REIT-TIREMENT - REIT Investing and Personal Finance

A blog about REIT investment and personal finance

Friday, August 07, 2020

Clarification on Data in SREITs Dashboard

After I created and shared SREITs Dashboard, I have been using it for my analysis post to better visualize REIT fundamentals. I just did a count, I have written 25 analysis posts. I never think I could have the patience to do that, but I did. Have to say, it is quite time-consuming.

Today I would like to clarify on how I present those data in SREITs Dashboard, in which some are based on the latest figures while some are based on average figures.

Disclaimer

1) All information is based on my research without any guarantee of accuracy, completeness, and reliability.

2) It should not be taken as a statement of fact. I shall not be held liable for errors, omissions as well as loss or damage as a result of the use of the information.

3) Please always do your own due diligence before any decision is made.


General

1) I am committed to updating data within 3 days upon result announcement or business update. However, if I couldn't do so, please be patient with me.

2) If you notice any error, do let me know with the correct information and source.

3) There will always be time in which REITs do not provide enough information. Therefore, certain information would be required to calculate manually or estimated based on certain assumptions.

4) If you are in doubt about the information in dashboard, please feel free to contact me


Company Profile

1) Sector weightage is based on average quarter value of past 4 quarters, weighted by GRI whenever applicable. Sometimes REIT would not provide a detailed breakdown, as such certain assumptions are made for my calculation.

2) Business Park classified under Office. Data Center classified under Industrial. Convention Centre classified under Hospitality.

3) Typical ex-dividend month is estimated based on the historical records. Early = 1st to 10th, Mid = 11th to 20th, Late = 21st to 31st.


Key Statistics

1) Current price and 52 weeks range are imported from other sources, it may be delayed information. And sometimes may not work by showing "loading..." or "N/A".

2) Dividend yield is based on annualized past 4 quarters dividends. For REITs which listed less than a year, the first DPU is annualized to a 3 months rough figure. 

3) Market cap, NAV per unit, and share outstanding are based on units at the end of the period, excluding issuable units.


Lease Profile

1) Occupancy & WALE are based on latest result.

2) REVPAU is based latest result and converted to SGD for easier comparison. Some REVPAR is calculated manully which weighted by geographical location. Note that so far there is no standardization on REVPAU presentation. Gross Revenue/Number of Rooms would not always get the figure in REIT presentation.

3) Income in SGD/Major Currencies is based on the average quarter value of the past 4 quarters.

4) Most weighted average land lease expiry is manually calculated, weighted by GRI whenever possible unless specified by REIT itself.


Debt Profile

1) All information is based on the latest result.

2) Most unsecured debt is manually calculated from the latest financial statements.

3) Cost of debt is excluding interest from perpetual securities.


Diversification Profile

1) All information is based on the average quarter value of the past 4 quarters, weighted by GRI whenever possible.

2) May adjust if there is a recent merger or major acquisition/disposal which would skew the value, provided REIT share detailed information.


Key Financial Metrics

1) Property yield and distribution on capital are based on the average quarter value of the past 4 quarters.

2) Management fees over distribution is calculated based on past 4 quarters management fees and distributions.

3) Distribution margin is calculated based on past 4 quarters distributions and gross revenue+distributon from joint venture/associate, excluding income support and distribution from asset disposal.

4) Distribution from asset disposal and distribution from income support are calculated based on the past 4 quarters distribution and distribution from asset disposal or income support. May adjust if its end or change significantly.


Related Parties Shareholding

1) Information is gathered from SGX and annual reports, based on available information.

2) Certain REITs are without sponsor (officially).

Trend

1) DPU is based on the unadjusted value which does not account for equity fundraising.

2) For REIT with less than 5 years of history, the first DPU is annualized to a 3 months rough figure for a fair comparison.

3) NAV per unit is based on units at the end of the period, excluding issuable units.


Price Relative Chart

1) Average dividend yield and average Price/NAV are based on the average closing price. As such, high average and low may not be the same if you are using daily price data.


For ease of reference in the future, I have added a "note" tab in SREITs Dashboard for the above clarification. Hope this post could clarify your doubts. If you are a REIT lover like me, please feel free to join the Facebook group named "REIT Investing Community" where you could share and discuss topics related to REITs.

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