CapitaLand China Trust (SGX: AU8U) (CLCT)
CapitaLand China Trust, the leading China-focused S-REIT, reported a dip in revenue by 3.4% year-on-year. Net Property Income took a more significant hit, declining by 5.1% due to lower occupancy and rental income from logistics, business park portfolios, and exited malls. Despite this, CLCT’s portfolio occupancy remained strong at 91.4%, albeit lower than the previous year’s 93.1%. On a positive note, shopper traffic for the first nine months of the year surged by 10.1%, and tenant sales also saw a modest increase of 2.4%. CLCT’s share price closed slightly lower at S$0.76*.
CapitaLand Ascott Trust (SGX: HMN) (CLAS)
CapitaLand Ascott Trust delivered a more optimistic performance, reporting an 8% year-on-year increase in gross profit for the third quarter of 2024. The REIT maintained a healthy gearing ratio of 38.3% and a strong interest coverage ratio of 3.6 times. As of 30 September 2024, CLAS’s net asset value per stapled security stood at S$1.11. To optimize its portfolio, CLAS announced the divestment of its Tianjin property, aiming to recycle capital and enhance returns for its stapled security holders. The REIT closed at S$0.90*.
Mapletree Industrial Trust (SGX: ME8U) (MIT)
Mapletree Industrial Trust continued its steady performance, with gross revenue and net property income for the second quarter of FY2024/25 rising by 4.2% and 4.6% year-on-year, respectively. This translated to a 1.5% year-on-year increase in distribution per unit (DPU) to 3.37 cents. According to the REIT Manager’s CEO Lily Ler, despite the challenging macroeconomic environment, MIT’s portfolio remained resilient with higher occupancies and positive rental revisions. The REIT is actively pursuing strategic acquisitions and divestments to optimize its portfolio and enhance value. MIT’s shares closed at S$2.40*, up 0.84%.
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Disclosure: Joanna Sng owns shares of Mapletree Industrial Trust and CapitaLand Ascott Trust.
*Stock price as of market close on 30 October 2024
