- Main Sector(s): Healthcare, Hospitality & Retail
- Country(s) with Assets: Indonesia, Singapore & Japan
- No. of Properties (exclude associate/fund): 32
Key Indicators
Related Parties Shareholding
- REIT Sponsor's Shareholding: Above 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: 100%
- Income in SGD/Major Currencies: Below median by 20% or more
- WALE: Above median by 20% or more
- Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in 2027
- Weighted Average Land Lease Expiry: Below median by 10% or more
Debt Profile
- Gearing Ratio: ± 10% from median
- Gearing ratio including perps: ± 10% from median
- Cost of Debt: Above median by 20% or more
- Fixed Rate Debt %: Above median by 10% or more
- Unsecured Debt %: Below median by 20% or more
- WADM: Above median by 20% or more
- Highest Debt Maturity within 5 Years: Above median by 20% or more; Falls in 2026
- Interest Coverage Ratio: Above median by 10% or more
Diversification Profile
- Top Geographical Contribution: Below median by 20% or more
- Top Property Contribution: Below median by 10% or more
- Top 5 Properties' Contribution: Below median by 10% or more
- 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 20% or more
- Management Fees over Distribution: Above median by 20% or more; $5.21 distribution for every dollar paid
- Operating Distributable Income on Capital: Above median by 20% or more
- Operating Distributable Income Margin: ± 10% from median
- Operating Distribution Proportion: ± 5% from median
DPU Breakdown
- TTM DPU Breakdown
- 91.1% from Operation
- 8.9% from Management Fees Paid in Units
Trends
- Uptrend: Property Yield
- Flat: Committed Occupancy, Operating Distributable Income on Capital
- Downtrend: DPU from Operation, NAV per Unit, Interest Coverage Ratio, Operating Distributable Income Margin
Relative Valuation
- P/NAV: Average for 1y, 3y & 5y
- Dividend Yield: Average for 1y, 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low Income in SGD/Major Currencies |
| High REIT Manager's Shareholding | High Cost of Debt |
| High Directors of REIT Manager's Shareholding | Low Unsecured Debt % |
| 100% Committed Occupancy | Concentrated Debt Maturity |
| Long WALE | High Top Tenant & Top 10 Tenants' Contributions |
| No Major Lease Expiry within 5 Years | Non Competitive Management Fees |
| High Fixed Rate Debt % | DPU from Operation Downtrend |
| Long WADM | NAV per Unit Downtrend |
| High Interest Coverage Ratio | Interest Coverage Ratio Downtrend |
| Low Top Geographical Contribution | Operating Distributable Income Margin Downtrend |
| Top Property & Top 5 Properties' Contributions | |
| High Property Yield | |
| High Operating Distributable Income on Capital | |
| Property Yield Uptrend |
Performance is similar to the previous quarter. The debt profile has improved in this quarter whereby fixed rate debt proportion has increased from 62.8% to a high level of 86% and TMK bond which is due in May 2025 has been refinanced early as well. As a result, there is no refinancing requirement until May 2026 and the finance expense is expected to be stable moving forward.
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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