Basic Profile & Key Statistics
CapitaLand Retail China Trust (CRCT) is a pure retail REIT with all of its properties in China.
Lease Profile
Occupancy is healthy at 95.4%. WALE at 2.3 years is low as compared to other retail SREITs/BizTrust with properties in China. All of its income is received in RMB. Highest lease expiry by GRI of 30% will be expiring this year, this posts a slight concentrated lease expiry risk. Weighted average land lease expiry is the 2nd shortest for SREITs at only 24.3years.
Debt Profile
Gearing is healthy at 35.8%. Cost of debt of 2.9% is at median level despite high unsecured debt of 94.2%. Fixed rate debt is slightly higher than median level. Interest cover is at SREITs median level of 4.3 times. WADE is short at 2.55 years, however, debt is quite well-spread. Highest debt maturity of around 20.4% will be expiring in the year 2022.
Diversification Profile
Both top geographical and top property contributions are close to SREITs median level. Both top tenant...