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Suntec Reit
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Suntec REIT
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vivacious
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14-Mar-2024 16:38
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was it at covid levels? I remember buying at 12+ during covid period.
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Alignment
Elite |
14-Mar-2024 16:34
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Not due to the board committee change, but due to the fall in distributable income which is likely to continue into 2024.
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trentlim
Member |
14-Mar-2024 16:15
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This is at covid low already, and now we don' t have covid is it possible to even go 1.01 ? What happen to all the institutional buyers ? Very low volume
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trentlim
Member |
14-Mar-2024 16:00
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Was the recent crash caused by some share movements etc due to this ? Suntec REIT announces board committee changesChanges are effective from 13 March. Suntec Real Estate Investment Trust (Suntec REIT) has announced adjustments to its Nominating and Remuneration Committee (NRC), with the inclusion of Shen Jinchu and Yap Chee Meng as members. The appointments, effective from 13 March, mark a significant development within the managerial structure of Suntec REIT. ALSO READ: Suntec REIT&rsquo s distributable income falls 13.3% YoY to $52m in 3Q23 The revised NRC now includes Jinchu and Meng alongside existing members Chan Pee Teck Peter as chairman and Chew Gek Khim, Lock Wai Han, Shen Jinchu, and Yap Chee Meng as members. |
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vivacious
Supreme |
14-Mar-2024 07:54
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hope the bleeding stops n rebounds from here | ||||
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Alignment
Elite |
13-Mar-2024 11:39
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Lots of assumptions go into the NAV, which investors only have partial insight into. The DPU in contrast is a real number which is much harder to manipulate, and if the company does so it is relatively transparent. I would therefore rely much more on the DPU rather than the NAV when it comes to assessing whether the share price is cheap or expensive. |
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halleluyah
Supreme |
13-Mar-2024 11:12
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tis one high gearing...int rate still remain high will makan into profit thus dpu kept dropping......
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vivacious
Supreme |
13-Mar-2024 10:48
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NAV is 2.09. Almost twice the current price | ||||
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Alignment
Elite |
12-Mar-2024 18:25
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Looks like DPU going to keep falling as it needs to sell more assets to stablise the b/s. | ||||
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vivacious
Supreme |
11-Mar-2024 20:24
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nibbled more today | ||||
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vivacious
Supreme |
05-Mar-2024 19:04
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recovered to 109. Some funds wanting to pick up cheap?
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cmengchan
Senior |
05-Mar-2024 13:00
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Falling quite rapidly. Some funds selling? | ||||
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SDEXXXXD
Veteran |
05-Mar-2024 12:59
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What's happening today?
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vivacious
Supreme |
05-Mar-2024 12:20
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omg.. | ||||
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vivacious
Supreme |
29-Feb-2024 22:57
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nibbled more today | ||||
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Alignment
Elite |
22-Feb-2024 16:52
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At current prices it is more expensive than Keppel REIT or OUE REIT. | ||||
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vivacious
Supreme |
22-Feb-2024 09:41
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starting to nibble. | ||||
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PiRPiR
Master |
25-Jan-2024 21:52
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Brokers? take: Analysts positive on Suntec Reit?s Singapore office portfolio
https://www.businesstimes.com.sg/companies-markets/brokers-take-analysts-positive-suntec-reits-singapore-office-portfolio |
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Joelton
Supreme |
25-Jan-2024 11:56
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Suntec Reit eyes another S$100 million in strata divestments in 2024 as it targets sub-40% gearing
SUNTEC Real Estate Investment Trust (Reit) is eyeing further divestments of Suntec strata office units in FY2024, building on earlier divestments last year, as the manager aims to reduce gearing.
Chong Kee Hiong, chief executive of the manager, said at an earnings briefing on Wednesday (Jan 24) that the manager is guiding for around S$100 million in Suntec strata sales in the current financial year.
&ldquo If I can sell more, then I would, but I am not going to reduce the price to move the number of units divested,&rdquo he said, noting that S$100 million is not a firm target, but just a guidance which the manager believes is reasonable.
The Reit divested S$94.4 million of strata units in 2023, with the proceeds used to pare down debt. The price of divested units in 2023 was above S$3,300 per square foot (psf), higher than the book value of around S$2,600 psf, Chong noted.
The transactions were also accretive to earnings, as the divested yield was lower than current borrowing costs.
