StarhillGbl Reit    Last:0.535   -

Starhill Global Reits

 

Distribution detail

Distribution period :                            1  July 2021 to 31 December 2021
Distribution amount to Unitholders :      1.78 cents per unit
Ex date :                                            3 February 2022  
Payment date :                                  23 March 2022   

 

If you must know, the dpu payout for this Fy results is & 0.0178

Lobster      ( Date: 25-Jan-2022 19:07) Posted: SGREIT&rsquo s DPU payout rises by 2.3% y-o-y in 1H FY21/22 HIGHLIGHTS * Revenue and NPI for 1H FY21/22 increased by 2.9% and 7.2% respectively y-o-y * Portfolio actual occupancy remains resilient at 96.9% as at 31 December 2021, with stable retail portfolio occupancy of 97.9% * Asset enhancement works at The Starhill completed in December 2021

 

SGREIT&rsquo s DPU payout rises by 2.3% y-o-y in 1H FY21/22
HIGHLIGHTS
* Revenue and NPI for 1H FY21/22 increased by 2.9% and 7.2% respectively y-o-y
* Portfolio actual occupancy remains resilient at 96.9% as at 31 December 2021, with stable retail portfolio occupancy of 97.9%
* Asset enhancement works at The Starhill completed in December 2021

 

Isetan says no success in potential sale of Wisma Atria space

ISETAN (Singapore) said it had not gathered enough interest from investors to purchase its space at the Wisma Atria shopping mall on Orchard Road.

The department store operator had  in July started an expressions of interest exercise  to gather interest from target investors, but the exercise has since " run its course without yielding a positive outcome for the matter to proceed further at this juncture" , it said on Wednesday (Dec 15).

The company will continue to explore all other opportunities that can lead to a better yield for the property, including any possible future sales, it added.

Back in January, Isetan had disclosed that it was  " exploring its options" regarding its space at Wisma Atria. Later in June, it appointed a marketing agent to size up market interest for the property, as well as to commence exploratory discussions with third parties on the matter.

In a separate announcement on Thursday (Dec 16), the manager of Starhill Global Real Estate Investment Trust (Starhill Global Reit) said it " remains open to continue working with Isetan" to improve the space and explore acquisition opportunities.

The Reit owns about 74 per cent of the total share value of strata lots in Wisma Atria, according to its annual report for FY2021. Its manager had in 2019 issued an expression of interest to potentially acquire Isetan' s share in Wisma Atria, but it was  not clear what became of the matter since.

 

The possibility of Starhill buying over the remaining shareholding of this Crown jewel is getting potentially near....

https://links.sgx.com/FileOpen/Announcement-Isetan.Wisma211216.ashx?App=Announcement& FileID=694508

 

I will be posting this in all REITs stock in which I have some interests. But please hor, due diligence please, do not take this as the final and only positive statement and cheong to take up positions.....if you are lazy to read through the entire article, just focus on the highlighted parts....

Why is the Singapore REIT market going so strong after two years of COVID-19? 

SINGAPORE: Singapore real estate investment trusts or S-REITs have emerged as a resilient segment of the local stock exchange in the past two years.   

Traditionally a key pillar of the portfolios of individual investors in Singapore, the iEdge S-REIT Index, regarded as the S-REIT benchmark, reported a total return of 5.2 per cent since the start of 2020 to Nov 17.

This was despite S-REITs raising new equity from unitholders, creating additional units and leading to potential dilution risk. In the past 23 months, S-REITs raised a total of S$8 billion through placements and rights issues led by mega-issuances from Ascendas Real Estate Investment Trust and Frasers Commercial Trust.   

Most S-REITs largely maintained their dividends, compensating for the fall in unit prices in this period.   

Global financial markets including S-REITs initially crashed when COVID-19 became a pandemic, with investors panicking and selling liquid financial assets.    For investors daring and savvy enough to put money to work during the trough in end-March 2020, total returns from capital gains have been a whopping 57 per cent.   

Despite headlines on troubles in the retail space and how work-from-home has made offices redundant, occupancies measured by leases have remained high for S-REITs holding shopping malls and offices in Singapore, with little problems in rental collection, even if fewer are using these spaces.   

In the hardest hit hotel sector, the fall in physical property asset value was contained to less than 10 per cent at a portfolio level among the S-REITs tracked by OCBC, a good outcome despite the pandemic curbing travel.

