MIGU, AJBU & CMOU - S-REITs kick off earnings season

SGX_Stars
04-21

$Sabana Reit(M1GU.SI)$ kicked off the current earnings release season for S-REITs on April 15 with the release of its 1Q25 financial results. This was followed by $Keppel DC Reit(AJBU.SI)$ and $KepPacOakReitUSD(CMOU.SI)$ both reporting 1Q25 business updates on April 17.

Another 26 S-REITs have also confirmed that they will unveil financial results or business updates between April 22 and May 7 for their respective periods ended 31 March 2025. Among them, 3 will report full-year financial results, 3 will report first-half or third-quarter financial results, and another 20 will provide quarterly business updates.

1. $Sabana Reit(M1GU.SI)$

Sabana Industrial REIT (Sabana) reported 26.5% year-on-year growth in 1Q25 income available for distribution per unit (DPU), led by a 22.0% growth in net property income (NPI) and 4.6% growth in gross revenue. Earnings uplift was due to higher occupancy at the majority of its multi-tenanted portfolio, particularly at Sabana@1TA4 and 33, 33A & 35 Penjuru Lane which saw the highest increases.

Portfolio occupancy for Sabana improved from 85.0% end last year to 86.4% as at 31 March 2025. Specifically, the occupancy rate of 33, 33A & 35 Penjuru Lane rose to 86.3%, an improvement from 73.7% end last year. Sabana achieved high tenant retention rate of 99.7% in 1Q25, and all leases expiring in FY25 have been activated for renewal and negotiations. Sabana continues to achieve double-digit rental reversion of 15.3% for 1Q25, following four consecutive years of positive double-digit rental reversion since FY21.

2. $Keppel DC Reit(AJBU.SI)$

Keppel DC REIT reported 14.2% year-on-year growth in DPU, mainly due to contributions from acquisitions of Keppel DC Singapore 7 & 8 and Tokyo Data Centre 1 as well as higher contributions from contract renewals and escalations in 2024. KDC REIT’s NPI and gross revenue grew 24.1% and 22.6% year-on-year respectively.

KDC REIT continues to see acquisitions as a parallel growth driver, with target markets including Japan, South Korea and Europe. Its assets under management have grown approximately five times to S$5 billion over the past 10 years since its listing. 

3. $KepPacOakReitUSD(CMOU.SI)$

Keppel Pacific Oak US REIT (KORE) posted 19.3% year-on-year decline in income available for distribution, mainly due to a 6.5% decline in adjusted NPI of as a result of lower rental income from higher free rents due to timing differences in leases completed for the respective periods.

KORE has an occupancy rate of 89.1% as at 31 March 2025, slightly lower than the 90.0% recorded end last year. However, its historical occupancy since 2019 still remains higher than the US average and US gateway cities at 86.0% and 83.4% respectively as at 31 March 2025. KORE continues to remain focused on the fast-growing TAMI (Technology, Advertising, Media, and Information), medical and healthcare sectors across the key growth markets in the US.

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