Chong added that in an environment where asset yield is lower than bank borrowing costs in local currency, it makes sense to deleverage. &ldquo Our target is to bring it down to 40 per cent or below,&rdquo he said. Suntec Reit&rsquo s aggregate leverage ratio as at December 2023 stood at 42.3 per cent, down from 42.4 per cent a year earlier.
All-in financing costs rose to 3.84 per cent per annum from 2.94 per cent in FY2022, and the manager expects financing costs to climb further this year. Its adjusted interest coverage ratio for FY2023 was two times, down from 2.4 times the previous year.
Chong noted that higher gearing would make more sense in a low interest rate environment, but said he does not expect this to happen anytime soon, unless there is a global recession. He added that the manager is not considering any fundraising to pare down debt.
The Reit&rsquo s distribution per unit (DPU) for the second half of 2023 fell 10.2 per cent to S$0.03659, compared with S$0.04074 the year before.
The manager noted that operational performance of the Singapore office, retail and convention portfolios continued to improve, but the Reit still faced higher financing costs and lower contributions from overseas properties.
Gross revenue was up 6.6 per cent to S$238.4 million for the period, from S$223.7 million.
After deducting property expenses of S$78.6 million, Suntec Reit&rsquo s net property income (NPI) fell 1.8 per cent to S$159.8 million in H2 2023, down from S$162.8 million in the prior-year period.
Finance costs, mainly interest expenses, climbed to S$89.8 million, up 3.2 per cent from S$86.9 million in H2 FY2022.
Distributable income for the half-year period dropped 9.4 per cent year on year to S$106.3 million from S$117.4 million.
For the full year, DPU fell 19.7 per cent to S$0.07135, from S$0.08884 in FY2022. Distributable income fell 19.1 per cent to S$206.8 million, compared with S$255.5 million a year earlier.
Suntec Reit&rsquo s distribution in both FY2022 and FY2023 included a capital distribution component &ndash amounting to S$23 million each year &ndash relating to the divestment of Park Mall in 2015, which has now been completed.
&ldquo Going forward, we have to look at (capital distribution) on a case-to-case basis,&rdquo Chong noted. &ldquo We are in this environment where interest rates are still uncertain, gearing is still not ideal, so we will take it one step at a time.&rdquo
While the Reit has guided to divest S$100 million in assets this year, Chong added that they would be in a better position to distribute if they can divest more.
The manager is also eyeing the divestment of mature assets in Australia, but the market there is currently quiet, making it less meaningful to set a target.
In terms of acquisitions, Chong said that it may be more difficult in the current environment, given that any acquisition would be benchmarked against the cost of funding of both debt and equity.
Gross revenue for the full-year period increased 8.3 per cent to S$462.7 million, while NPI eased 0.8 per cent to S$313.2 million.
The Reit&rsquo s Singapore office and retail portfolio posted higher gross revenue amid positive rent reversion.
The manager expects rent reversion for the Singapore office segment in 2024 to be weaker than the double digits recorded in 2023, but to remain above 5 per cent. It noted that geopolitical tensions and economic headwinds continue to weigh on the office market with few discernible key demand drivers in sight.
Meanwhile, Chong said the manager is eyeing rent reversion in the 10 to 15 per cent range for the retail segment, lower than 21.8 per cent last year.
Suntec Reit&rsquo s convention business posted a rebound in the second half of 2023, recovering to pre-Covid levels. The manager said higher dividend contributions from Suntec Convention are expected.
&ldquo Going forward, though we expect better operating performances from the Singapore portfolio, the elevated interest rates and leasing downtime for the vacancies at 55 Currie Street, Southgate Complex and The Minster Building would continue to impact our distributable income,&rdquo Chong said. 55 Currie Street and Southgate Complex are located in Australia, while The Minster Building is in the UK.
Portfolio valuation for the full year remained stable year on year at around S$11.9 billion. Assets in Singapore had stronger valuations, while the UK and Australia portfolio slipped 10.2 per cent and 4.5 per cent, respectively, due to cap rate expansion.
Net asset value per unit slipped to S$2.10 as at Dec 31, 2023, down from S$2.12 a year earlier.
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PiRPiR
Master |
24-Jan-2024 20:48
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Suntec REIT?s manager raises $94.4 million in strata sales at Suntec, prefers divestments to EFR to lower gearing
Wed, Jan 24, 2024 ? 04:58 PM GMT+08 ? 4 min read https://www.theedgesingapore.com/capital/reits/suntec-reits-manager-raises-944-million-strata-sales-suntec-prefers-divestments-efr |
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