I will be comparing Mapletree and Ascendas Reit in this post.
Both have prudent refinancing schedule stretch over more than 6 years. With the exception of FY19/20 (27%) for Mapletree, both have less than 20% of bank borrowing scheduled for refinancing for any one year.
Both reits managed positive rental renewal across all property segments. Average rental reversion is 6.3% compared to a year ago for ascendas, but data not available for Mapletree. As for new leases, light industrial new leases rate is 21% lower than 1 year ago for ascendas. Again, no data available for comparion with Mapletree.
In terms of occupancy rates, Ascendas did better in Business Park Segment and Hi Tech/ Hi Spec industrial segment, but lost out to Mapletree in light industrial segment.
In terms of lease expiry, Ascendas has better profile, with maximum of 20.3% of NPI due for renewal at 2016/7, whereas for the next 3 years, Mapletree has 20.3%, 23.8%, and 27.9% of NPI due for renewal.
Ascendas's Aperia is only completed in 15 August, and it is only 49.6% committed, with 15% under negotiation, and has yet taken physical possession.
DBS phase 2 of 7081 sqm already committed.
That will be 51071 sqm of space, 1.7% of Ascendas's GFA
Maple tree has 2 BTS projected that are 100% committed and will 772200 sft of space, 7.2% of Mapletree's GFA.
Both are prudent in their capital management and while Mapletree face more risk in terms of renewal of lease expiry, exodus of tenants is highly unlikely. Mapletree also has better growth visibility, and offer better yield.