Hospitality REITs will likely need time to recover and could do better in a 24-month timeframe as borders reopen further.   

S-REITs today generate a significant volume of trading activity for the stock exchange - about one-fourth of the daily turnover before COVID-19. Primary equity markets in Singapore also skew towards S-REITs.   

S-REITs, at S$110 billion, represents 12 per cent of Singapore& rsquo s whole equity market by market cap & ndash a figure that is 6 per cent for Australia and only 2 per cent for Japan,  the other two top REIT markets in the Asia-Pacific with large domestic economies.

WHY S-REITS STILL ATTRACT SO MANY INVESTORS 

The top-performing Singapore stock in the past 23 months goes to iFAST Corporation, an investment products distribution platform, which generated total returns of 771 per cent during this time, superseding the Bloomberg Bitcoin Galaxy Index at 750 per cent.   

This is lower than the 1,131 per cent on the Bloomberg Galaxy Crypto Index tracking cryptocurrencies.

Still, S-REITs and the Singapore commercial property market continue to attract significant investor attention.   

Investors in Singapore are very familiar with the nuts and bolts of running a property, and understand how policies like stamp duties, urban planning, zoning, tenancy and ownership rules influence whether and when investors should buy an investment property and what to look out for in assessing a property& rsquo s attractiveness.

Many like the idea of owning a passive, stable and recurring income stream. S-REITs generate fairly stable revenue, with the iEdge S-REIT Index reporting revenue per unit of S$132.5 in 2019. 

Though it dropped 6.3 per cent in 2020, analysts expect a rebound to S$135.6 this year. 

S-REITs are a good source of income. Qualifying S-REITs are encouraged to pay gains to unitholders instead of hoarding profits as they not taxed on dividends distributed to unitholders.

The key challenge is share dilution when S-REITs need to raise to acquire new properties. 

Past transactions that have stirred market discussions  include K-REIT Asia& rsquo s (now known as Keppel REIT) 87.5 per cent interest in Ocean Financial Centre in 2011, Ascott Residence Trust& rsquo s acquisition of Ascott Orchard Singapore, Citadines City Centre Frankfurt and Citadines Michel Hamburg in 2017 and Lippo Malls Indonesia Retail Trust& rsquo s acquisition of Puri Mall in 2021.   

S-REITs are also regulated as a collective investment scheme under the Securities and Futures Act, where there is a 50 per cent cap on the leverage limit for S-REITs to keep credit risks in check. As listed entities, S-REITs also follow SGX rules on the disclosure of information and the right for minority investors to vote on major matters.

S-REITS MORE ACCESSIBLE THAN EVER 

Until S-REITs were launched in July 2002, the commercial property market was inaccessible to most individual retail investors, with ticket sizes of each standalone commercial property in the millions and billions of dollars.

Today, all it takes is S$230 at last Wednesday& rsquo s prices for an individual investor to buy into CapitaLand Integrated Commercial Trust (& ldquo CICT& rdquo ), Singapore& rsquo s largest REIT, and enjoy a portion of CICT& rsquo s rental income from shopping malls and offices.   

Few investment opportunities provide such stability for 4 to 7 per cent dividend yield per year. It& rsquo s little wonder  such investment classes with a dividend income and the potential for capital gains appeal to investors with a neutral risk profile at Singapore& rsquo s median age of 42.   

Singapore has maintained an encouraging ecosystem for the development of S-REITs. Regulatory uncertainty is minimised as regulators routinely seek industry feedback from REIT managers, investors and lawyers before introducing new rules.   

The market has grown to include fund managers who invest in S-REITs as their specialty, REIT exchange traded funds and REIT derivatives.   

Bank lenders and bond investors in Singapore are highly familiar with S-REITs, together providing a pool of liquidity that allows the S-REIT market to grow bigger. Brokerages are also prepared to lend individual investors buying larger amounts of REIT units.

WILL GAINS IN S-REITS CONTINUE? 

The bigger question is whether we will continue to see capital gains in the coming 12 to 24 months as interest rates rise.    

In a world where stock market prices are affected by sentiments, Reddit fads and breaking news, S-REITs  continue to see strong investor demand because their valuation is backed by commercial properties where asset value has seen a continued upward trend.

Indeed, S-REIT indices are not a good representation of the underlying economy. They are weighted towards larger S-REITs, rather than each S-REIT& rsquo s contribution to the Singapore economy.   

The iEdge S-REIT& rsquo s top five components make up 43.3 per cent of the index which have an outsized influence on total returns.   

