Many investors think that SPH REIT is a pure retail REIT. Unknown to many, SPH REIT actually has healthcare exposure from its flagship property - Paragon which leases to around 90 medical clinics. SPH REIT has adopted half-yearly reporting but maintaining quarter dividend policy.
Lease Profile
Occupancy is high at 98.8%. WALE at 2.6 years is slight long as compared to other retail SREITS with Singapore properties. Weighted average land lease expiry by GRI is long at 90.59 years. Earliest land expiry is on 2026 March for Rail Mall, which only account for around 2% of its GRI.
Debt Profile
Gearing ratio at low 29.3%, which is 3rd lowest among SREITs. Cost of debt of 2.8% is slightly lower than SREITs median. As SPH REITs adopted half-yearly reporting, they did not disclosed their financial statement, thus couldn't check on its interest cover. Its interest cover for previous quarter is 5.73. WADE is short at 2 years where its debt maturity is well-spread.
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