Highlights

REIT-TIREMENT

Author: Vince   |   Latest post: Wed, 7 Oct 2020, 9:34 AM

 

U.S. Office SREITs - KORE vs MUST vs PRIME

Author:   |    Publish date:


It has been a long time since I do a comparison for the same REIT sector. Today, let's try to do a quick comparison for U.S. Office SREITs. For mobile user, please view in landscape mode.

 

Name

Keppel Pacific Oak REIT,

KORE

Manulife US REIT,
MUST

Prime US REIT,

PRIME

Basic & Key Statistics

Listed Date

9-Nov-2017

20-May-2016

19-Jul-2019

Dividend Frequency

Semi-Annual

Unit Price

USD 0.720

USD 0.765

USD 0.795

Dividend Yield

8.49%

7.80%

8.81%

Price / NAV

0.90

1.00

0.91

Market Cap

USD 0.68 Billions

USD 1.2 Billions

USD 0.84 Billions

Related Parties Shareholding

REIT Sponsor

7.37%

8.57%

1.96%

REIT Manager

0.86%

0.25%

0.47%

Directors of REIT Manager

0.87%

0.12%

2.50%

Lease Profile

Committed Occupancy

94.3%

96.2%

93.0%

Weighted Average Lease Expiry, WALE

4.1 years

5.7 years

4.8 years

Highest Lease Expiry in 5 Years

17.2%

17.1%

18.6%

Number of Properties

13 units

9 units

12 units

Weighted Average Land Lease Expiry

All Freehold Properties

Debt Profile

Gearing Ratio

37.4%

39.1%

33.0%

Interest Cover Ratio

4.4 times

3.8 times

5.4 times

Cost of Debt

3.3%

3.3%

2.6%

Fixed Rate Debt Proportion

84.3%

92.7%

90.0%

Unsecured Debt Proportion

100.0%

0.0%

0.0%

Weighted Average Debt Maturity, WADE

2.5 years

2.3 year

4.6 years

Highest Debt Maturity in 5 Years

28.9%

26.8%

33.0%

Diversification Profile

Top Geographical Contribution

42.4%

34.6%

15.6%

Top Property Contribution

18.7%

18.0%

14.0%

Top Tenant Contribution

3.6%

6.2%

8.5%

Top 10 Tenants Contribution

19.9%

35.8%

43.0%

Key Financial Metrics

Property Yield

6.6%

6.0%

7.1%

Management Fees over Distribution

10.0%

11.5%

10.2%

Distribution on Capital

4.6%

4.5%

5.2%

Distribution Margin

40.9%

47.3%

49.2%

Growth Trend (Since IPO)

DPU

Slight Uptrend

Flat

Flat

NAV per Unit

Slight Downtrend

Slight Downtrend

Flat

Interest Cover Ratio

Downtrend

Downtrend

Flat

Property Yield

Flat

Flat

Slight Downtrend

Distribution Margin

Flat

Slight Downtrend

Slight Uptrend

* Above information is extracted from SREITs Dashboard.

** Growth Trend for DPU is not adjusted for any equity fundraising.

 

If you would like to read more, please continue here.

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