Three are large-cap industrial REITs with industrial properties in Singapore and countries across Asia-Pacific, Europe and the United States & ndash in a world where logistics, data centres, business parks and manufacturing facilities have been resilient through the pandemic.   

The remaining two are large-cap commercial REITs owning quality assets with tenants largely staying put despite the economic downturn, with occupancies remaining above 90 per cent.   

Beyond the broad index, S-REITs that hold hotels and shopping malls located in the city centre have been dragged by the pandemic. With the city centre hollowed out as we work from home and international travelers non-existent, these S-REITs have underperformed Industrial REITs. 

Furthermore, the S-REIT industry has been kept buoyant by an inflow of capital. The broad money supply in Singapore has surged by 10.9 per cent year-on-year as of September. With interest rates on cash near-zero, all that money needs to go somewhere. 

The S-REITs  market is unlikely to cool anytime soon. There is momentum.    Thirteen out of the 80 IPOs with primary share offering in Singapore since 2016 were S-REITs raising S$5.6 billion collectively at an average offer size of S$430 million.

Outside of S-REITs, a further S$2.7 billion was raised for two listings, Kakao Corp, the Internet company global depository receipt listing and NetLink NBN Trust, a business trust which holds infrastructure assets. 

The remaining 65 had an average offer size of S$28 million & ndash small cap listings with limited liquidity.   

Tellingly, the two upcoming IPOs  in Singapore - Daiwa House Logistics Trust and Digital Core REIT - are both S-REITs.   

The equity analyst community is still optimistic and forecasting a rise in S-REIT dividends in the next 12 to 24 months.   

Driven by the growth and resiliency of industrial assets, particularly logistics warehouse and data centres, the Big Three industrial REITs of Ascendas Real Estate Investment Trust, Mapletree Logistics Trust and Mapletree Industrial Trust also recorded average total returns of 15.6 per cent in the past 23 months.

DON& rsquo T DISMISS SGX 

Looking ahead, Singapore investors should not be so quick to dismiss the SGX, given the current slew of corporate restructuring exercises with the potential for capital gains, which may not be immediately apparent to new individual investors in the market.

Buying S-REITs is likely to remain a cornerstone investment strategy for many individual investors. The more pertinent decision points remain how much S-REITs should feature as a percentage of one& rsquo s investment portfolio and which specific ones to invest in. 

Still, until a next financial crisis with significant liquidity stress, we are unlikely to repeat the kind of capital gains seen from March 2020 to date in S-REITs.   

A lot of the negatives has since been priced in, with the broad iEdge S-REIT Index trading at 1.1 times the price-to-book value, indicating that the market cap of the S-REITs as a broad basket is now higher than the value of the underlying properties. 

 

CIMB shouts buy wor.....
■ SG REIT&rsquo s stronger 1QFY6/21 revenue was driven by lower rental waiver.
■ Portfolio occupancy improved rental reversions were mixed.
■ Reiterate Add with an unchanged TP of S$0.71.
 

 

 

Covid cases incresed by the day , not a good news !!

 

Starhill Global REIT downgraded by Daiwa

Daiwa downgraded Starhill Global REIT to Outperform from Buy, saying other REITs, such as CapitaLand Integrated Commercial Trust and Frasers Centrepoint Trust, offer more compelling Singapore retail recovery plays.

Singapore retail represents around 50 percent of Starhill Global REIT' s portfolio revenue and net property income with around 20 percent from the Wisma Atria property and around 30 percent from the Ngee Ann City asset, Daiwa said in a report Tuesday. Both properties are located on Singapore' s tony Orchard Road shopping belt, which has been hard hit by the pandemic' s impact on tourism.

Most of the income from Ngee Ann City is on a stable master lease accounting for 23 percent of gross portfolio rent as of end-June, Daiwa said.

" We believe the re-opening theme will still be a positive catalyst for the retail/office/integrated segment for the second half of 2021 although it has been delayed after the government imposed stricter social measures from 27 September 2021 for one month," Daiwa said.

But it added, " We believe a downtown-mall recovery would not move the needle much for Ngee Ann City, but would significantly benefit Wisma Atria retail, where tenant sales in June 2021 were c.50 percent of the pre-Covid-19 levels due to the Phase 2 (Heighted Alert) period and rental reversions are still under pressure."

