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%

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