Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Gross revenue and NPI have improved slightly year-over-year (YoY), primarily due to increased income from Nervesa21 and Via dell’Industria 18 following their redevelopment. Additionally, a reversal of bad debt provisions contributed positively. However, distributable income and Distribution Per Share (DPS) have declined YoY, attributed to higher interest costs, lower interest income, and increased tax expenses.
Rental Reversion
Portfolio rental reversion stood at +11.9% for the first half of FY25. The logistics and light industrial segment experienced an uplift of +8.3%, while the office segment recorded a +13.6% reversion.
Development
In late June, SERT invested €50 million in the Sponsor’s European data centre development fund AiOnX. This fund encompasses five early-stage development sites across Denmark, Ireland, Italy, Spain, and the UK, covering a total land area of 310 hectares.
Asset Enhancement Initiative & Redevelopment
The Asset Enhancement Initiative for Nove Mesto ONE Industrial I DC8 was completed in June 2025. A committed AEI for Spennyoor focuses on space expansion and solar panel installation. Additionally, De Ruijterkade 5 is in early planning stages. A major €60 million upgrade for Haagse Poort (Netherlands) has been confirmed, expected to commence in 2026 and complete by 2030. Meanwhile, Maxima and certain units in Kolumbusstraße 16 are under redevelopment.
Related Parties Shareholding
- REIT Sponsor’s Shareholding: Favorable
- REIT Manager’s Shareholding: Less Favorable
- Directors of REIT Manager’s Shareholding: Favorable
Lease Profile
- Committed Occupancy: Moderate
- Income Received in SGD/Major Currencies: Less Favorable
- Highest Annual Lease Expiry in 4 Years: Favorable
- WALE: Moderate
- Weighted Average Land Lease Expiry: Favorable
Debt Profile
- Adjusted Interest Coverage Ratio: Moderate
- Cost of Debt: Moderate
- Gearing Ratio: Moderate
- Fixed Rate Debt Proportion: Favorable
- Unsecured Debt Proportion: Moderate
- Highest Annual Debt Maturity in 4 Years: Favorable
- WADM: Favorable
Diversification Profile
- Major Sector Weightage: Favorable
- Top Geographical Weightage: Favorable
- Top Property Weightage: Moderate
- Top 5 Properties’ Weightage: Favorable
- Top Tenant Weightage: Moderate
- Top 10 Tenants’ Weightage: Favorable
Key Financial Metrics
- Property Yield: Moderate
- Manager’s Fees over Operating Distributable Income: Favorable
- Operating Distributable Income on Capital: Favorable
- Operating Distributable Income Margin: Moderate
- Operating Distribution Proportion: Favorable
DPU Breakdown
- TTM Distribution Breakdown:
Trends (Up to 10 Years)
- Uptrend: Operating Distribution Proportion
- Slight Uptrend: Committed Occupancy
- Flat: Property Yield
- Slight Downtrend: None
- Downtrend: DPU from Operations, NAV per Unit, Adjusted Interest Coverage Ratio, Top 5 Properties’ Weightage, Top 10 Tenants’ Weightage, Operating Distributable Income over Manager’s Fees, Operating Distributable Income on Capital, Operating Distributable Income Margin
Price Range & Relative Valuation Metrics
- Dividend Yield: Average for 1y & 5y & 10y; Below -1SD for 3y
- P/NAV: Average for 1y & 5y & 10y; Above +1SD for 3y
Compared to the previous half-year, gross revenue and NPI have improved. However, distributable income and DPU have declined due to higher interest expenses, lower interest income, and higher tax expenses. On the debt front, no refinancing is required until late 2026.
For more information, check out:
S-REITs Dashboard – Detailed information on individual Singapore REIT
S-REITs Data – Overview and detail of Singapore REITs
S-REIT Comparison – Comparison among Singapore REITs
REIT Review – List of previous REIT review posts
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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.
