REIT-TIREMENT - REIT Investing and Personal Finance

A blog about REIT investment and personal finance

Sunday, September 20, 2020

Pure Logistics SREITs - ALOG vs ECW vs MLT

There are currently many SREITs with the mix of industrial and logistics sectors, but only 3 pure logistics SREITs. This time, let's compare these 3 pure Logistics SREITs. For mobile user, please view in landscape mode.


Name

ARA LOGOS Logistics Trust (ALOG)

EC World REIT (ECW)

Mapletree Logistics Trust (MLT)

Basic & Key Statistics

Listed Date

12-Apr-2010

28-Jul-2016

28-Jul-2005

Unit Price

$0.630

$0.660

$2.050

Dividend Yield

7.96%

8.40%

3.98%

Price / NAV

1.08

0.76

1.70

Market Cap

SGD 0.69 Billion

SGD 0.53 Billion

SGD 7.8 Billion

Related Parties Shareholding

REIT Sponsor

10.99%

43.25%

31.99%

REIT Manager

0.00%

0.51%

1.02%

Directors of REIT Manager

0.17%

43.55%

0.02%

Lease Profile

Committed Occupancy

97.0%

98.7%

97.2%

Income in SGD/Major Currencies

100.0%

0.0%

53.7%

Weighted Average Lease Expiry, WALE

2.8 years

3.6 years

4.3 years

Highest Lease Expiry in 5 Years

32.8%

73.8%

26.4%

Number of Properties

27 units

8 units

145 units

Weighted Average Land Lease Expiry

46.08 years

34.99 years

51.41 years

Debt Profile

Gearing Ratio

40.4%

39.1%

39.6%

Interest Cover Ratio

3.6 times

2.5 times

4.8 times

Cost of Debt

3.5%

4.3%

2.3%

Fixed Rate Debt Proportion

68.5%

62.0%

80.0%

Unsecured Debt Proportion

74.3%

0.0%

90.5%

Weighted Average Debt Maturity, WADE

3.5 years

2.12 years

4 years

Highest Debt Maturity in 5 Years

43.0%

84.3%

22.0%

Diversification Profile

Top Geographical Contribution

73.8%

98.3%

35.6%

Top Property Contribution

25.6%

29.4%

10.4%

Top Tenant Contribution

14.3%

34.9%

8.9%

Top 10 Tenants Contribution

54.5%

97.9%

27.9%

No. of Countries with Properties/Investments

2 countries

1 country

8 countries

Key Financial Metrics

Property Yield

6.4%

6.0%

5.5%

Management Fees over Distribution

14.0%

10.8%

18.4%

Distribution on Capital

4.3%

3.3%

3.8%

Distribution Margin

46.9%

43.0%

58.8%

Distribution from Asset Disposal

0.0%

0.0%

3.3%

Distribution from Income Support

2.0%

0.0%

0.0%

Growth Trend for Past 5 Years (or Since IPO if less than 5 years)

DPU

Downtrend

Flat

Uptrend

NAV per Unit

Downtrend

Downtrend

Uptrend

Interest Cover Ratio

Downtrend

Downtrend

Downtrend

Property Yield

Flat

Downtrend

Slight Downtrend

Distribution Margin

Downtrend

Downtrend

Uptrend

* Above information is extracted from SREITs Dashboard.

** Growth Trend for DPU is not adjusted for any equity fundraising.


Without assigning weightage, just consider favorable points will get:

1) Basic & Key Statistics - ECW

2) Related Parties Shareholding -  ECW

3) Lease Profile - MLT

4) Debt Profile - MLT

5) Diversification - MLT

6) Key Financial Metrics - ALOG & ECW

7) Growth Trend - MLT

8) Overall - MLT 


For relative valuation:

Name

ARA LOGOS Logistics Trust (ALOG)

EC World REIT (ECW)

Mapletree Logistics Trust (MLT)

 

52 Weeks

High

$0.745

$0.770

$2.210

 

Low

$0.320

$0.410

$1.200

 

Current

$0.630

$0.660

$2.050

 

Average Yield

High

10.02%

9.06%

7.50%

 

Low

6.11%

6.78%

4.49%

 

Average

8.28%

8.04%

6.27%

 

Current

7.96%

8.40%

3.98%

 

Average Price/NAV

High

1.22

0.89

1.51

 

Low

0.91

0.76

0.94

 

Average

1.08

0.83

1.16

 

Current

1.08

0.76

1.70

 

ECW is more undervalued in terms of relative valuation.


Above is just a quick comparison, you could refer more detail on the individual analysis below:

ARA LOGOS Logistics Trust Analysis @ 20 August 2020

EC World REIT Analysis @ 28 August 2020

Mapletree Logistics Trust Analysis @ 28 July 2020


For more information, you could refer:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview of Singapore REIT

REIT Analysis - List of previous REIT analysis posts

REIT Investing Community - Facebook Group where members share and discuss REIT topic


*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee the accuracy, completeness, and reliability. It should not be taken as financial advice or 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 material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.

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