- Main Sector(s): Retail & Logistics (Self-Storage)
- Country(s) with Assets: United States
- No. of Properties (exclude development/associate/fund): 23
Key Indicators
- REIT sponsor's shareholding: Below median for more than 20%
- REIT manager's shareholding: Below median for more than 20%
- Directors of REIT manager's shareholding: Above median for more than 20%
Lease Profile
- Occupancy: ± 5% from median
- WALE: Above median for more than 20%
- Highest lease expiry within 5 years: Below median for more than 20%; Falls in 2024
- Weighted average land lease expiry: Above median for more than 20%
Debt Profile
- Gearing ratio: Above median for more than 10%
- Cost of debt: Above median for more than 10%
- Fixed rate debt %: Above median for more than 10%
- Unsecured debt %: 0%
- WADM: Below median for more than 20%
- Highest debt maturity within 5 years: Above median for more than 20%; Falls in 2024
- Interest coverage ratio: ± 10% from median
Diversification Profile
- Top geographical contribution: Below median for more than 20%
- Top property contribution: Below median for more than 20%
- Top 5 properties' contribution: Below median for more than 20%
- Top tenant contribution: ± 10% from median
- Top 10 tenants' contribution: Above median for more than 20%
Key Financial Metrics
- Property yield: Above median for more than 20%
- Management fees over distribution: Below median for more than 20%; $10 distribution for every dollar paid
- Distribution on capital: Above median for more than 20%
- Distribution margin: ± 10% from median
Trends
- Uptrend: Distribution Margin
- Flat: DPU, NAV per Unit, Occupancy, Property Yield
- Slight Downtrend: Interest Coverage Ratio
- Downtrend: Distribution on Capital
Relative Valuation
- Current 52 Weeks Range: 13.6%
- P/NAV: Below -2SD for 1y & 3y
- Dividend Yield: Above +2SD for 1y & 3y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low REIT Sponsor's Shareholding |
| High Directors of REIT Manager's Shareholding | Low REIT Manager's Shareholding |
| Long WALE | High Gearing Ratio |
| Well Spread Lease Expiry | High Cost of Debt |
| Long Weighted Average Land Lease Expiry | 0% Unsecured Debt |
| High Fixed Rate Debt % | Short WADM |
| Low Top Geographical Contribution | Concentrated Debt Maturity |
| Low Top Property & Top 5 Properties Contributions | High Top 10 Tenants Contribution |
| High Property Yield | Distribution on Capital Downtrend |
| Competitive Management Fees | |
| High Distribution on Capital | |
| Distribution Margin Uptrend |
Performance has improved as compared to the previous quarter due to the acquisition of Upland Square. With the new acquisition, tenant diversification is improved where the top and top 10 tenants' weightage dropped from 12 to 10.8% and from 66.1% to 56.2% respectively. 4Q should be a better quarter due to the full quarter contribution from Upland Square.
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 content
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
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 due to 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.
No comments:
Post a Comment