- Main Sector(s): Office, Industrial & Logistics
- Country(s) with Assets: Netherlands, Italy, France, Poland, Germany, Finland, Denmark, Slovakia, Czechia & England
- No. of Properties (exclude development/associate/fund): 113
Key Indicators
Rental Reversion
Development
Related Parties Shareholding
- REIT Sponsor's Shareholding: ± 10% from median
- REIT Manager's Shareholding: Below median by 20% or more
- Directors of REIT Manager's Shareholding: Blow median by 20% or more
Lease Profile
- Occupancy: ± 5% from median
- Income in SGD/Major Currencies: Below median by 10% or more
- WALE: Above median by 10% or more
- Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in 2025
- Weighted Average Land Lease Expiry: Above median by 20% or more
Debt Profile
- Gearing Ratio: ± 10% from median
- Gearing Ratio including Perps: ± 10% from median
- Cost of Debt: Below median by 20% or more
- Fixed Rate Debt %: Above median by 10% or more
- Unsecured Debt %: ± 10% from median
- WADM: ± 10% from median
- Highest Debt Maturity within 5 Years: Above median by 20% or more; Falls in 2025
- Interest Coverage Ratio: Above median by 20% or more
Diversification Profile
- Top Geographical Contribution: Below median by 20% or more
- Top Property Contribution: Below median by 20% or more
- Top 5 Properties' Contribution: Below median by 20% or more
- Top Tenant Contribution: ± 10% from median
- Top 10 Tenants' Contribution: Below median by 10% or more
Key Financial Metrics
- Property Yield: ± 10% from median
- Management Fees over Operating Distributable Income: Below median by 20% or more; €15.38 distribution for every dollar paid
- Operating Distributable Income on Capital: Above median by 10% or more
- Operating Distributable Income Margin: ± 10% from median
- Operating Distribution Proportion: Above median by 5% or more
- Distributable Income Breakdown:
- 96.6% from Operation
- 3.4% from Proceeds from Divestment
Trends
- Uptrend: Occupancy
- Flat: DPU from Operation
- Downtrend: NAV per Unit, Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
- P/NAV: Average for 1y; Below -1SD for 3y & 5y
- Dividend Yield: Average for for 1y; Above +1SD for 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low REIT Manager's Shareholding |
| Long WALE | Low Directors of REIT Manager's Shareholding |
| Well Spread Lease Expiry | Concentrated Debt Maturity |
| Long Weighted Average Land Lease Expiry | NAV per Unit Downtrend |
| Low Cost of Debt | Interest Coverage Ratio Downtrend |
| High Fixed Rate Debt % | Property Yield Downtrend |
| High Interest Coverage Ratio | Operating Distributable Income on Capital Downtrend |
| Low Top Geographical Contribution | Operating Distributable Income Margin Downtrend |
| Low Top Property & Top 5 Properties' Contributions | |
| Low Top 10 Tenants' Contribution | |
| Competitive Management Fees | |
| High Operating Distributable Income on Capital | |
| High Operating Distribution Proportion | |
| Occupancy Uptrend |
Performance has declined as compared to the previous quarter in terms of gross revenue, NPI and distributable income. On a positive note, There is no refinancing requirement this year and the high fixed rate proportion of 84% should somewhat mitigate the impact of rising interest rates.
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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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