- Main Sector(s): Logistics, Industrial & Office
- Country(s) with Assets: Singapore & Australia
- No. of Properties (exclude associate/fund): 29
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: Above median by 10% or more
- Highest Lease Expiry within 5 Years: Below median by 10% 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 %: Above median by 10% or more
- 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; $3.82 distribution for every dollar paid
- Operating Distributable Income on Capital: Below median by 10% or more
- Operating Distributable Income Margin: Below median by 20% or more
- Operating Distribution Proportion: Below median by 5% or more
- TTM DPU Breakdown:
- 83.1% from Operation
- 16.9 from Management Fees Paid in Units
Trends
- Uptrend: Committed Occupancy
- Flat: NAV per Unit
- Downtrend: DPU from Operation, Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
- Dividend Yield: Above +1SD for 1y & 5y; Above +2SD for 3y
- P/NAV: Average for 1y, 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low REIT Sponsor's Shareholding |
| High REIT Manager's Shareholding | Short Weighted Average Land Lease Expiry |
| High Directors of REIT Manager's Shareholding | High Perpetual Securities % |
| High Committed Occupancy | Low Unsecured Debt % |
| Long WALE | Concentrated Debt Maturity |
| Well Spread Lease Expiry | Low Interest Coverage Ratio |
| Low Gearing Ratio | High Top Geographical Contribution |
| High Fixed Rate Debt % | High Top Tenant & Top 10 Tenants' Contributions |
| Low Top Property Contribution | Non Competitive Management Fees |
| High Property Yield | Low Operating Distributable Income on Capital |
| Committed Occupancy Uptrend | Low Operating Distributable Income Margin |
| Low Operating Distribution Proportion | |
| DPU from Operation Downtrend | |
| Interest Coverage Ratio Downtrend | |
| Property Yield Downtrend | |
| Operating Distributable Income on Capital Downtrend | |
| Operating Distributable Income Margin Downtrend |
In the current quarter, both gross revenue and net property income (NPI) have shown slight improvements compared to the previous quarter, However, distribution and DPU have decreased, although specific details were not provided. Regarding the recent equity fund raising of S$ 100 million, S$ 97 million has already been utilized to repay existing debt while pending to use it for AEIs. Consequently, there is no need for refinancing until July 2024.
You could also refer below for more information:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and detail of Singapore REIT
REIT Review - List of previous REIT review posts
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive content
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
*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 own findings and should not be considered as 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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