Daiwa said it saw more upside opportunities from the large-cap REITs in the retail/office/integrated segment, after the strong year-to-date performance from the smaller names. It cited Starhill Global REIT' s around 27 percent rise year-to-date.

The investment bank kept its distribution per unit (DPU) forecasts for Starhill Global REIT unchanged, but lowered its target price to S$0.69 from S$0.71 previously, citing a higher 10-year bond yield assumption of 1.5 percent from 1.3 percent previously.

 

The top 5 REITs with the highest returns in 2021 ... so far.
are you even surprised ?!?!! CICT will probably be there by year end 

1)  Cromwell European Real Estate Investment Trust (CNNU)

• Price Gain:  415.63%  2021 year-to-date
• Current Price:  EUR 2.48
• Market Capitalization: EUR 1.38 billion
• 52-week Price Range: EUR 0.48 - 2.55

  2)  ARA LOGOS Logistics Trust (K2LU)

• Price Gain:  55.83%  2021 year-to-date
• Current Price:  SGD 0.94
• Market Capitalization: SGD 1.36 billion
• 52-week Price Range: SGD 0.56 - 0.95

  3)  Starhill Global Real Estate Investment Trust (P40U)

• Price Gain:  24.75%  2021 year-to-date
• Current Price:  SGD 0.63
• Market Capitalization: SGD 1.4 billion
• 52-week Price Range: SGD 0.4 - 0.65

  4)  Parkway Life Real Estate Investment Trust (C2PU)

• Price Gain:  21.96%  2021 year-to-date
• Current Price:  SGD 4.72
• Market Capitalization: SGD 2.86 billion
• 52-week Price Range: SGD 3.77 - 4.94

  5)  ESR-REIT (J91U)

• Price Gain:  20.25%  2021 year-to-date
• Current Price:  SGD 0.48
• Market Capitalization: SGD 1.9 billion
• 52-week Price Range: SGD 0.34 - 0.52

Vested in all except Parkway

 

Sold all mine today . Covid cases getting serious . Will buy back if price move lower

Silo1234      ( Date: 07-Sep-2021 22:26) Posted: --- Post Removed by User ---

 

Lock down coming .

 

Starhill Global Reit' s manager prices S$125 million 2.23% notes due 2028

Starhill Global Reit' s manager has priced S$125 million notes with a fixed interest rate of 2.23 per cent per annum due 2028, to be issued under its S$2 billion multi-currency debt issuance programme.

The interest for the Series 003 notes will be payable semi-annually in arrear, and have a tenor of seven years. The notes may be redeemed at the option of the issuer in whole or in part on any interest payment date prior to the maturity date on Sept 13, 2028 at the make-whole amount together with interest accrued.

CIMB Bank Berhad, Singapore Branch and DBS Bank have been appointed as joint lead managers and bookrunners of the Series 003 Notes and will offer the notes primarily in Singapore.

The net proceeds from the notes will be used to refinance existing borrowings of Starhill Global Reit, meet capital expenditure requirements, or for working capital purposes. The above transaction is not expected to have any material impact on the gearing of Starhill Global Reit.

 

 

Eleven of Singapore' s smaller Reits enter FTSE EPRA Nareit Global Real Estate Index

Eleven of Singapore' s smaller Reits have made it into the FTSE EPRA Nareit Global Real Estate Index series, according to the index series' quarterly review changes announced by FTSE Russell on Sept 1.

The entries into the FTSE EPRA Nareit Global Developed Index include AIMS APAC Reit, ARA Logos Logistics Trust, Cromwell European Reit, ESR-Reit, Far East Hospitality Trust, Keppel Pacific Oak US Reit, Lendlease Global Commercial Reit, OUE Commercial Reit, Prime US Reit, SPH Reit and Starhill Global Reit.

FTSE Russell noted that the increased number of additions this quarter was due to the updated thresholds for the Developed Asia series.

In June, the investable market cap threshold was lowered to 0.1 per cent of the securities' respective regional index for additions to the Developed Asia series, compared to 0.3 per cent previously. For deletions from the index series, the threshold was lowered to 0.05 per cent from 0.15 per cent.

The review may be subject to changes until the close of business on Sept 3, and all constituent changes will be applied after the close of business on Sept 17.

The index series, which tracks the performance of listed real estate companies and Reits, is a global benchmark jointly developed by FTSE Russell with the EPRA (European Public Real Estate Association) and the Nareit (National Association of Real Estate Investment Trusts).

