Soilbuild Business Space REIT, as its name implied, gets its majority income from business parks properties. It is 1 of the very few SREITs which is still maintaining quarter reporting and quarterly dividend.
Lease Profile
Occupancy is low at 89.5%; WALE is low at 3.4 years as well. However, its lease is well spread where the highest expiry is only 20.2% in year 2023. Weighted average land lease expiry is short at 46.39 years.
Debt Profile
Gearing, cost of debt and fixed rate is slightly higher than SREITs median level. Unsecured debt is low at 59.6%. The interest cover is low at 3.6 times. WADE is also short at 1.9 years. 37.7% of its debt is matured at 2021 which post a concentrated debt maturity risk.
Diversification Profile
Soilbuild is not diversified in terms of geographical and property. Top geographical and top property contributed 83.3% and 31% respectively. Top tenant contribution is close to SREITs median level; however, top 10 tenants contribution is high at 43.5%.
...
