- Main Sector(s): Office
- Country(s) with Assets: United States
- No. of Properties (exclude associate/fund): 13
Key Indicators
Rental Reversion
Related Parties Shareholding
- REIT Sponsor's Shareholding: Below median by 20% or more
- REIT Manager's Shareholding: Above median by 10% or more
- Directors of REIT Manager's Shareholding: Above median by 20% or more
Lease Profile
- Committed Occupancy: Below median by 5% or more
- WALE: ± 10% from median
- Highest Lease Expiry within 5 Years: Below median by 10% or more; Falls in 2027
- Weighted Average Land Lease Expiry: 100% Freehold Properties
Debt Profile
- Gearing Ratio: ± 10% from median
- Cost of Debt: ± 10% from median
- Fixed Rate Debt %: ± 10% from median
- Unsecured Debt %: 100%
- WADM: ± 10% from median
- Highest Debt Maturity within 5 Years: Below median by 20% or more; Falls in 2025
- Interest Coverage Ratio: ± 10% from median
Diversification Profile
- Top Geographical Contribution: Below median by 20% or more
- Top Property Contribution: Below median by 10% or more
- Top 5 Properties' Contribution: ± 10% from median
- Top Tenant Contribution: Below median by 20% or more
- Top 10 Tenants' Contribution: Below median by 20% or more
Key Financial Metrics
- Property Yield: Above median by 10% or more
- Management Fees over OperaProperty Yieldting Distributable Income: Below median by 20% or more; $ 9.01 distribution for every dollar paid
- Operating Distributable Income on Capital: Above median by 20% or more
- Operating Distributable Income Margin: Below median by 10% or more
- Operating Distribution Proportion: 100%
DPU Breakdown
- TTM DPU Breakdown
- 100% from Operation
Trends
- Flat: DPU from Operation, NAV per Unit, Committed Occupancy, Operating Distributable Income on Capital, Operating Distributable Income Margin
- Slight Downtrend: Property Yield
- Downtrend: Interest Coverage Ratio
- Dividend Yield: Above +1SD for 1y; Above +2SD for 3y & 5y
- P/NAV: Below -1SD for 1y; Below -2SD for 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High Directors of REIT Manager's Shareholding | Low REIT Sponsor's Shareholding |
| Well Spread Lease Expiry | Low Occupancy |
| 100% Freehold Properties | Low Operating Distributable Income Margin |
| 100% Unsecured Debt | Interest Coverage Ratio Downtrend |
| Well Spread Debt Maturity | |
| Low Top Geographical Contribution | |
| Low Top Property Contribution | |
| Low Top Tenant & Top 10 Tenants' Contributions | |
| High Property Yield | |
| Competitive Management Fees | |
| High Operating Distributable Income on Capital | |
| 100% Operating Distribution Proportion |
Compared to the previous quarter, the performance remains largely consistent. In terms of debt, there is a 1.7% maturity expected for this year, with the next maturity in Q4 at 12.9%. Coupled with the moderate fixed rate debt at 77.6%, the impact for further interest rate increase should be minimal.
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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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