- Main Sector(s): Office & Logistics
- Country(s) with Assets: India
- No. of Properties (exclude development/associate/fund): 9
Key Indicators
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding: Below median for more than 10%
- REIT manager's shareholding: Above median for more than 20%
- Directors of REIT manager's shareholding: ± 10% from median
Lease Profile
- Occupancy: Below median for more than 5%
- All income received in India Rupee
- WALE: ± 10% from median
- Highest lease expiry within 5 years: Above median for more than 20%; Falls in 2026 and beyond, without breakdown
- Weighted average land lease expiry: Most of the properties are freehold
Debt Profile
- Gearing ratio: ± 10% from median
- Cost of debt: Above median for more than 20%
- Fixed rate debt %: ± 10% from median
- Unsecured debt %: 100%
- WADM: ± 10% from median
- Highest debt maturity within 5 years: ± 10% from median; Falls in 2026
- Interest coverage ratio: Below median for more than 10%
Diversification Profile
- Top geographical contribution: Below median for more than 20%
- Top property contribution: Above median for more than 20%
- Top 5 properties' contribution: Above median for more than 20%
- Top tenant contribution: Above median for more than 10%
- Top 10 tenants' contribution: Above median for more than 10%
Key Financial Metrics
- Property yield: Above median for more than 20%
- Management fees over distribution: Above median for more than 20%; $5.10 distribution for every dollar paid
- Distribution on capital: ± 10% from median
- Distribution margin: ± 10% from median
Trends
- Uptrend: DPU, NAV per Unit, Distribution Margin
- Flat: Interest Coverage Ratio
- Downtrend: Occupancy, Property Yield, Distribution on Capital
Relative Valuation
- P/NAV: Below average for 1y; Below -1SD for 3y & 5y
- Dividend Yield: Average for 1y, 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low Occupancy |
| High REIT Manager's Shareholding | All income received in India Rupee |
| Mostly Freehold Properties | High Cost of Debt |
| 100% Unsecured Debt | Low Interest Coverage Ratio |
| Low Top Geographical Contribution | High Top Property & Top 5 Properties Contributions |
| High Property Yield | High Top Tenant & Top 10 Tenants Contributions |
| DPU Uptrend | Non-Competitive Management Fees |
| NAV per Unit Uptrend | Occupancy Downtrend |
| Distribution Margin Uptrend | Property Yield Downtrend |
| Distribution on Capital Downtrend |
Performance has improved as compared to the previous quarter due to full quarter contribution from Building Q1 at Aurum Q Parc and Arshiya Warehouse 7. The next half-yearly performance would be improved due to the 3 properties acquired in 1H 2022, however, the unfavorable SGD/INR FX in recent months should be a thing to take note of.
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 Analysis - List of previous REIT analysis posts
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive contents
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REIT Investing Community - Facebook Group where members share and discuss REIT topic
*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.
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