- Main Sector(s): Logistics, Industrial & Office
- Country(s) with Assets: Singapore & Australia
- No. of Properties (exclude associate/fund): 28
Key Indicators
Related Parties Shareholding
- REIT Sponsor's Shareholding: Below median by 20% or more
- REIT Manager's Shareholding: Above median by 20% or more
- Directors of REIT Manager's Shareholding: Above median by 20% or more
Lease Profile
- Committed Occupancy: ± 5% from median
- WALE: ± 10% from median
- Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in FY26
- Weighted Average Land Lease Expiry: Below median by 20% or more
Debt Profile
- Gearing Ratio: Below median by 10% or more
- Gearing Ratio including Perps: Above median by 20% or more
- Cost of Debt: ± 10% from median
- Fixed Rate Debt %: ± 10% from median
- Unsecured Debt %: Below median by 20% or more
- WADM: ± 10% from median
- Highest Debt Maturity within 5 Years: Above median by 20% or more; Falls in FY27
- Interest Coverage Ratio: Below median by 20% or more
Diversification Profile
- Top Geographical Contribution: Above median by 20% or more
- Top Property Contribution: Below median by 20% or more
- Top 5 Properties' Contribution: ± 10% from median
- Top Tenant Contribution: Above median by 20% or more
- Top 10 Tenants' Contribution: Above median by 20% or more
Key Financial Metrics
- Property Yield: Above median by 10% or more
- Management Fees over Operating Distributable Income: Above median by 20% or more; $4.00 distribution for every dollar paid
- Operating Distributable Income on Capital: ± 10% from median
- Operating Distributable Income Margin: Below median by 10% or more
- Operating Distribution Proportion: Below median by 5% or more
- TTM DPU Breakdown:
- 84.3% from Operation
- 15.7 from Management Fees Paid in Units
- TTM DPU = 99.2% of Distributable Income
Trends
- Uptrend: Committed Occupancy
- Flat: NAV per Unit
- Downtrend: DPU from Operation, Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
- Dividend Yield: Average for 1y, Above +1SD for 3y & 5y
- P/NAV: Average for 1y, 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low REIT Sponsor's Shareholding |
| High REIT Manager's Shareholding | Short Weighted Average Land Lease Expiry |
| High Directors of REIT Manager's Shareholding | High Perpetual Securities % |
| High Committed Occupancy | Low Unsecured Debt % |
| Well Spread Lease Expiry | Concentrated Debt Maturity |
| Low Gearing Ratio | Low Interest Coverage Ratio |
| Low Top Property Contribution | High Top Geographical Contribution |
| High Property Yield | High Top Tenant & Top 10 Tenants' Contributions |
| Committed Occupancy Uptrend | Non Competitive Management Fees |
| Low Operating Distributable Income Margin | |
| Low Operating Distribution Proportion | |
| DPU from Operation Downtrend | |
| Interest Coverage Ratio Downtrend | |
| Property Yield Downtrend | |
| Operating Distributable Income on Capital Downtrend | |
| Operating Distributable Income Margin Downtrend |
Performance remains similar as compared to the previous quarter. Debt has been further reduced with the fund from equity fundraising, resulting in no refinancing requirement until FY2025.
For more information, check out:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and details of Singapore REIT
REIT Review - List of previous REIT review posts
Patreon - Subscribe and get exclusive content
Investing Note - Support by following my Investing Note profile
X - Support by following my X account
Facebook Page - Support by liking my Facebook Page
Facebook Group - REIT Investing Community - Join to share and discuss REITs
Telegram Channel - Singapore REITs Post - Join to receive posts for Singapore REITs
Buy Me a Coffee - Treat me a coffee for my efforts
*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.
No comments:
Post a Comment