Tuesday, March 28, 2017

Industrial S-REITs Rate-Hike Sensitivity Data Comparison (4Q2016)

If the Fed hike rates again in June, this is my list of quality industrial S-REITs fit for long-term holding if there is significant knee-jerk reaction in the market.

Ascendas REIT:
1.Gearing: 34.2%
2.Weighted average debt expiry: 3.8 years
3.WALE: 3.7 years (Singapore portfolio: 3.5 years Australia portfolio: 5.1 years)
4.Interest coverage: 5.3 times
5.All-in annual debt costs: 3%
6.Percentage of total borrowings hedged on fixed rates: 77.6%
7.Credit rating by Moody's: A3 Stable


Mapletree Logistics Trust:
1.Gearing: 37.6%
2.Weighted average debt expiry: 3.5 years
3.Debt maturity profile: 2017-15% 2018-16% 2019-14% 2020-17% 2021-16%
4.WALE: 4.1 years
5.Interest coverage: 5.7 times
6.All-in annual debt costs: 2.3%
7.Percentage of total borrowings hedged on fixed rates: 81%
8.Credit rating by Moody's: 'Baa1' with stable outlook


Mapletree Industrial Trust:
1.Gearing: 29%
2.Weighted average debt expiry: 3.5 years
3.Debt maturity profile: 2017-17.4% 2018-17.4% 2019-27.4% 2020-8.7% 2021-9.4%
4.WALE: 2.8 years
5.Interest coverage: 8 times
6.All-in annual debt costs: 2.6%
7.Percentage of total borrowings on fixed rates: 68.6%
8.Credit rating by Fitch: 'BBB+' with stable outlook


Frasers Logistics & Industrial Trust:
1.Gearing: 28.2%
2.Debt maturity profile: No refinancing needs in 2017 and 2018
3.WALE: 6.6 years
4.Interest coverage: 7.5 times
5.All-in annual debt costs: 2.8%

Monday, March 27, 2017

Retail S-REITs Rate-Hike Sensitivity Data Comparison (4Q2016)

The local retail sector has been facing a few headwinds for the last couple of years. The increased proliferation of e-commerce, manpower shortage as well as higher operating costs have battered retailers big and small. We need experience heads to guide the malls through the stormy sea. These 4 retail REITs in my 'shopping list' have stood the test of time (so far).

Frasers CentrePoint Trust:
1. Gearing: 29.7%
2. Average Debt Maturity: 2.6 years
3. Debt Maturity Profile: 2017 (25.4%), 2018 (7.6%), 2019 (15.3%), 2020 (17.8%)
4. WALE: 1.5 years
5. Interest Coverage: 7.29 times
6. All-in debt costs: 2.1%
7. % of borrowings hedged on fixed rates: 56%
8. NAV: $1.93


CapitaLand Mall Trust:
1. Gearing: 34.8%
2. Average Debt Maturity: 5.3 years
3. WALE: 2 years
4. Interest Coverage: 4.8 times
5. All-in debt costs: 3.2%
6. NAV: $1.86


Starhill Global REIT:
1. Gearing: 35.2%
2. Average Debt Maturity: 3.1 years
3. WALE: 4.8 years
4. Interest Coverage: 4 times
5. All-in debt costs: 3.16%
6. % of borrowings on fixed rates: 99%
7. NAV: $0.92


SPH REIT:
1. Gearing: 25.7%
2. Average Debt Maturity: 2.8 years
3. WALE: 2.4 years
4. Interest Coverage: 6 times
5. All-in debt costs: 2.81%
6. % of borrowings on fixed rates: 85.9%
7. NAV: $0.94

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