the management fees paid in units

Any changes in stance: No adjustment nor changes in fundamental view.

CapitaLand India Trust

Announced their 1H 2024 business update of which:

What is positive:

In SGD, DPU grew by 8% yoy at the back of strong top line performances – Gross revenue (+23%) and NPI (+21%) – due to higher rental income from existing properties, positive rent reversion, higher occupancy and income recognition from properties acquired in FY 2023
Portfolio occupancy rate increased from 93% to 96%

What is negative:

Any changes in stance: Revised my DPU expectations for FY2024 and adjusted the intrinsic value calculation.

Daiwa House Logistic Trust

Announced their 1H 2024 business update of which:

What is positive:

The underlying performance of the portfolio remained stable
100% of DHLT borrowings are on fixed-rate basis

What is negative:

Gross revenue (-10.7%), NPI (-8.2%) and DPU (-6.1%) decreased at the back of the significant weakening of the Japanese Yen against SGD.

Any changes in stance: No adjustment nor changes in fundamental view.

Digital Core REIT

Announced their 1H 2024 business update of which:

What is positive:

Portfolio performances remained resilient with same-store NPI growing by 1.3%
No financing requirements in 2024

What is negative:

DPU decreased by 6.3% largely due to the poor top-line performances
Gross revenue (-9.6%) and NPI (-13.4%) decreased largely due to missing contribution from the sale of the two Silicon Valley properties back in Jan 2024

Any changes in stance: Revised the DPU growth forecast for 2024. Other than that, no adjustments or changes in fundamental views.

ESR Logos REIT

Announced their 1H 2024 business update of which:

What is positive:

On a same-store basis, Gross Revenue and NPI grew 1.6% and 0.5% respectively

What is negative:

1H2024 Gross Revenue and NPI dipped 8.1% and 9.2% respectively due to the divestment of non-core assets in FY2023 and 2Q2024, and the decommissioning of 2 Fishery Port Road
1H2024 DPU at 1.122 cents, a decrease of 18.6%, mainly due to the divestment of non-core assets, decommissioning of 2 Fishery Port Road and enlarged unit base from the equity fundraising in 1H2023 with proceeds pending deployment

Any changes in stance: No adjustment nor changes in fundamental view. Counter is still amid their portfolio rejuvenation and performance will only somewhat stabilize in FY2025.

Frasers Logistic & Commercial Trust

Announced their 3Q 2024 business update of which:

What is positive:

Resilient occupancy rate with strong positive portfolio rental reversion

What is negative:

Any changes in stance: No adjustment nor changes in fundamental view.

Keppel DC REIT

Announced their 1H 2024 business update of which:

What is positive:

Gross revenue (+11.9% yoy) and NPI (+4.2% yoy) grew mainly due to strong positive reversion and escalation as well as favourable outcomes arising from the dispute between KDC and DXC.
The REIT’s aggregate leverage was 35.8%, 180 basis points lower compared to 31 March 2024. This was mainly due to the repayment of approximately S$58.5 million of loans for Intellicentre Campus and other Euro-denominated debt

No debt refinancing requirement in 2024

What is negative:

DPU decreased by 9.9% yoy mainly due to loss allowances made for receivables from GDC, higher finance costs as well as the depreciation of foreign currencies against SGD

Any changes in stance: No adjustment nor changes in fundamental view.

Mapletree Industrial Trust

Announced their 1Q 2025 business update of which:

What is positive:

Gross revenue (+2.7%) and NPI (+1.3%) increased mainly due to the revenue contributions from the data centre in Osaka that was acquired in Sept 2023.
DPU increased by 3.7% yoy mainly driven by higher NPI and distribution declared by joint venture.
Higher average Overall Portfolio occupancy quarter-on-quarter and positive rental revisions in Singapore

What is negative:

Any changes in stance: Revised the DPU growth forecast in FY2025 and adjusted the intrinsic calculation accordingly. Apart from that, no changes in fundamental view.

Mapletree Logistics Trust

Announced their 1Q 2025 business update of which:

What is positive:

Maintained resilient operational performance with 95.7% occupancy and 2.6% positive rental reversions

What is negative:

Higher borrowing costs, regional currency depreciation and weakness in China continued to weigh on distributable income
Headwinds are expected to persist in the near future

Any changes in stance: No adjustment nor changes in fundamental view.

Sabana REIT

Announced their 1H 2024 business update of which:

What is positive:

Portfolio valuation improved 3.3% yoy, supported by asset enhancement initiatives, asset rejuvenation and higher rentals
Gross revenue and NPI remained relatively unchanged yoy

What is negative:

DPU dropped by 8.7% yoy at the back of higher trust and finance expenses and an enlarged unit base on the back of the distribution reinvestment plan
Overall portfolio occupancy of 78.8% mainly due to repossessions of 33 & 35 Penjuru Lane and 30 & 32 Tuas Avenue 8 which is currently undergoing re-marketing and tenant searching
Any changes in stance: Revised the DPU growth forecast in FY2024 and adjusted the intrinsic calculation accordingly. Apart from that, no changes in the fundamental view