See which Singapore REITs are most exposed to refinancing risk

According to a Fitch Ratings assessment.

Fitch Ratings says in its new reports that while the operating metrics of Singapore-incorporated healthcare, hospitality and industrial REITs are stable now, the funds flow from operation (FFO)-adjusted net leverage of these REITs is high and they are exposed to refinancing risk.

There is considerable variation in the business risk the REITs are exposed to, with the healthcare REITs having a defensive business profile and the business of the hospitality REITs being the most cyclical of the three categories, Fitch said.

Both industrial and hospitality REITs also face the risk of rental income being adversely affected by the additional stock of properties entering in the market till end-2015.

Fitch expects REITs with large and granular investment property portfolios, FFO-adjusted net leverage below 6.5x, and master lease agreements that include a triple-net-lease clause that protects their net property income margin from increases in property operating expenses, property tax and property insurance to be relatively more insulated from business and financial risks.

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