Prior to the review, there were 17 Singapore Reits and property trusts in the FTSE EPRA Nareit Developed Index, according to the index' s factsheet as at July 30, 2021.

​

 

Its outlook may be weak but ' buy' this stock on its cheap valuations

In its latest FY2021 ended June results, Starhill Global REIT (SGREIT) recorded a 33.4% y-o-y increase in DPU to 3.95 cents. This came on the back of a slight 0.3% y-o-y increase in gross revenue to $181.3 million, bringing net property income to $134.7 million, 2.0% higher than last year.

The REIT' s results came in exceeding most analysts' forecasts. With that, DBS Group Research, RHB Group Research and CGS-CIMB Research are keeping their " buy" recommendations on the stock with target prices of 75 cents, 68 cents and 71 cents respectively.

DBS lead analyst Dale Lai notes that earnings for FY2021 exceeded forecasts, thanks to lower portfolio waivers granted alongside a strengthening AUD. Full-year reversion was at -11% for the retail portfolio, in line with expectations for Orchard rents.

" Given that market has likely bottomed, we anticipate reversions to normalise back to zero in the coming quarters. Despite a run-up in the share price in July, the stock continues to offer yields at about 6.4% and at a 100 bps premium to its closest peer," says Lai in an Aug 4 report.

Meanwhile, he expects higher rental upside at Wisma Atria as its asset enhancement initiative (AEI) progresses and its new anchor tenant opens it shop. Approximately one-third of leases (by GRI) at the mall will be due for renewal in the coming financial year, coinciding with the launch of key anchor tenants (Haidilao) and an upgraded interior. " We think that SGREIT is well positioned to capture higher reversionary rents in the coming year while concurrently refreshing the tenant mix, killing two birds with one stone," he adds.

Furthermore, the recent changes in indexation rules for the EPRA NAREIT Developed Asia Index puts SGREIT in the front seat for possible inclusion in the upcoming September review. " We believe this will lead to an inflow of funds, driving a re-rating, leading to the REIT trading at a premium to historical valuations," says Lai.

As for RHB, it too likes the stock for its cheap valuations. " Despite a challenging outlook, we believe the negatives are largely priced in, with the REIT being one of the cheapest among S-REITs in P/BV terms, at 0.7 times (sector average: 1.2 times)," says the RHB research team.

It also likes that valuation for the stock has risen some 0.8% y-o-y as the 5.8% drop in Wisma Atria' s valuation was more than offset by the valuation increase for Malaysian (long master lease) and Australian assets (AUD strengthening).

AEI works for Wisma Atria, with a capex of $15 million, are underway to upgrade common space, lift lobbies and toilets &ndash these should be completed by end-2022, with minimal disruptions to the mall expected. AEI works for The Starhill in Kuala Lumpur is also on track to be completed by year-end.

In the FY2021 period, the REIT' s portfolio occupancy rate rose by 0.8 percentage points q-o-q to 96.3%, exceeding RHB' s expectations, mainly due to occupancy rate improvements at its Singapore malls.

" Tenant sales, which were recovering closer to 80% of pre-pandemic levels in April, however, plunged to 50% in June. This is expected to remain at similar levels in July and August, before an anticipated recovery later this year. Its office portfolio has stayed relatively steady, with new demand mainly from medical establishments, aesthetics and luxury retailers," says the research team.

Looking forward, RHB expects to see overseas office asset acquisitions in FY2022. It notes that management is actively looking at office assets in markets such as Japan and Australia, with a medium to long-term target of 50% revenue from the office segment (currently 14%). Gearing is currently comfortable at 36.1%, with over $300 million of debt headroom for acquisitions (assuming a 45% cap).

For CGS-CIMB, lead analyst Eing Kar Mei remains positive on the stock but is cautious of near-term pressures.

SGREIT' s overall portfolio occupancy remained stable at 96.7% in FY2021, with the Singapore portfolio coming in at 99.3% for retail and 91.5% for office, while Australia portfolio remained stable at 93.8%.

However, lower rental rebates helped offset the impact of lower occupancy at Wisma Atria but tenant sales and traffic dropped to 50% (from 80% in Apr) and about 40% (from about 60%) of pre-Covid 19 level in June, respectively, affected by Phase 2 Heightened Alert in Singapore. " Rental reversions for Wisma Atria/SG office were -11%/-6% respectively in FY2021, and we expect near-term pressures to persist," says Eing.

