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.