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.
拥有新加坡零售资产的七个新加坡房地产投资信托（REITs）继续观察到经营指标的改善，得到了旅游业复苏以及最近进行的资产增值措施（AEIs）的支持，以最大化空间和提高购物中心的吸引力。
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.
这七个新加坡房地产投资信托（REITs）分别是：凯德商业信托（CICT），星狮地产信托（FCT），lendlease reit，南洋地产信托 : N2IU（MPACT），百利保产业信托，stargill global reit和新达产业信托。我们查看他们最近的业务更新和财务情况。
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报告了其零售资产在2024财年第一季度的毛收入和净物业收入（NPI）的改善。购物者流量和承租人销售额同比增长了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.
市区购物中心引领了流量增长，而郊区购物中心则在食品和饮料需求方面保持了稳定的抵抗力。市区和郊区购物中心的租金回归率维持在7%以上。CICT的零售占用率从上一季度的98.5%增至2024年3月31日的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报告了H1 2024毛收入和NPI的降幅分别为7.2%和8.4%，其中包括Changi City Point于2023年10月被剥离和Tampines 1 ongoing AEI工程的贡献降低。
Excluding these effects, gross revenue and NPI would have risen 2.9 per cent and 2.1 per cent, respectively.
剔除这些影响，毛收入和NPI将分别上升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的零售投资组合承租人占用率在2024年3月31日达到了99.9%，Q2 2024购物者流量和承租人销售额同比增长了8.1%和4.3%，整体租金回归率为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注意到其零售业务组合在2024年第三季度看到承租人销售额同比增长2.6%、购物者流量提高6.1%，超过了疫情前的水平。JEM和313@somerset购物中心的承租人占用率平均为99.4%，截至2024年3月31日。
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的零售购物中心维多利亚城市（VivoCity）的占用率在2024年3月31日提高至100%，租金回归率为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.
维多利亚城市最近的第六个AEI于2023年5月完成，重新配置了超过80,000平方英尺的新零售空间，MPACT表示，基于稳定基础上的收入和约1,000万新元的资本支出，回报率超过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.
2024年第四季度的购物者流量和承租人销售额同比分别增加了10.1%和2.6%，全年承租人销售额创下了近11亿新元的新纪录。
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报告了总毛收入同比增长2.5%，收入增长是由Paragon Mall和The Clementi Mall所驱动，这两个购物中心的总收入和访客流量都达到了近乎100%的占用率。
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.
该信托计划探索未来的收购机会，并在其发起的The Woodleigh Mall上享有优先购买权（该购物中心于2023年5月开业）。
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报告称，在进行了2024年2月的内部提升工程后，其Wisma Atria物业的租户销售额同比增长6.5%，购物者流量同比增长12.7%。
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的零售组合报告称，2024年第一季度的毛收入同比增长3%，NPI同比增长1.3%。其Suntec City购物中心在2024年第一季度的租金回归率为21.7%，连续八个季度实现租金回归率为正数。
The mall saw a 5 per cent yoy improvement in both tenant sales and shopper traffic for Q1 2024.
该购物中心在2024年第一季度的承租人销售额和购物者流量同比分别提高了5%。
Suntec Reit expects the retail sales outlook to remain stable, with healthy demand and limited supply supporting rent growth and occupancy.
Suntec Reit预计零售销售前景将保持稳定，有限的供应支持租金增长和占用率。
Source: SGX Research S-REITs & Property Trusts Chartbook.
资料来源：SGX研究S-REITs和房地产信托基金图表手册。
REIT Watch is a regular column on The Business Times, read the original version.
REIT Watch是《商业时报》上的常规专栏。 原版。
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