Keppel DC REIT and Parkway Life REIT report higher dividends: REITs Weekly Watch

What happened?

An index of Singapore REITs rose slightly in the past week, as Singapore REITs started reporting their earnings and dividends for the third quarter of 2024. At the same time, the 10-year Singapore government bond yield held steady, after rising in previous weeks. 

The CSOP iEdge S-REIT Leaders Index ETF closed little changed for the week at S$0.807, gaining 0.7% from its close in the previous week of $0.801.

REITS started the earnings season with mixed results. Both Keppel DC REIT and ParkwayLife REIT saw a decline in their net property income, but still managed to report a slight increase in dividend per unit compared to the previous year. 

Singapore REITs with US exposure rebounded further as strong economic data in the US helped to ease concerns about a potential recession. 

Singapore REITs Top Performers

• Keppel Pacific Oak US REIT
• United Hampshire US REIT
• Sabana Industrial REIT
• Frasers Centrepoint Trust
• CapitaLand Integrated Commercial Trust

Singapore REITs Worst Performers

• Digital Core REIT
• Manulife US REIT
• Parkway Life REIT
• Starhill Global REIT
• Prime US REIT

Check out our Singapore REIT screener to discover the best REIT for your portfolio.

REIT news of the week

• Keppel DC REIT 3Q24 net property income fell 0.2% year on year to S$64.5m. Higher finance income from the Australian notes lifted DPU by 0.4% to 2.501 cents. This translates to yield of 4.5%. Read our analysis on Keppel DC REIT 3Q24 results here. 
• ParkwayLife REIT 3Q24 net property income fell 1.9% year-on-year due to depreciation of Yen. However, DPU rose 1.4% to 3.76 cents, translating to annualised yield of 3.74%.
• Capitaland Ascendas REIT divests 21 Jalan Buroh to GDS IDC Services Pte Ltd for S$112.8m, above market value of S$67.5m. The divestment will lower FY23 pro-forma NPI by S$4.6m and DPU by 0.085 Singapore cents. 
• CDL Hospitality Trusts is acquiring an upscale lifestyle boutique hotel in Exeter, England, as well as two retail units in the hotel for about £19.4 million (S$33.2 million).
• ESR-Logos REIT has entered into a 4-year S$225mn unsecured sustainability-linked term loan facility and JPY15.5bn unsecured term loan facility to part fund acquisitions, pare down loans and for working capital.
• Sasseur REIT reported record-high aggregate sales of 276.1 million yuan (S$51 million) across its four outlets in China over the seven-day Golden Week holidays from Oct 1 to 7. 

The Big Important Story 

AIMS APAC REIT - Asset repositioning gives it the edge

AIMS APAC REIT (AA REIT) owns 28 industrial properties in Singapore and Australia.

Broker reports on Singapore REITs

• Which REITs are poised for a re-rating by DBS
• Equity Picks: Adding to an S-REIT bellwether by DBS
• Frasers Logistics & Commercial Trust: First move into Singapore's logistics market by DBS

Blog Posts on Singapore REITs 

• 3 Top REITs for Your CPF Investment Account by Small Cap Asia
• [Case Study] Why I Sold Off My Keppel REIT Shares by Consulting Daniel
• 3 Singapore REITs That Announced Acquisitions to Boost Their DPU: Are They a Buy? by The Smart Investor
• Singapore REITs Monthly Update (October 12th, 2024) by My Stock Investing
• 4 Singapore Blue Chip REITs Reporting Distribution Payouts in October by The Smart Investor
• Manulife US REIT: What Investors Need to Know Now by The Singaporean Investor
• Is Lendlease Global Commercial REIT A Good Buy? [Fundamental Analysis] by Consulting Daniel
• Parkway Life REIT (SGX: C2PU): 2024 Third Quarter Business Update by Dividend Paradise
• Parkway Life REIT - Defensive REIT With Moderate Growth by Wealth Insights
• Singapore REITs Ex-Dividend & Payment Calendar (Updated Oct 2024) by REIT-TIREMENT

Credit to Vince from REIT-Tirement for compiling Singapore REIT blog posts and videos

 Videos on Singapore REITs 

• BEWARE: REIT ETF Dividend Yield May Be LOWER Than Reported (& This is What I Switched To) by The Dividend Uncle
• What You Need to Know about Mapletree Industrial Trust's Performances over the Last 5 Years by The Singaporean Investor
• Singapore REITs: October Payouts by Iggy the Investing Iguana

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