Latest news with #Reit
Business Times
12 hours ago
- Business
- Business Times
Keppel Reit H1 DPU falls by 2.9% to S$0.0272
[SINGAPORE] Keppel Real Estate Investment Trust (Reit) on Wednesday (Jul 30) reported a 2.9 per cent decline in its distribution per unit (DPU) for the first half of the 2025 financial year to S$0.0272, from S$0.0280 in the corresponding year-ago period. Distributable income from operations fell by 1.4 per cent to S$95.5 million for the period from S$96.9 million in H1 FY2024. It also highlighted that distributable income, including the anniversary distribution for H1 fell by 1.3 per cent year on year to S$105.5 million, in light of the payment of 25 per cent of management fees in cash. The distribution will be paid out on Sep 15, with its record date on Aug 7. Property income rose 9.1 per cent to S$136.5 million from S$125.1 million in the same period a year prior. This is largely due to contribution from assets in Sydney, Australia, namely 255 George Street acquired in May 2024, and higher occupancy at 2 Blue Street, said the Reit manager in a bourse filing on Wednesday. Net property income (NPI) increased by 11.8 per cent year on year to $108.3 million for H1, from S$96.8 million in the corresponding period a year before. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Gearing stood at 41.7 per cent as at Jun 30, with 63 per cent of its total borrowings on fixed rates. The weighted average cost of debt was 3.51 per cent per annum for H1, and an interest coverage ratio of 2.6 times. There are no significant borrowings maturing for the remainder of 2025, according to the manager of the Reit. Portfolio weighted average lease expiry was 4.8 years, as compared with 4.7 years as at Mar 31. The trust's S$9.4 billion portfolio comprises commercial properties located in the key business districts of South Korea, Japan, Australia (which makes up 17.5 per cent of its portfolio) and Singapore (78.6 per cent of its whole portfolio). In particular, the manager of the Reit observed improved performance in the Singapore portfolio due to higher rentals, and emphasised that contributions from 255 George Street and increased occupancy at 2 Blue Street, offset partially by a stronger Singapore dollar, led to a higher NPI. Chua Hsien Yang, chief executive of the manager, said: 'We made good progress in backfilling vacancies at Ocean Financial Centre in Singapore and 255 George Street in Sydney, Australia, increasing their occupancies to 96.1 per cent and 99 per cent, respectively. In addition, we refinanced the majority of loans maturing in 2025 at lower margins.' He added: 'Looking ahead, we remain focused on driving asset performance and maintaining disciplined capital management, while navigating evolving market conditions with agility.' Units of Keppel Reit closed 1.1 per cent or S$0.01 up at S$0.95 on Tuesday.
Business Times
a day ago
- Business
- Business Times
Starhill Global Reit H2 NPI flat at S$74.5 million
[SINGAPORE] The manager of (real estate investment trust) posted a net property income (NPI) of S$74.5 million for the second half ended Jun 30, 2025, flat compared to the year-ago period. The manager, in a bourse filing on Tuesday (Jul 29) attributed the lack of growth primarily to higher contributions from Singapore retail properties and net movement in foreign currencies, which were largely offset by loss of contribution from certain divested strata office lots in Wisma Atria and rental arrears provision for its China property. Starhill Global Reit's Singapore retail portfolio comprises interests in Wisma Atria and Ngee Ann City in Orchard Road. It also owns assets in Japan. Excluding the effects of divestment, its H2 FY24/25 NPI would have increased 0.6 per cent year on year. Its revenue inched up 0.7 per cent to S$95.8 million from S$95.2 million previously. Income available for distribution for H2 FY24/25 stood at S$44.5 million, an increase of 4 per cent from S$42.8 million in the year-ago period. