Tuesday, March 28, 2017

Industrial S-REITs Rate-Hike Sensitivity Data Comparison (4Q2016)

If the Fed hike rates again in June, this is my list of quality industrial S-REITs fit for long-term holding if there is significant knee-jerk reaction in the market.

Ascendas REIT:
1.Gearing: 34.2%
2.Weighted average debt expiry: 3.8 years
3.WALE: 3.7 years (Singapore portfolio: 3.5 years Australia portfolio: 5.1 years)
4.Interest coverage: 5.3 times
5.All-in annual debt costs: 3%
6.Percentage of total borrowings hedged on fixed rates: 77.6%
7.Credit rating by Moody's: A3 Stable


Mapletree Logistics Trust:
1.Gearing: 37.6%
2.Weighted average debt expiry: 3.5 years
3.Debt maturity profile: 2017-15% 2018-16% 2019-14% 2020-17% 2021-16%
4.WALE: 4.1 years
5.Interest coverage: 5.7 times
6.All-in annual debt costs: 2.3%
7.Percentage of total borrowings hedged on fixed rates: 81%
8.Credit rating by Moody's: 'Baa1' with stable outlook


Mapletree Industrial Trust:
1.Gearing: 29%
2.Weighted average debt expiry: 3.5 years
3.Debt maturity profile: 2017-17.4% 2018-17.4% 2019-27.4% 2020-8.7% 2021-9.4%
4.WALE: 2.8 years
5.Interest coverage: 8 times
6.All-in annual debt costs: 2.6%
7.Percentage of total borrowings on fixed rates: 68.6%
8.Credit rating by Fitch: 'BBB+' with stable outlook


Frasers Logistics & Industrial Trust:
1.Gearing: 28.2%
2.Debt maturity profile: No refinancing needs in 2017 and 2018
3.WALE: 6.6 years
4.Interest coverage: 7.5 times
5.All-in annual debt costs: 2.8%

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

Sunday, March 26, 2017

Healthcare S-REITs Rate-Hike Sensitivity Data Comparison (4Q2016)

Collecting rental income from hospitals and nursing homes is one of the more stable yield investment IMO. Healthcare REITs combine the best of two worlds - real estate & healthcare. With a rapidly aging population in Asia, hospitals and nursing homes will be in greater demand than ever. Parkway Life REIT is best positioned to take advantage of this demographic trend. It has the premium brand private hospitals Mount Elizabeth & Gleneagles in affluent Singapore in addition to a largely freehold portfolio of nursing homes in Japan, where adult diapers sales just overtook baby diapers in 2016.

ParkwayLife REIT:
1. Gearing: 36.3%
2. Average Debt Maturity: 3.6 years
3. Debt Maturity Profile: No long-term debt refinancing needs till FY2019
4. WALE: 8.44 years
5. Interest Coverage: 8.7 times
6. All-in debt costs: 1.4%
7. % of interest rate exposure hedged: 99%
8. NAV: $1.68


First REIT:
1. Gearing: 31.1%
2. Debt Maturity Profile: 2017 (34.2%), 2018 (35.8%), 2019 (19.8%)
3. WALE: Earliest rental renewals in 2021
4. % of debt on fixed rates: 92.3%
5. All-in debt costs: mid 3% to low 4% range
5. NAV: $1.007

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