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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