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The rise was mainly attributed to higher NPI, lower tax expenses and net finance costs, retention of part of the net divestment proceeds in the current period, as well as the one-off leasing commission in relation to its Toshin master lease renewal in the previous corresponding period. This was partially offset by higher legal and professional fees. The Reit's manager will retain about S$2 million of income available for distribution for H2 FY24/25 for working capital requirements. The Reit also posted a flat distribution per unit (DPU) of S$0.0185 in the second half ended Jun 30, 2025. For the full year, DPU was 0.6 per cent higher at S$0.0365. This represented an annual yield of 7.2 per cent, based on the closing unit price of S$0.51 as at Jun 30, 2025. The distribution reinvestment plan will apply for the H2 FY24/25 distribution, with the issue price of new units announced on or around Aug 6. Unitholders can expect to receive their H2 FY24/25 DPU on Sep 24. Improved operational performance The Reit's full-year NPI rose 0.8 per cent to S$150.2 million, mainly due to higher contributions from Singapore retail properties and Perth properties, as well as the appreciation of the Malaysian ringgit against the Singapore dollar. This was partially offset by loss of contribution from the divestment of the Wisma Atria office strata units, rental arrears provision for China Property, higher operating expenses and the depreciation of Australian dollar against the Singapore dollar. Revenue for the full year was up 1.2 per cent on year to S$192.1 million for FY2024/25, and income available for distribution for the period grew by 3.7 per cent to S$87.8 million. The group's portfolio valuation remained stable at about S$2.8 billion. The figure would have reflected a 0.9 per cent year-on-year increase if not for the divested strata office lots in Wisma Atria in FY24/25. The gains were mainly due to the upward revaluation of its Ngee Ann City property, The Starhill, and Australian properties in June 2025, partially offset by net foreign currency movements. Ho Sing, chief executive officer of Starhill Global Reit's manager, said the partial divestment of its office portfolio enabled the Reit manager to demonstrate the asset's value, strengthen financials and further improve liquidity amid ongoing market uncertainty. 'The improved operational performance for the year was mainly driven by our Singapore portfolio, which achieved full committed occupancy and delivered positive rental reversions,' he added. Notably, at Wisma Atria, shopper traffic climbed 5 per cent year on year, although tenant sales declined 5.2 per cent. Starhill Global Reit owns the majority of units at the mall. The Reit also renewed its current master lease at Ngee Ann City Property with Toshin ahead of expiry. Gearing remained stable at 36 per cent, with a weighted average debt maturity of 3.1 years. Units of Starhill Global Reit closed flat at S$0.55 on Tuesday.
Business Times
2 days ago
- Business
- Business Times
Keppel Pacific Oak US Reit H1 distributable income falls 16.2% to US$19.9 million
[SINGAPORE] Keppel Pacific Oak US Reit (Kore) posted a distributable income of US$19.9 million for its first half of the financial year ended Jun 30, down 16.2 per cent from US$23.8 million in the previous corresponding period. The US office-focused real estate investment trust (Reit) blamed lower cash net property income (NPI) and higher other trust expenses for the drop in distributable income, said the manager in a business update on Tuesday (Jul 29). It posted a positive 0.5 per cent rental reversion for the half. No distribution was declared. The manager had previously said it would suspend distributions for two years from H2 FY2023 to H2 FY2025 as part of recapitalisation plans to address capital needs and leverage concerns. For the first half of FY2025, NPI was at US$40.7 million, down 3.2 per cent from US$42 million before. Gross revenue rose 0.2 per cent to US$74.6 million. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The weighted average term to maturity of its debt was 2.0 years, said the manager. Additionally, its full portfolio weighted average lease expiry by net lettable area was 3.5 years. Kore's performance had been sliding for some time with the challenging environment faced by the US office market. It posted a 19.3 per cent drop in distributable income in the first quarter of 2025 compared to the first quarter in 2024. In 2024, for H2 and the full year, its distributable income tumbled due to lower cash NPI and higher financing costs.
