Tuesday, December 13, 2016

Get Ready To FIFO S-REITs After Fed Rate Hike (Part 2)

If you missed Part 1, click here

The previous post on this topic focused on retail & commercial S-REIT. This post focuses on industrial S-REITs.


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%

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