24 S-REITs confirm schedule for upcoming earnings season
More than half, or 24 Singapore real estate investment trusts (S-REITs) have confirmed that they will unveil financial results or business updates starting this week for their respective periods ending 31 December 2024. Among them, 17 S-REITs will report full year financial results, five will report first half or third quarter financial year results, and another two will provide quarterly business updates.
Both $Sabana Reit(M1GU.SI)$ (Sabana) and $Mapletree Log Tr(M44U.SI)$ (MLT) will kick off the current financial reporting season on Tuesday for S-REITs with the release of its full financial year results and third quarter financial year results respectively.
In Sabana’s earlier third quarter business updates, portfolio occupancy increased from 78.8% to 84.9% as at 30 September 2024. New leases covered 313,953 sq ft, and renewed leases covered 15,974 sq ft resulting in a positive 9.7% rental reversion for renewals. Sabana has maintained positive quarterly rental reversions since Q1 2021.
MLT reported lower distribution per unit of 4.095 cents for the first half of FY24/25 in its earlier financial results. Nevertheless, MLT observed stable operational performance with a portfolio occupancy rate of 96.0% and recorded positive rental reversions across most markets.
S-REITs have recorded gains of 0.8% over the first 12 trading days of 2025. Potential tailwinds for the sector include forecasts for interest rate cuts from the US Federal Reserve, moderate improvement in core inflation in December’s consumer price index data, and stronger earnings previews this earnings season.
US Federal Reserve Governor Christopher Waller indicated last Thursday that the central bank could lower interest rates multiple times this year if inflation eases. He anticipates the first cut to come in the first half of the year, with others to follow “as long as the data comes in good on inflation or continues on that path”.
According to the CME Fed Watch Tool, the market anticipates nearly a 50% probability of an interest rate cut in May and over a 70% likelihood of such a cut in June.
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