- Main Sector(s): Healthcare
- Country(s) with Assets: Singapore, Japan & Malaysia
- No. of Properties (exclude associate/fund): 61
Key Indicators
Related Parties Shareholding
- REIT Sponsor's Shareholding: Above median by 20% or more
- REIT Manager's Shareholding: Below 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: Above median by 20% or more
- Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in 2026
- Weighted Average Land Lease Expiry: ± 10% from median
Debt Profile
- Gearing Ratio: ± 10% from median
- Cost of Debt: Below median by 20% or more
- Fixed Rate Debt %: ± 10% from median
- Unsecured Debt %: 100%
- WADM: ± 10% from median
- Highest Debt Maturity within 5 Years: Below median by 20% or more; Falls in 2027
- Interest Coverage Ratio: Above median by 20% or more
Diversification Profile
- Top Geographical Contribution: Above median by 10% or more
- Top Property Contribution: Above 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: ± 10% from median; $6.33 distribution for every dollar paid
- Operating Distributable Income on Capital: Above median by 20% or more
- Operating Distributable Income Margin: Above median by 20% or more
- Operating Distribution Proportion: 100%
DPU Breakdown
- TTM DPU Breakdown
- 100% from Operation
- TTM DPU = 96.7% of Distributable Income
Trends
- Uptrend: DPU from Operation, NAV per Unit, Interest Coverage Ratio
- Flat: Committed Occupancy, Property Yield
- Downtrend: Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
- Dividend Yield: Average for 1y & 5y; Above +1SD for 3y
- P/NAV: Average for 1y & 5y; Below -1SD for 3y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low REIT Manager's Shareholding |
| High Directors of REIT Manager's Shareholding | High Top Geographical Contribution |
| High Occupancy | High Top Property Contribution |
| Long WALE | High Top Tenant & Top 10 Tenants' Contributions |
| No Majority Lease Expiry within 5 Years | Operating Distributable Income on Capital Downtrend |
| Low Cost of Debt | Operating Distributable Income Margin Downtrend |
| 100% Unsecured Debt | |
| Well Spread Debt Maturity | |
| High Interest Coverage Ratio | |
| High Property Yield | |
| High Operating Distributable Income on Capital | |
| High Operating Distributable Income Margin | |
| 100% Operating Distribution Proportion | |
| DPU from Operation Uptrend | |
| NAV per Unit Uptrend | |
| Interest Coverage Ratio Uptrend |
While many REITs are impacted by the high interest rate environment, higher property expenses and income currencies depreciation against SGD, PLIFE fundamentals and performance continue to be resilient. As for near-term debt maturity, there is only 7% maturity in this year and 5% ($41.5 million) to be refinanced in 1Q 2024.
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
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*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.
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