REIT Watch - Singapore-based Retail S-Reits Record Growth on Higher Sales, Positive Rent Reversion
REIT Watch - Singapore-based Retail S-Reits Record Growth on Higher Sales, Positive Rent Reversion
The seven Singapore real estate investment trusts (Reits) with significant exposure to Singapore-based retail assets have observed continued improved operating metrics, supported by the tourism recovery as well as recent asset enhancement initiatives (AEIs) undertaken to maximise space and improve malls' attractiveness.
具有重要的新加坡零售資產分享的七個新加坡房地產投資信託公司目前觀察到持續改善的運營指標，得益於旅遊業的復甦以及最近採取的資產增值舉措(AEIs)，以最大化空間利用率和提高商場的吸引力。
The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit. We look at their recent business updates and financials.
它們分別是：凱德商業信託(CICT)、星獅地產信託(FCT)、lendlease新加坡商業地產信託(Lendlease Reit)、元德大華亞洲商業信託(Mapletree Pan Asia Commercial Trust: N2IU)、裕廊坊Reit、星峯全球地產信託和新達產業信託。我們將會關注它們最近的業務更新和財務狀況。
CICT reported improved Q1 2024 gross revenue and net property income (NPI) for its retail assets. Shopper traffic and tenant sales grew 3.6 per cent and 2.1 per cent year on year (yoy), respectively.
CICT報告稱其零售資產的2024年第一季度總收入和淨物業收入(NPI)有所改善。店鋪客流量和承租商銷售額分別同比增長了3.6%和2.1%。
Downtown malls led the growth in traffic, while suburban malls saw sustained resilience from food and beverage demand. Rent reversion for both downtown and suburban malls sustained growth at over 7 per cent. CICT's committed retail occupancy increased from 98.5 per cent in the last quarter to 98.7 per cent as at Mar 31, 2024.
市中心的商場帶動了交通增長，而郊區的商場則因餐飲需求持續增長而保持彈性。市中心和郊區商場的租金修正繼續保持超過7%的增長。CICT藉助於2024年3月31日時其承諾的零售資產佔用率已經從上一季度的98.5%增加到了98.7%。
FCT reported lower H1 2024 gross revenue and NPI of 7.2 per cent and 8.4 per cent yoy, respectively, with declines due to lower contributions from Changi City Point, which was divested in October 2023, and Tampines 1's ongoing AEI works.
FCT的H1 2024毛收入和NPI同比分別下降了7.2%和8.4%，這些下降是由於在2023年10月出售的樟宜城市廣場(Changi City Point)的貢獻減少以及淡濱尼1的持續AEI工程導致的。
Excluding these effects, gross revenue and NPI would have risen 2.9 per cent and 2.1 per cent, respectively.
在不考慮這些影響的情況下，毛收入和NPI將分別增長2.9%和2.1%。
FCT's retail portfolio committed occupancy improved to 99.9 per cent as at Mar 31, 2024, and observed an 8.1 per cent and 4.3 per cent yoy growth in shopper traffic and tenant sales for Q2 2024, respectively, with overall positive rent reversion at 7.5 per cent.
FCT的零售資產承租率在2024年3月31日時已經提高到99.9%，Q2 2024承租商客流量增長了8.1%，承租商銷售額同比增長了4.3%，整個租金修正爲7.5%。
Lendlease Reit noted that its retail portfolio saw tenant sales increase 2.6 per cent and shopper traffic improve 6.1 per cent yoy in Q3 2024, exceeding pre-Covid levels. Committed occupancy for both the JEM and 313@somerset malls averaged 99.4 per cent as at Mar 31, 2024.
Lendlease Reit指出，其零售資產組合的承租商銷售額同比增長了2.6%，購物者流量同比增長了6.1%，超過了疫情前的水平。截至2024年3月31日，JEM和313@somerset購物中心的承租率平均爲99.4%。
MPACT's retail mall, VivoCity, has seen its occupancy rate improve to 100 per cent as at Mar 31, 2024, and recorded 14 per cent positive rent reversion.
MPACT的零售購物中心VivoCity，承租率在2024年3月31日時已經提高到100%，租金修正爲14%。
VivoCity's recent sixth AEI completed in May 2023 saw over 80,000 square feet of reconfigured new retail space, and MPACT noted a return on investment of more than 20 per cent based on revenue on a stabilised basis and capital expenditure of approximately S$10 million.
VivoCity最近的第六次AEI已於2023年5月完成，重新配置了超過80,000平方英尺的新零售空間，MPACT表示，在基於穩定基礎上的營收和約10百萬新元的資本支出的回報超過20%。
Shopper traffic and tenant sales in Q4 2024 recorded increases of 10.1 per cent and 2.6 per cent yoy, respectively, and full-year tenant sales set a new record at nearly S$1.1 billion.
Q4 2024購物者流量同比增長10.1%，承租商銷售額同比增長了2.6%，全年承租商銷售額創下了近新加坡元11億的新高。
Paragon Reit reported 2.5 per cent yoy growth in gross revenue, driven by Paragon Mall and The Clementi Mall, which recorded higher gross revenue and visitor traffic for Q1 2024, with both malls at full occupancy rates.
Paragon Reit報告稱，其毛收入同比增長2.5%，其中Paragon Mall和The Clementi Mall實現了更高的毛收入和訪客流量，並在2024年第一季度實現了滿租率。
The Reit plans to explore future acquisition opportunities, and has a right of first refusal on its sponsor's The Woodleigh Mall, which opened in May 2023.
該信託公司計劃探索未來的收購機會，並擁有其發起人The Woodleigh Mall的優先權，該購物中心於2023年5月開業。
Starhill Global Reit reported that tenant sales at its Wisma Atria property increased 6.5 per cent while shopper traffic grew 12.7 per cent yoy in Q3 2024, despite ongoing interior enhancement works which were completed in February 2024.
Starhill Global Reit報告稱，其位於Wisma Atria的房地產物業承租商銷售額同比增長6.5%，購物者流量同比增長12.7%。這裏正在進行內部優化工程，並已於2024年2月完成。
Suntec Reit's retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024. Its Suntec City mall recorded 21.7 per cent rent reversion in Q1 2024, registering positive rent reversion for eight consecutive quarters.
Suntec Reit旗下的零售資產報告稱，2024年第一季度毛收入同比增長3%，NPI增長1.3%。Suntec城市購物中心在2024年第一季度租金修正達到21.7%，連續八個季度實現租金修正的正增長。
The mall saw a 5 per cent yoy improvement in both tenant sales and shopper traffic for Q1 2024.
該購物中心購物者流量和承租商銷售額在2024年第一季度同比分別提高了5%。
Suntec Reit expects the retail sales outlook to remain stable, with healthy demand and limited supply supporting rent growth and occupancy.
Suntec Reit預計零售銷售前景將保持穩定，需求旺盛，供應有限，支持租金增長和佔用率。
Source: SGX Research S-REITs & Property Trusts Chartbook.
資料來源：SGX研究S-REITs和房地產信託基金資產指南。
REIT Watch is a regular column on The Business Times, read the original version.
REIT Watch是商業時報上定期發表的專欄。 原版。
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譯文內容由第三人軟體翻譯。