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Industrial REITs lead Q3 NPI growth amongst S-REITs

Fresh property news selection on November 22. 2019, Friday.

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ESR-REIT’s NPI doubled from its merger with Viva. Industrial REITs saw the strongest net property income (NPI) growth at 5-101% YoY in Q3 2019, according to Maybank Kim Eng. This was mainly attributed to higher contributions from earlier acquisitions.

Industrial REITs were also noted to be the most active in deals as they pushed overseas diversification. Overseas assets under management (AUMs) for industrial REITs hit 24-69% of the total from from 9-67%.

“Overseas assets are mostly freehold and should continue to strengthen S-REITs’ overall AUM growth, with their relatively longer WALEs and leases embedded by annual rental escalations supporting DPU visibility,” according to Maybank Kim Eng analyst Chua Su Tye.

Industrial REITs are expected to see stabilising rents and easing supply. The JTC all-industrial rental index only edged up 0.1% in Q3, whilst supply is projected to slow to 1.7% pa for 2019-21 from 3.3% in 2014-18.

“Leasing activity was largely due to renewals and relocations as tenants continued to rightsize or consolidate, while holding back their expansion given uncertain macros, suggesting a slower recovery in rents,” Chua said.

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