2. ESR-Logos REIT
ESR-Logos net property income is up 41% for FY 2022 mainly due to the contributions from ALOG Trust after the Merger in April 2022. The REIT achieved a decent positive rental reversion of 11.8% while occupancy rate is relatively high at 92.7%.
DPU is up 0.4% for FY 2022 to 3.00 cents which will translate to 9.2% yield based on current price of 32.5 cents!
In addition, with the recent fund raising exercise by ESR-Logos, the gearing has gone down from 41.8% as at 31 Dec 2022 to the current 'safe' level of 32.3%.
With the lowered gearing and the full year integration of the Merger, could it be a turning point for ESR-Logos going forward in terms of DPU growth and share price?
Find out more from the REIT website
here.
3. CapitaLand China Trust
In our previous article on CapitaLand China Trust (CLCT)
here, it was mentioned that CLCT could benefit from China re-opening.
CLCT delivered a mixed bag of results for FY 2022. Net property income is up by 1.5% to RMB 1,228.4M.
The retail properties rental reversion increased by 2.7% while the new economy assets rental reversion increased by 5.4%.
However, DPU dropped 14.1% for FY 2022 mainly due to higher rental relief and interest expense; but with a DPU of 7.5 cents, the REIT still offers a decent yield of 6.6%.
CLCT gearing is relatively high at 39.6% and the percentage of debt in fixed rates is quite low at 71%.
This may result in the REIT being more prone to changes in interest rates. On a brighte note, the average cost of debt is below 3%.
Check out CLCT website
here.
4. Sabana Industrial REIT
Sabana Industrial REIT delivers a decent set of results for FY 2022. Net property income is up 2.6% while DPU is unchanged at 3.05 cents giving a juicy yield of 7.01%.
Sabana REIT also achieve a positive rental reversion of 12.9% while overall portfolio occupancy rate is at a high of 91.2%.
Sabana REIT gearing ratio is even lowered to 32.4% in FY 2022 compared to 35.0% in FY 2021. In addition there is no refinancing requirements in 2023 and this will lessen the probability of the need for fund raising.
Sabana REIT share price is up 1.16% YTD. With the recent partial offer by Volare Group and couple with a decent set of results, could Sabana REIT surprise investors with positive share price performance this year despite its fiasco in the past?
You can view the REIT website
here.