Meanwhile, the worst performer was Prime US REIT (SGX:OXMU
) , which fell 30.4% after gaining 95.1% the month earlier, due to portfolio valuation and gearing concerns.
PhillipCapital Research is remaining “overweight” on S-REITs even as most of them posted y-o-y declines in distributions for the quarter ended Dec 31, 2023 as higher finance costs eroded distributable income.
The S-REITs Index fell 4.4% in January after gaining 8.9% in December 2023. The top performer for the month was Frasers Centrepoint Trust (SGX:J69U) (FCT), which gained 1.8% after “commendable” results and the proposed acquisition of a further 24.5% stake in Nex shopping mall, write analysts Darren Chan and Liu Miaomiao in a Feb 19 note.