However, she believes that the impact should be manageable as only 15% of leases by GRI expire in FY2022. It may need to provide additional rental rebates in FY2022, especially if mandated by the Singapore government.

" We expect a gradual relaxation of restrictions and border reopenings to help drive sales and shopper traffic towards recovery to stabilise rental reversions," she adds.

As at 3.00pm, units in SGREIT are trading at 62 cents or 0.74 times FY2022 book with a dividend yield of 6.75%.

 

 

Joelton      ( Date: 30-Jul-2021 11:27) Posted: Starhill Global Reit bumps up H2 DPU to 2.07 Singapore cents RETAIL landlord Starhill Global Reit (SGReit) on Thursday announced a distribution per unit (DPU) of 2.07 Singapore cents for the second half, including the amount deferred from the previous financial year under Covid-19 relief measures.   Distributable income was up by 67.3 per cent year on year to S$44.9 million for the six months to June 30, helped by an adjustment to reflect property tax refunds in Singapore, as well as a one-off capital allowance claim in the year-ago period.   Net property income grew by 20.2 per cent to S$69.8 million, which was attributed to lower rental assistance for tenants and a strengthening of the Australian dollar.   Gross revenue increased by 10.5 per cent to S$92.9 million on higher rental income.   The latest payout takes the full-year DPU to 3.95 cents, against 2.96 cents the year prior. If the deferment in distribution had not happened, DPU for the latest financial year would have been 3.60 cents, against 3.31 cents for the previous year.   The books close on Aug 6, with payment to be made on Sept 24.   For the full year, distributable income was higher by 14 per cent, at S$88.2 million. Net property income increased by 2 per cent to S$134.7 million, while gross revenue was up by 0.3 per cent to S$181.3 million.   Ho Sing, chief executive of the manager, said in a statement that " shopper traffic and tenants' sales gained momentum between January and May 2021" , but warned that the positive trend is now on hold on the back of worsening Covid-19 outbreaks in operating markets.   SGReit' s commercial portfolio comprises three properties in Australia there are two properties each in Singapore, Malaysia and Japan, and a retail property in China.   The portfolio had a weighted average lease expiry by net lettable area of 7.9 years as at end-June, with committed occupancy of 96.3 per cent.   Gearing stood at 36.1 per cent, while average debt maturity stood at 3.3 years.   Separately, the manager will form a combined nominating and remuneration committee, to be chaired by independent director Tan Woon Hum, with effect from Aug 1.

 

 

Starhill Global Reit bumps up H2 DPU to 2.07 Singapore cents

Retail landlord Starhill Global Reit (SGReit) on Thursday announced a distribution per unit (DPU) of 2.07 Singapore cents for the second half, including the amount deferred from the previous financial year under Covid-19 relief measures.

Distributable income was up by 67.3 per cent year on year to S$44.9 million for the six months to June 30, helped by an adjustment to reflect property tax refunds in Singapore, as well as a one-off capital allowance claim in the year-ago period.

Net property income grew by 20.2 per cent to S$69.8 million, which was attributed to lower rental assistance for tenants and a strengthening of the Australian dollar.

Gross revenue increased by 10.5 per cent to S$92.9 million on higher rental income.

The latest payout takes the full-year DPU to 3.95 cents, against 2.96 cents the year prior. If the deferment in distribution had not happened, DPU for the latest financial year would have been 3.60 cents, against 3.31 cents for the previous year.

The books close on Aug 6, with payment to be made on Sept 24.

For the full year, distributable income was higher by 14 per cent, at S$88.2 million. Net property income increased by 2 per cent to S$134.7 million, while gross revenue was up by 0.3 per cent to S$181.3 million.

Ho Sing, chief executive of the manager, said in a statement that " shopper traffic and tenants' sales gained momentum between January and May 2021" , but warned that the positive trend is now on hold on the back of worsening Covid-19 outbreaks in operating markets.

SGReit' s commercial portfolio comprises three properties in Australia there are two properties each in Singapore, Malaysia and Japan, and a retail property in China.

The portfolio had a weighted average lease expiry by net lettable area of 7.9 years as at end-June, with committed occupancy of 96.3 per cent.

Gearing stood at 36.1 per cent, while average debt maturity stood at 3.3 years.

Separately, the manager will form a combined nominating and remuneration committee, to be chaired by independent director Tan Woon Hum, with effect from Aug 1.

SGReit units closed at S$0.605, up by half a cent or 0.83 per cent, before the results.