A sneak peek into S-Reits’ FY23 earnings
Financial Highlights:
Sabana Reit's FY2023 gross revenue grew 17.9% YoY to S$111.9 million.
Suntec Reit's FY2023 gross revenue increased by 8.3% YoY to S$462.7 million.
KDCReit saw a slight increase in FY2023 gross revenue, 1.4% higher than FY2022 at S$281 million.
Sabana Reit's FY2023 gross revenue grew 17.9% YoY to S$111.9 million.
Suntec Reit's FY2023 gross revenue increased by 8.3% YoY to S$462.7 million.
KDCReit saw a slight increase in FY2023 gross revenue, 1.4% higher than FY2022 at S$281 million.
Keppel DC Reit: $Keppel DC Reit(AJBU.SG$
- Slight increase in FY2023 gross revenue, 1.4% higher than FY2022 at S$281 million.
- Stable portfolio asset valuation, with assets under management (AUM) at S$3.7 billion.
- Anticipates strong data-center demand driven by the rapid growth of artificial intelligence and modern technologies.
Sabana Industrial Reit: $Sabana Reit(M1GU.SG$
- FY2023 gross revenue grew 17.9% YoY to S$111.9 million.
- FY2023 NPI grew 3.2% YoY to S$55.0 million.
- Weighted average all-in financing cost inched higher to 3.89% as of Dec 31, 2023, from 3.86% a year earlier.
- Higher portfolio valuation of S$903.9 million as of Dec 31, 2023.
Suntec Reit: $Suntec Reit(T82U.SG$
- FY2023 gross revenue increased by 8.3% YoY to S$462.7 million.
- 0.8% YoY decline in NPI.
- All-in financing cost increased to 3.84% as of Dec 31, 2023, from 2.94% the year before.
- Focuses on asset rejuvenation and divestment of mature assets to deliver long-term value to unitholders.
General Trends Across Reits:
- Higher costs, including maintenance, utility expenses, and finance expenses, cited as common contributing factors.
- Aggregate leverage for Sabana Reit, KDCReit, and Suntec Reit below regulatory limits.
- FY2023 DI fell across all three S-Reits.
- Lower distribution per unit (DPU) for FY2023: Sabana Reit, KDCReit, and Suntec Reit.
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