Ascendas REIT (AREIT) is a diversified REIT which has majority of properties are in Office, Industrial and Logistics sectors. At this moment, AREIT has the largest market cap in SREITs. It is often viewed as a good SREIT counter by a lot of investors, so let's go through it and see.
Lease Profile
As a market leader, AREIT occupancy is not fantastic.WALE is slightly lower than median. Lease expiry is quite spread out at which highest expiry is 19.4% in FY2020. Most of its income is received from Singapore properties. As such, its weighted average land lease expiry by GRI is not long as compared to those with oversea freehold properties.
Debt Profile
AREIT gearing, cost of debt and fixed rate debt are very close to SREITs median value but unsecured debt % is higher than median. Interest cover is high at 5 times. WADE is long at 3.8 years as well. Debt
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