Mint
2 days ago
- Business
- Mint
Blackstone-backed Knowledge Realty Trust's ₹4,800-crore IPO to open on 5 August
Next Story Madhurima Nandy The Sattva Group and Blackstone-backed real estate investment trust will announce the price band on 30 July. Some of the marquee assets owned by Knowledge Realty Trust include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. Gift this article BENGALURU :Knowledge Realty Trust (KRT), a real estate investment trust (Reit) sponsored by Bengaluru-based developer Sattva Group and asset manager Blackstone, is set to launch its initial public offering (IPO) on 5 August, said two persons close to the development. Knowledge Realty Trust (KRT), a real estate investment trust (Reit) sponsored by Bengaluru-based developer Sattva Group and asset manager Blackstone, is set to launch its initial public offering (IPO) on 5 August, said two persons close to the development. The proposed ₹ 4,800-crore IPO secured approval from the Securities and Exchange Board of India (Sebi) on Friday. The offer will be open from 5 to 8 August. This will be Asia's second-largest Reit by size and India's largest by gross asset value (around ₹ 62,000 crore) and net operating income, owning over 46 million square feet of office space across 29 assets in six cities, mainly Mumbai, Bengaluru, and Hyderabad. 'The price band will be announced on 30 July. The Reit will be listed in mid-August," said one of the two persons cited above, on the condition of anonymity. In June, KRT became the first ever Reit to conclude a pre-IPO fundraising exercise. It raised ₹ 1,400 crore from investors, including JM Financial, Radhakishan Damani (promoter of DMart), and 360 One Wam Ltd, in a pre-IPO placement. The round was fully subscribed by domestic high-net-worth individuals (HNIs) and family offices, signalling investor confidence ahead of the public issue. 'A substantial amount of the total ₹ 6,200 crore primary raise will be used for debt repayment. There will be no secondary sale," said the second person. A KRT spokesperson didn't respond to Mint's queries. The KRT IPO KRT filed its IPO draft papers with Sebi in March. Blackstone—sponsor of three of the four listed Reits in India—will own 55% of the Reit, while the Sattva Group will hold the rest. The KRT Reit has a 'brand neutral' strategy. It aims to acquire assets inorganically and give opportunities to other developers to contribute their assets to the Reit while maintaining their brand identity. Shirish Godbole, former managing director of Morgan Stanley Real Estate Funds in India, is the trust's chief executive officer; Quaiser Parvez, former CEO of Blackstone-owned Nucleus Office Parks, is its chief operating officer. Reits have faced their share of challenges in recent years, many of them pandemic-induced. But with the office market turning around, they are gaining more acceptance. Around 90% of the Sattva-Blackstone Reit is leased to marquee tenants, split between multi-national corporations and global capability centres (GCCs). Also Read | KKR-backed Leap India appoints bankers for IPO Some of the marquee assets owned by the Trust include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
2 days ago
- Business
- Mint
Knowledge Realty Trust's Rs4,800-crore IPO to open on 5 August
BENGALURU : Knowledge Realty Trust (KRT), a real estate investment trust (Reit) sponsored by Bengaluru-based developer Sattva Group and asset manager Blackstone, is set to launch its initial public offering (IPO) on 5 August, said two persons close to the development. The proposed ₹4,800-crore IPO secured approval from the Securities and Exchange Board of India (Sebi) on Friday. The offer will be open from 5 to 8 August. This will be Asia's second-largest Reit by size and India's largest by gross asset value (around ₹62,000 crore) and net operating income, owning over 46 million square feet of office space across 29 assets in six cities, mainly Mumbai, Bengaluru, and Hyderabad. 'The price band will be announced on 30 July. The Reit will be listed in mid-August," said one of the two persons cited above, on the condition of anonymity. In June, KRT became the first ever Reit to conclude a pre-IPO fundraising exercise. It raised ₹1,400 crore from investors, including JM Financial, Radhakishan Damani (promoter of DMart), and 360 One Wam Ltd, in a pre-IPO placement. The round was fully subscribed by domestic high-net-worth individuals (HNIs) and family offices, signalling investor confidence ahead of the public issue. 'A substantial amount of the total ₹6,200 crore primary raise will be used for debt repayment. There will be no secondary sale," said the second person. A KRT spokesperson didn't respond to Mint's queries. The KRT IPO KRT filed its IPO draft papers with Sebi in March. Blackstone—sponsor of three of the four listed Reits in India—will own 55% of the Reit, while the Sattva Group will hold the rest. The KRT Reit has a 'brand neutral' strategy. It aims to acquire assets inorganically and give opportunities to other developers to contribute their assets to the Reit while maintaining their brand identity. Shirish Godbole, former managing director of Morgan Stanley Real Estate Funds in India, is the trust's chief executive officer; Quaiser Parvez, former CEO of Blackstone-owned Nucleus Office Parks, is its chief operating officer. Reits have faced their share of challenges in recent years, many of them pandemic-induced. But with the office market turning around, they are gaining more acceptance. Around 90% of the Sattva-Blackstone Reit is leased to marquee tenants, split between multi-national corporations and global capability centres (GCCs). Some of the marquee assets owned by the Trust include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru.
